All About New Pension Scheme Application


new pension scheme application

To deliver a safe and secure future the government has brought a pension scheme. Its advantages will be long term as people make a few savings. The amount that gets collected is provided at the age of retirement. With this scheme, anyone who lies within the eligibility criteria can apply for the pension. The regulation of the scheme is done by Pension Fund Regulatory along with the Development Authority. The following information may help in a better understanding of the pension scheme. 

Eligibility Criteria 

a old people in the park

The requirements are very simple for applying for the pension scheme. The age group between 18 to 65 years falls under the eligible category. Both residents and non-residents citizen can apply for the same. They can get an NPS account. However, the Reserve Bank of India as Foreign Exchange Management Act administers those accounts or candidates who are non-residents. For an account, some ID proofs are needed too. They can even withdraw at any stage. 

What does NPS mean?

A man and a woman sitting

In the scheme, the amount of income is collected in one place. Account-holders can secure their retirement life with benefits like switching funds along with tax savings. People have an option to regulate their accounts from any part of the world. Even if they are changing the sector the account remains unchanged. The cost of maintenance is pretty short and the documents list includes evidence of age, identity, address, and lastly a canceled cheque. Although canceled cheques are optional. A person with one NPS account cannot apply for another one. 

What is POP-SP?

A lot of services are available to the subscribers with the help of POP-SP. The account holders receive a 17 digit receipt number from them. This assist subscriber in keeping a track of their account activities. A PRAN application is needed by the subscribers. The application cannot go without KYC documents. Later, home delivery of the PRAN card is done by CRA. People get messages, emails, and notifications through their service. POP-SP provides services like withdrawal too. During the period of retirement, it’s necessary to buy an annuity product. If the subscribers are withdrawing then they are advised to accept an ASP along with the request of the r withdrawal process.  

Conclusion

The pension scheme of the government is for the public. People who complete the eligibility criteria can go for the application. The benefit of the scheme will be long-term. In the above article relevant information about eligibility criteria, NPS, and POP-SP are given. Both residents and non-residents can get an account. People of age group between 18 to 65 years. NPS account is pretty flexible and for an account proof of age, address and identity are a must. Then there POP-SP which provides services to subscribers. Subscribers get emails, messages, notifications and so on that keeps them updated. 

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