The Post Office has given a great facility to the customers. Now you can join the National Pension Scheme without going to the post office .
Online NPS subscription can be done from the post office . Online National Pension Scheme (NPS-All Citizen Model Scheme) is made available by the Department of Posts.
It is a voluntary pension scheme of the Government of India, which is managed by the Pension Fund Regulatory and Development Authority (PFRDA). DoP has been providing NPS in physical mode since 2010 through its selected post offices.
The post office has now started offering NPS membership through online mode from April 26, 2022. Now Indian citizens in the age group of 18-70 years can take advantage of the online facility by visiting the National Pension System-Online Services menu on the official website of the Post Office www.indiapost.gov.in.
service charge lowest
Under NPS Online, facilities like fresh registration, initial or subsequent contribution and SIP option are available to the customers at minimal charges. Department of Post claims that its NPS service charge is the lowest.
What is NPS?
Let us tell you that NPS is a scheme to give pension to the employees after retirement. As per the rules, one cannot withdraw money from NPS before the age of 60 years or retirement. But there are some circumstances when you can get money from this pension fund in case of emergency.
One can deposit a minimum amount of Rs 1,000 in a year in NPS and a maximum amount of Rs. There are two types of accounts in NPS, Tier 1 and Tier 2 accounts. Tier 1 is a complete retirement account from which there is no rule to withdraw money before 60 years. On the other hand, Tier 2 account gives you the facility of NPS Withdrawal.
Required documents
To open an account, you must have an active bank account with mobile number, e-mail id and net banking facility. In case the applicant chooses to open an individual pension account with PAN number, the PRAN must be activated. Deposits can be made in NPS account sitting at home.
account closure rule
If a person wants to withdraw from NPS, then there are certain conditions. According to PFRDA, the lock-in period of NPS is 5 to 10 years. If a member wants to close the NPS account, then he will get this facility after 5 years of running the account
That is, you can close the NPS account only after 5 years. This is a rule for self-employed people. If you are salaried then you have to run the account for 10 years. Only after that you can close the account. This is called pre-mature exit.
