| TIER I |
Government Subscriber: Mandatory contribution through PAO/CDDO for Government subscribers (10% + 10% of Basic +DA per month) |
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Other Subscribers (all Citizens except those mandatorily covered by NPS) |
- Minimum number of contributions in a year - 4
- Minimum contribution Rs 6000/- p.a.
- Minimum Contribution Rs 500/- per contribution
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| (Minimum One contribution in case a subscriber joins in the last quarter) |
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TIER II |
- Voluntary contribution through POP/POP-SP for Government as well as other subscribers
- Minimum contribution of Rs 1000/- at the time of account opening
- Minimum contribution of Rs 250/- per contribution
- Minimum balance of Rs 2000/- at the end of each financial year
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(No separate KYC for Tier II account opening will be required; the only requirement is a preexisting Tier I Account) |
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| Note: Penalty of Rs. 100/- to be levied on the subscriber for not maintaining the minimum Account balance and/or not making the minimum number of contributions. |
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CHARGE STRUCTURE
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| 1. |
New Account Opening Charges (Tier 1 & II both) - Rs. 40/- |
| 2. |
Tier II activation for existing subscribers of Tier I - Rs. 20/- |
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- The subscriber can contribute the amount through cash, local cheque or demand draft at any chosen POP-SP.
- No outstation cheques shall be accepted.
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POP/POP-SP shall collect duly filled NPS Contribution Instruction Slip (NCIS) along with the application form. POP/POP-SP shall also ensure the following points:
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| 1. |
If the Subscriber is a central government employee who has joined government service on or after 1st January, 2004 (and mandatorily covered under NPS), then he/she can contribute only for Tier II. |
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| 2. |
If the subscriber is a pre 1st January 2004 Government employee, he/she can contribute for both Tiers I as well as for Tier II. |
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| 3. |
The subscriber other than Government Employee can contribute to both Tier ! as well as Tier II Account. |
