Thursday, June 18, 2009

New Pension Scheme ( NPS) : Series 1

Any citizen of India can be part of the New Pension Scheme (NPS). The only criteria: you must be between 18 and 55 years of age. Even non-Resident Indians (NRIs) can apply. But they must have a local bank account and also be Know Your Customer (KYC) compliant.

In this feature, we answer the six most relevant questions concerning it.

Where do you go to open an account?

You will have to approach any of the Points of Presence (PoP) across the country.

These are run by Allahabad Bank, Axis Bank, Citibank, ICICI Bank, IDBI Bank, IL&FS, Kotak Mahindra Bank, Life Insurance Corporation (LIC), Oriental Bank of Commerce, Reliance Capital, South Indian Bank, State Bank of India (SBI) and its associates, Union Bank of India and UTI Asset Management.

You can locate them online at: http://npscra.nsdl.co.in/modules.php?name=Content&pa=showpage&pid=191

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