Saturday, June 30, 2012

Savings And Investment Scheme Guide For Indian Poor And Middle Class:New Pension System

What Scheme Mean?
The New Pension System is a government of India Initiative to extend pension benefits to all Indian citizens.Any employee or public can avail this pension scheme.

Eligibility
As to be Resident of India

Entry Age

Between 18 to 55 Years

Account Opening Fee
  • One time Account opening fee:Rs50
  • Initial subscriber registration and contribution upload:Rs40
  • Future Fixed upfront charges:Rs20
  • Annual maintenance chargers:Rs350
  • Each Transaction Or Deposit:Rs10
  • Annual Custodian Charge:0.0075-0.05% of the fund value
  • Annual Fund management Charge:0.0009% of the fund value 

Investment
Initial:Rs500
Minimum:Rs6000 Annually
Maximum:Rs25000 Annually

Interest
No guarantee

Account Holding Type

Individual

Tenure
Life Long

Tax Benefits
Tax deduction on Investment up to Rs1 Lakh can be availed.under section 80C.

Objective And Risk

The main objective of the new pension scheme is to offer tax deduction on investment up to Rs1 Lakh under section 80C in a financial year and instill the discipline to save and invest towards old age pension.

Tips
Use switch option between funds and fund managers.
Track the performance of fund managers to allocate investments.

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