Showing posts with label NPS. Show all posts
Showing posts with label NPS. Show all posts

Tuesday, May 17, 2011

NPS details through SMS and Email

8:12 AM SA


How to get Details of New Pension Scheme Account through SMS & Email ?

Terms and Conditions for SMS and E-Mail facility

A NPS subscriber has to specify his mobile number and e-mail ID in the subscriber registration form for getting the information through SMS or email.
Currently there is no fee for getting this facility.
Details are given below:
In these Terms and Conditions, the following terms shall have the following meanings:

Alert/Facility

Means the (services of providing the ) customized messages with respect to specific events/transactions relating to a subscriber’s Account sent as Short Messaging Service (“SMS”) over Mobile phone or email to the email account of the subscriber;

Subscriber

Means the person who holds a permanent Retirement Account Number (PRAN) opened by CRA and who is also IRA compliant;

CSP

Means the cellular service provider through whom the investor receives the mobile services.

CRA

Means NSDL who have been appointed as Central Recordkeeping Agency by PFRDA.

Availability of the Service

  1. CRA at its sole discretion may discontinue the facility at any time by providing a prior intimation through its website or any other medium of communication. CRA may at its discretion extend the facility to investors who register mobile numbers originating outside India.
  2. The Facility would be generated by CRA and will be sent to the subscriber on the mobile number or E-mail Address provided by the subscriber. Further, the time and the completeness of the Alerts content and delivery would be entirely based on the service availability of the service provider and its connectivity with other CSPs or the mail server availability of the respective websites. The Alerts are dependent on various factors including connectivity and therefore, CRA cannot assure final and timely delivery of the Alerts.
  3. The Subscriber will be responsible for the security and confidentiality of his/her Mobile Phone/email account to be used for this Facility.

Process


  1. This Facility provides information to investors over mobile phones and email ids for PRAN getting generated and the units getting allocated in Tier I and Tier II of the account, a day after the units get credited. These Alerts will be sent to those subscribers who have provided their mobile numbers and /or email ids to their nodal offices (like PAOs/DTOs/POPs etc.) while filling a PRAN application form.

  2. The Subscriber is duty bound to acquaint himself/herself with the detailed process for using the facility and interpreting the Alerts for which NSDL is not responsible for any error/omissions by the subscriber.

  3. The subscriber acknowledges that this facility will be implemented in a phased manner and CRA may at later stages or when feasible, add more features. CRA may, at its discretion, from time to time change the features of any Alert. The subscriber will be solely responsible for keeping himself/ herself updated of the available Alerts, which shall, on best-effort basis, be notified by CRA through its website or any other medium of communication.

Receiving NPS information through SMS and Email


  1. The subscriber is solely responsible for intimating in writing to his/ her nodal office/POP any change in his /her mobile phone number and /or email id. CRA will send the alerts only to the numbers/email id recorded in it system.

  2. The subscriber acknowledges that to receive Alerts, his/her mobile phone must be in an ‘on’ mode(reachable) as well as well as the email id must be ‘active’. If his/her mobile is kept ‘off’ for a specific period from the time of delivery of an Alert by CRA or the email account is no more in active State , that particular information may not be received by the subscriber.

  3. The subscriber acknowledges that the facility is dependent on the infrastructure, connectivity and services provided by the CSPs /or the e-mail service provider within India. The subscriber accepts that timeliness, accuracy and readability of information sent by CRA will depend on factors affecting the CSPs and other service providers. CRA shall not be held liable for non-delivery or delayed delivery of Alerts, error, loss or distortion in transmission of information to the subscriber.
  4. CRA will endeavor to provide the facility on a best effort basis and the subscriber shall not hold CRA responsible/liable for non-availability of the facility or non performance by any CSPs or other service providers or any loss or damage caused to the subscriber as a result of use of the facility (including relaying on the information for his/her investment or business or any other purposes) for causes which are attributable to / and are beyond the control of CRA. CRA shall not be held liable in any manner to the subscriber in connection with the use of the facility.
  5. The subscriber accepts that each Alert may contain certain account information relating to the subscriber. The subscriber authorizes CRA to send any other account related information, though not specifically requested, if CRA deems that the same is relevant.

Withdrawal or Termination


  1. CRA may, in its discretion, withdraw temporarily or terminate the facility, either wholly or in part, at any time. CRA may suspend temporarily the facility at any time during which any maintenance work or repair is required to be carried out or incase of any emergency or for security reasons, which require the temporary suspension of the facility.
  2. Notwithstanding the terms laid down in clause above, either the investor or CRA may, for any reason whatsoever, terminate this facility at any time. In case the subscriber wishes to terminate this facility, he/she will have to intimate his/her PAO/DTO/POP accordingly.

Fees

At present, CRA is levying no charge for this facility on the subscriber/PAO/DTO/POP. The subscriber shall be liable for payment of airtime or other charges, which may be levied by the CSPs in connection with the receiving of the information. As per the terms and conditions between the CSPs and subscriber, and CRA is in no way concerned with the same.

Disclaimer


  1. This Facility is only additional information for the investors and is not in lieu of the Transaction statement required to be provided by the CRA to its clients on a yearly basis.
  2. CRA shall be not be concerned with any dispute that may arise between the investor and his/her CSP and makes no representation or gives no warranty with respect to the quality of the service provided by the CSP or guarantee for timely delivery or accuracy of the contents of each Alerts.
  3. The Subscriber shall verify the transactions and the balances in his/her account from his/her nodal office and not rely solely on Alerts for any purpose.
  4. CRA will not be liable for any delay or inability of CRA to send the Alert or for loss of any information in the Alerts in transmission.

Liability

CRA shall not be liable for any looses, claims and damages arising from negligence, fraud, collusion or violation of the terms here in on the part of the investor and/or a third party.


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Thursday, February 24, 2011

New Pension Scheme- Features

8:35 AM SA

NPS Features:
Pension fund regulatory and Development Authority (PFRDA) has been established by the Government of India, Ministry of Finance vide notification F.NO. 5/7/2003-ecb & PR dated 10th October 2003 to promote old age income security. The government authorized PFRDA vide Ministry of finance, Department of Financial services letter No. 11(11)/2008-pr dated 29th July 2008 to extend NPS on a voluntary basis to all citizens of India Including workers of unorganized sector.NPS is now available to all citizens of India with effect from May 1, 2009, other than Government employees already covered under NPS.

Two Types of Accounts
1. Tire I Account.
2. Tire II Account.
Details of Tire I Account

Who can Join ?
A citizen of India , whether resident of Non Resident of India, subject to the following conditions.
Should be between age of 18 and 55.
Should comply with the Know Your Customer (KYC) norms as detailed in the subscriber registration form.Who cannot Join
Individuals who are not granted an 'order of discharge' by a court.
Individuals of unsound mind.
Pre-existing account holders of NPS.How to enroll in NPS?
To enroll in NPS , you need to submit the Registration Form to Post office or any other POP-SP. The list of POP-SPs is available in the website: http://www.pfrda.org.in.
NRIs should have an account with the bank based in India to open an account under NPS.
After the account is opened, CRA shall mail a "Welcome Kit" containing the subscriber's unique Permanent Retirement Account Number (PRAN) and the complete information provided by the subscriber. A telephone password(TPIN) which can be used to access the account on the call centre number (1-800-22220808). An IPIN(Internet Password) will also be given for accessing on the site www.npscra.nsdl.co.in.Contribution Amount
Minimum Amount per contribution: 500.
Minimum Contribution Amount per year: 6000.
Minimum Number of contributions per year: 4.
The subscriber can contribute the amount through cash, local cheque or demand draft.What are the benefits of Joining New Pension Scheme ?
a) It is voluntary-NPS is open to every Indian citizen. You can choose the amount you want to set aside and save every year.
b) It is simple. All you have to do is to open an account with any POP and get a PRAN.
c) It is flexible. You can chose your own investment option and pension fund and see your money grow.
d) It is portable. You can operate your account from anywhere in the country.
e) It is regulated. NPS is regulated by PFRDA, with transparent investment norms and regular monitoring and perfomance review of fund mangers by NPS trust.

On attaining Normal Retirement age (NRA) of 60 years you will be required to compulsorily annuitze at least 40% of your wealth and the remaining 60% can be withdrawn as a lump sum sum or in a phased manner. 
Minimum 10% of the pension wealth should be withdrawn every year.
Any amount lying to the credit at the age of 70 should be compulsorily withdrawn in lump sum.
If withdraw any time before 60 years of age: in such case, you will have to compulsorily annuitze 80% of your accumulated pension wealth. The remaining 20% can be withdrawn as a lump sum.
Courtesy: www.imyideas.com


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