Swavalamban subscribers of micro-pension scheme can switch to APY: PFRDA

MUMBAI: Subscribers of micro-pension scheme 'Swavalamban', which closes tomorrow, can switch to the 'Atal pension Yojana' (APY) and retain the government's co-contribution, a PFRDA official said today.'Swavalamban' scheme, which was launched by the UPA government in 2010-11, is a government-backed micro-pension scheme aimed at the unorganised sector and applicable to those who joined the National Pension Scheme (NPS).Under the scheme, the government...

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NPS shoot up 50% to Rs.1,07,802 crore as on December-end 2015

Thanks to the introduction of the Atal Pension Yojana, the National Pension System has seen a 43 per cent year-on-year jump in the number of subscribers to 1.13 crore as of December-end 2015, from about 79 lakh as of December-end 2014.Increasing awareness among individuals about the need for financial security and stability during old age via pension has also seen the assets under management (AUM) of NPS shoot up 50 per cent to ₹1,07,802 crore as on December-end 2015 from about ₹72,000 crore as on December-end 2014.The Atal Pension Yojana (APY)...

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Atal Pension Yojana: Regulator Eyes 70 Lakh New Subscribers in India

NEW DELHI: Pension regulator PFRDA is hopeful of enrolling at least 60-70 lakh new subscribers this fiscal to its Atal Pension Yojana (APY), a micro pension product primarily targeted at the unorganised sector. Since the launch of APY in July last year,  the number of subscribers for this product has touched 20 lakhs. After more than three-hour long discussion with officers of public sector banks, post offices and micro finance, Hemant...

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Atal Pension Yojana eligible for tax benefits as National Pension System

Contributions to the Atal Pension Yojana (APY) will now be eligible for the same tax benefits as the National Pension System (NPS), according to a circular released by the Income Tax department on Tuesday. The tax benefits include the additional deduction of Rs 50,000 under section 80CCD(1) introduced in last year's budget.The APY is open to Indians aged between 18 and 40 years and has a minimum tenure of 20 years. Nearly 20 lakh subscribers have...

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The finance ministry is examining a proposal by the PFRDA to exempt NPS withdrawals from payment of tax

The finance ministry is examining a proposal by the Pension Fund Regulatory and Development Authority (PFRDA) to exempt national pension system (NPS) withdrawals from payment of tax, so as to bring it on par with the employee provident fund (EPF) scheme.This will provide a level-playing field for the two pension schemes."We have made a proposal to the finance minister ahead of the Budget, where exemption of NPS withdrawals from tax is one of...

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NPS to submit applications online for settlement of withdrawal claims from April 1: PFRDA

Pension fund regulator PFRDA has made it mandatory for the subscribers of New Pension System (NPS) to submit applications online for settlement of withdrawal claims from April 1 next year.According to a PFRDA directive, no request in physical form would be entertained with effect from April 1, 2016."It has...Been decided that with effect from April 1, 2016 only such withdrawal requests raised on online platform will be accepted at CRA (Central...

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National Pension System (NPS) has soared to Rs 90,327 crore with the 1.15 crore subscribers

The total corpus of National Pension System (NPS) has soared to Rs 90,327 crore with the contribution of nearly 1.15 crore subscribers, the Finance Ministry said on Tuesday. The total assets under management (AUM) are worth Rs 1.09 lakh crore while AUM per subscriber on average is Rs 95,000, a finance ministry statement said. "NPS had 1.15 crore subscribers with a total corpus of Rs 90,327 crore as on January 23, 2016," it said. NPS subscribers...

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New crop insurance Fasal Bima Yojana a boost for farmers : PM

Prime Minister Narendra Modi hailed the Pradhan Mantri Fasal Bima Yojana, which was cleared by the Union Cabinet today, as a boost to the farmers across the country.In a series of tweets, Mr Modi said it was government’s gift to the farmers on the occasion of festivals of Lohri, Pongal and Bihu.He expressed confidence that the new Crop Insurance Scheme will bring about a major transformation in the lives of farmers, saying it expands the definition...

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How to open NPS Account online in eNPS?

National Pension System – How to open an online NPS account – Step by Step by procedure discussed.Government of India under National Pension System Trust enables opening online account.  The procedure for opening such account is given below: Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II)  Making initial and subsequent contribution to your Tier I as well as Tier II account For Account opening, you...

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