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National Pension System

National Pension System (NPS)

National Pension System (NPS) is a scheme in which you can invest specific amounts and earn market-based returns. Regulated by Pension Fund Regulatory Development Authority (PFRDA). The NPS will help you save for retirement and is available for every citizen of India including NRIs.

YES BANK has been appointed by PFRDA to act as one of the Point of Presence (POP) for the NPS.

Who can subscribe in NPS?
Any citizen in the age group of 18-65 years (as on the date of submission of his / her application to the POP-SP) can join NPS except for the government subscribers who are mandatorily covered under NPS.

Offerings under NPS
The subscriber to NPS will be allotted a unique Permanent Retirement Account Number (PRAN), which can be used by the subscriber for his/her lifetime and can be used from any location in India.

PRAN provides access to two personal accounts:

  • Tier I Account: This is a non-withdrawable account meant for savings for retirement. (Entry Age - Min: 18 years; Max: 65 years).Tax Benefits are available in Tier I account
    To Know more contact nearest YES Bank-PoP-SP Branch.

  • Tier II Account: This is simply a voluntary savings facility. The subscriber is free to withdraw savings from this account whenever he/she chooses to. No tax benefit is available on this account.

Why should you invest in NPS?

  • A range of investment options:Individuals can switch over from one investment option to another, subject to certain regulatory restrictions. The returns are totally market related. Subscribers have option to choose options (Active and Auto Choice for distribution)

  • Flexibility to choose between several Pension Fund Managers:Individuals can switch over from one fund manager to another, subject to certain regulatory restrictions. The returns are totally market related.

  • NPS provides portability options across jobs and locations

  • PFRDA regulates the National Pension System with regular monitoring, performance review and transparent investment norms of fund managers.

How to Subscribe for NPS

Submit the following at any authorized YES BANK branch:

Click here for list of branches which are authorized to service National Pension System (NPS)

What is a CRA?

CRA stands for Centralized Recordkeeping Agency appointed by PFRDA who maintains the records of all the Subscribers who have registered for NPS. Currently, there are two CRA’s viz, NSDL and Karvy Computershare

To register with NSDL CRA, kindly visit the branch, fill up and submit the NPS registration form for generate your PRAN

To register with Karvy CRA, kindly click on the link mentioned above to register and generate your PRAN online

What are the charges applicable for NPS account?

Please find below the charge structure applicable on your NPS account:

Intermediary

Charge Head

Charge

(Excluding taxes*)

Frequency of deduction

Mode of deduction

POP (Service Provider)

Subscriber Registration

Rs.200

One time

From the contribution amount / paid by Employee up front

Initial/ Subsequent Contribution Processing**

0.25% (Min: Rs. 20 & Max: Rs.25,000)

On each transaction

Non – Financial Transaction Processing

Rs.20

Persistency Charges

Rs. 50

Per annum

Through cancellation of units

CRA (NSDL / Karvy)

NSDL

Karvy

From NPS Account (by cancelling the units) on the last day of the calendar quarter

PRA Opening

Rs. 40

Rs. 39.36

One time

PRA Maintenance

Rs. 95

Rs. 57.63

Per annum

Financial Transaction Processing

Rs. 3.75

Rs. 3.36

On each transaction

Fund Manager

Investment Management

0.01% of AUM

Per annum

Recovered through NAV deductions

Custodian

Asset Servicing

0.0032% of AUM

NPS Trust

Trust Management

0.01% of AUM

PGSP Charges (only for Karvy online registration)

Billdesk charges – YES Bank Netbanking

Rs. 5

Upfront

Upfront payment

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