Government Pension Scheme 2020

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The Central Government Pension Scheme had introduced the National Pension System (NPS) with effect from January 1, 2004 (except for armed forces). Pension Fund Regulatory and Development Authority (PFRDA), the regulatory body for NPS, has appointed NSDL as Central Recordkeeping Agency (CRA) for National Pension System. CRA is the first of its kind venture in India which is carrying out the functions of Record Keeping, Administration and Customer Service for all subscribers under NPS. CRA shall issue a Permanent Retirement Account Number (PRAN) to each subscriber and maintain database of each Permanent Retirement Account along with recording transactions relating to each PRAN.

As per the Gazette Notification dated January 31, 2019 issued by the Ministry of Finance (Department of Financial Services), the Central Government Subscribers w.e.f. April 1, 2019 have the option of selecting the Pension Funds (PFs) and Investment Pattern in their Tier- I account. The Subscriber can choose any one of the available Pension Funds and Investment Option as per their choice.Limited and UTI Retirement Solutions Limited in a predefined proportion, as mentioned in the Statement of Transaction (SoT), as per the guidelines issued by PFRDA.

Types of Government Pension Scheme

1. Default Scheme – Investments would be done in defaults schemes of LIC, UTI and SBI in a predefined proportion.
2. Scheme G – 100% of contribution shall be invested in Government Bonds and related instruments.
3. Scheme LC 50 – Life cycle fund where the Cap to Equity investments is 50% of the total asset.
4. Scheme LC 25 – Life cycle fund where the Cap to Equity investments is 25% of the total asset.

Government Pension Scheme are many of types are available. But today we are talking about Government pension schemes in a post office.

If you want a save money then read also Tips For How to Save Money

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Post Office Saving Account

People can open open savings accounts in post offices. In this you can open a single or joint account . The special things is that a saving account open here a minimum of just 20 rupees. Let us tell you that the saving account of the post offices is similar to the savings accounts of the bank. The post office ATM and check book facility are also available with the saving account in the post office. Here 4% interest available in the post office saving account interest rate. Apart from this internet banking is also available. You can view and download your post office savings account statements online while sitting at home.

How to Open Account

There are two types of savings accounts in the post office, You can open two types of savings accounts. A saving accounts open from 20, with a single name of up to rs 1 lakh. up to rs 2 lakh can be deposited on opening in joint name. But, in this you do not get the facility of check book. It is necessary to keep a minimum balances of rs 50 in this account. At the same time another accounts can be open with a minimum balance rs 500. With this saving account ATM facility is also available with a check book. You are required to keep a minimum balance of rs 500 in this accounts

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