NPS Flashcards
1
Q
What are the 2 types of account under NPS ?
A
Tier 1 and Tier 2
2
Q
Details of Tier 1 account ?
A
Individual Pension account
Tax incentives under IT 80C
Minimum contribution – Rs 500
3
Q
Details of Tier 2 account ?
A
Optional investment account (not a Pension account)
No withdrawal restrictions and tax benefits
Minimum contribution – Rs 250
4
Q
When was NPS launched ?
A
1st Jan 2004 – A voluntary defined contribution retirement savings scheme
5
Q
To whom was it initially notified ?
A
Central Govt employees excluding the Armed Forces
6
Q
When and to whom was it extended later ?
A
2009 – To all citizens including unorganized sector workers
2011 – Corporates
7
Q
Who are all eligible ?
A
Indians, NRI’s and OCI’s within the age of 18 to 70yrs
8
Q
Who manages NPS ?
A
PFRDA
