Tuesday, March 22, 2011

How to Open New Pension Sscheme (NPS) Account with ICICI Direct?

As all of you know that the New Pension Scheme (NPS) was launched in India in the year 2009 and up to now, it has attracted only 30,000 customers from all over the India. NPS has proved total disaster.
However, recently, PFRDA plans another push for a “Struggling’ NPS. It has taken several measures to boost the sales of New Pension System. One such measure is, tied up with ICICI Securities. Thus, now onwards you can open NPS account with ICICIDirect.com online.
And ICICI bank will get Rs.40 per every new account opened via ICICIDirect.com

Here are the key features of “How to pension Scheme account with ICICI?”

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All you have to do is, logon to ICICIDirect.com with your login id and password and you will see the NPS option.

Once you will click the NPS option, you will have the subscribe NPS option from which you can subscribe it.

Let me tell you few things about NPS here.

- You can open an online NPS Tier 1 account by logging onto your ICICIdirect.com trading / investment account and visiting the “Subscribe NPS” link on the NPS page. Right now you can not open Tier – 2 types of accounts with ICICIDirect.com

- You can start a SIP in NPS through ICICIdirect.com

- Minimum annual contribution to NPS (Tier 1) is Rs.6000 per annum and can be started with as low as Rs.500 per month.

- Low fund management charges of less that 0.01%
- Withdrawal on maturity at  the age of 60 years post which one can withdraw 60% of the corpus as lumpsum or in trenches of minimum of 10% each and compulsorily buy annuities of the remaining 40%
- However, for special requirements a one time withdrawal or liquidity of 20% is allowed before maturity.

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