PFRDA: Operational Guidelines for National Pension Scheme Tier II – Tax Saver Scheme, 2020 (NPS-TTS)
पेंशन निधि विनियामक और विकास प्राधिकरण
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
बी-14/ए, छत्रपति शिवाजी भवन/B-14/A, Chhatrapati Shivaji Bhawan,
कुतुब संस्थागत क्षेत्र/ Qutub Institutional Area,
कटवारिया सराय, नईं दिल्ली-110016/ Katwaria Sarai, New Dethi-110016
दूरभाष/ Ph : 011-26517501, 26517503, 26133730
फैक्स/Fax : 011-26517507, वेबसाईट/Website : www.pfrda.org.in
File No: PFRDA/10/01 /1/0003/2018-PDES
Date: 17th August 2020
To
All Stakeholders
Subject: Operational Guidelines for National Pension Scheme Tier II- Tax Saver, Scheme, 2020 (NPS – TTS)
In terms of the Government of India Notification No, 45 /2020/F. No.3701 42/26/2019-TPL dated 7th July 2020, the following operational guidelines are being issued in respect of National Pension Scheme Tier II- Tax Saver Scheme, 2020 (NPS – TTS).
| Sl | Particulars | Details | ||||||||
| 1. | Eligibility | Any Central Government NPS subscriber. | ||||||||
| 2. | Lock-in-period | 03 years from the date of unitiztion of contributions by CRA | ||||||||
| 3. | Account Types | Tier-I – mandatory pension a/c Tier-II – optional a/c and freely withdrawable Tier-II (Tax Saver) – optional a/c with 80C benefit |
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| 4. | Investment Choice & Pattern | No investment choice to subscriber. It will be a composite scheme with the following investment limits for the Pension Funds:
* Investment guidelines as applicable for E – II ** Investment guidelines as applicable for G-II and C-II |
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| 5. | Choice of Pension Fund | Subscriber can choose any Pension Fund. Subscriber will be allowed to have maximum 03 Pension Funds, separately for NPS-TTS. PF change will be allowed after the lock-in period. Such re-investments will be treated as fresh investments and will be again locked-in for 03 years. |
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| 6. | Withdrawals | No withdrawals will be allowed during the lock-in period. However, in case of death of subscriber, the corpus can be withdrawn by the nominee/legal heir. |
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| 7. | Exit/ Premature Closure | In case of closure of Tier-I account due to exit from NPS, contributions to NPS-TTS will not be allowed and NPS-TTS will be closed after completion of lock-in period. | ||||||||
| 8. | Minimum/Maximum Contributions, Charges, Operations, Others | Same as tier-II – optional a/c which is freely withdrawable and has no tax benefits. |
General Manager
(Mono Phukon)
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