New Pension System (NPS) is an initiative taken by Pension Fund Regulatory Development Authority (PFRDA). The scheme is aimed at promoting income security for its investors at their old age and is also an investment tool that provides market-based returns.

Axis Bank has been appointed by PFRDA to act as one of the Point of Presence (POP) for the NPS. Presently, bank has designated 471 branches to carry out the NPS activities as Point of Presence ? Service Providers (POP-SP).

• Applicable to all Citizens of India and NRI's falling between the age group of 18 & 60.
• Under NPS, two types of accounts are available to the subscriber- Tier I and Tier II. The contributions in Tier I account are savings for retirement and are non-withdrawable. Tier II account is a voluntary saving account.
• The PRAN holder can contribute to his/her PRAN a/c through any of our designated Branch.
  
  

  Functionality	Tier I	Tier II
  Contribution	Minimum Contribution of Rs 500 per contribution. Minimum Contribution Rs 6000/- p.a.	Minimum Contribution of Rs 1000 at the time of Account opening. Minimum Contribution of Rs 250 per contribution. Minimum Balance of Rs 2000/- at the end of each Financial Year
  Scheme Preference	NPS offers two approaches to invest money:- Active Choice- A subscriber has a choice of 6 Pension Fund Managers (PFM) and 3 Asset Classes for investment i.e. E, C, and G. Auto Choice- Lifecycle Fund (Please refer to the Offer Document for Table for Lifecycle Fund)
  Withdrawals	No withdrawals allowed during vesting period except as per the norms prescribed by PFRDA	No limit on Withdrawals

• The Benefits to the subscribers under NPS is as indicated below:
  
  

  Vesting criteria	Benefit
  At any point in time before 60 years of Age	Invest 80% to purchase a life annuity. Rest 20% may be withdrawn as lump sum.
  On attaining the Age of 60 years and upto 70 years of age	Invest at least 40% to purchase a life annuity. Rest 60% may be withdrawn as lump sum or in a phased manner till age 70 years.

Submit the Subscriber registration Form with KYC documents (as mentioned in the Form) and the NPS Contribution Instruction Slip (NCIS) and minimum contribution amount to any of our authorized branch.

For more details on the NPS account, write to us as at govt.business@axisbank.com.