NPS for NRIs - Attractive Schemes available from all leading Indian Banks. Organised by Pension Fund Regulatory and Development Authority. Save Right - Retire Bright. Check your Eligibility, Registration Process and withdrawal methods.
The PFRDA (Pension Fund Regulatory and Development Authority) governs the National Pension System (NPS), which is a retirement pension programme established by the Government of India to provide subscribers with a regular income after retirement. NPS also helps you in getting Tax benefits in 2021.
It may be a smart choice for you because of the low minimum commitment and higher returns for retirement planning.
The PFRDA (Pension Fund Regulatory and Development Authority) governs the National Pension System (NPS), which is a retirement pension programme established by the Government of India to provide subscribers with a regular income after retirement. NPS also helps you in getting Tax benefits in 2021.
It may be a smart choice for you because of the low minimum commitment and higher returns for retirement planning.
The National Pension Scheme is a Defined Contribution Scheme that was set up in 2004 for all Government Employees and was open to the general public in May 2009. It is a social security benefit to create a retirement corpus to meet post retirement income needs, initiated by the Government of India in association with the Pension Regulatory Development Authority.
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This is a detailed presentation on NPS for corporates and also employees of private organisations.
FundsIndia is a leading consultant for NPS. We help individuals and corporates open and manage their NPS accounts.
Till date more than 4000 individuals and 15 corporates have opened NPS account leveraging our indepth knowledge in the field of National Pension System ( NPS ).
Do mail us at nps@fundsindia.com if you are interested in opening a National Pension System ( NPS ) either for your company or employees.
For any tax paying individual, to have a working knowledge of how income tax is calculated can only make life simpler. Learn how to calculate Income Tax based upon income tax slabs in India for the financial year 2015-16 on It’s All About Money.
Download the presentation linked below for a detailed business impact analysis of the Union Budget 2020 provisions. The key tax proposals and other major proposed reforms have been explained in the presentation for a holistic view.
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A Comprehensive Guide for Indians residing outside India
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This Free NRI guide has been compiled with the help of information available in official website of various government departments like Reserve Bank of India, Income Tax Department, various State Governments, Department of Oversea Affairs, Ministry of Home Affairs, SEBI, and other reliable website sources. I have taken adequate care to provide current and authentic information. This NRI Guide is intended to serve as a ready reference book to guide NRIs on various matters affecting their financial and other related subjects. This does not purport to be a legal document. So I am not sure that, any errors occurred while compiling this reference guide. In case of any variation between what has been stated in this NRI Guide and the relevant Act, Rules, Regulations, Policy Statements, Government Orders/Circulars etc., the latter shall prevail. Kindly note that, rules related to NRIs are subject to change. Errors and omissions are expected.
This free e-book is circulated with the understanding that, neither the author nor the publisher will be responsible for any action taken on the basis of contents of this book whether directly or indirectly for any error or omission to any person whether a user of this e-book or not. The persons willing to accept this disclaimer only required to read this e-book.
The Honorable Finance Minister of India presented the Union Budget 2012-2013 on 16thMarch 2012, and thereafter presented the Finance Bill, 2012 before the Parliament. For the easy reference and information important budget proposals mostly affecting NRIs and common men are also included in this guide at the relevant places. As of date, these are proposals only and if adopted by the Parliament and passed as Finance Act; will come into force for and from Assessment Year 2013-2014 relevant to Financial Year 2012-13, unless specifically provided otherwise.
Prakash Nair Prakash @yourownadviser.com www.yourownadviser.com
PLEASE VISIT www.yourownadviser.com to download this NRI Guide
This pdf covers all the basic concepts of Corporate Tax Planning, which is helpful to the students who are studying in M.com, MBA or any other Commerce Courses.
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The National Pension Scheme is a Defined Contribution Scheme that was set up in 2004 for all Government Employees and was open to the general public in May 2009. It is a social security benefit to create a retirement corpus to meet post retirement income needs, initiated by the Government of India in association with the Pension Regulatory Development Authority.
National Pension System- NPS FOR CORPORATESFundsIndia
This is a detailed presentation on NPS for corporates and also employees of private organisations.
FundsIndia is a leading consultant for NPS. We help individuals and corporates open and manage their NPS accounts.
Till date more than 4000 individuals and 15 corporates have opened NPS account leveraging our indepth knowledge in the field of National Pension System ( NPS ).
Do mail us at nps@fundsindia.com if you are interested in opening a National Pension System ( NPS ) either for your company or employees.
For any tax paying individual, to have a working knowledge of how income tax is calculated can only make life simpler. Learn how to calculate Income Tax based upon income tax slabs in India for the financial year 2015-16 on It’s All About Money.
Download the presentation linked below for a detailed business impact analysis of the Union Budget 2020 provisions. The key tax proposals and other major proposed reforms have been explained in the presentation for a holistic view.
Indira gandhi national old age pension schemeanjalatchi
Indira Gandhi National Old Age Pension Scheme (IGNOAPS), earlier called as "National Old Age Pension Scheme (NOAPS)" is a social sector scheme and forms part of the National Social Assistance Programme (NSAP) which came into effect from 15th August, 1995. This scheme provides social assistance for the old age persons.
Companies Act 2013 and the draft Rules towards better corporate GovernanceNeha Sharma
The Companies Act 2013 has already been passed by the Parliament and has also received the assent of the President. The government is expected to announce the date from which the specific section of the new Act will come in force.
A Comprehensive Guide for Indians residing outside India
(NRI)
This Free NRI guide has been compiled with the help of information available in official website of various government departments like Reserve Bank of India, Income Tax Department, various State Governments, Department of Oversea Affairs, Ministry of Home Affairs, SEBI, and other reliable website sources. I have taken adequate care to provide current and authentic information. This NRI Guide is intended to serve as a ready reference book to guide NRIs on various matters affecting their financial and other related subjects. This does not purport to be a legal document. So I am not sure that, any errors occurred while compiling this reference guide. In case of any variation between what has been stated in this NRI Guide and the relevant Act, Rules, Regulations, Policy Statements, Government Orders/Circulars etc., the latter shall prevail. Kindly note that, rules related to NRIs are subject to change. Errors and omissions are expected.
This free e-book is circulated with the understanding that, neither the author nor the publisher will be responsible for any action taken on the basis of contents of this book whether directly or indirectly for any error or omission to any person whether a user of this e-book or not. The persons willing to accept this disclaimer only required to read this e-book.
The Honorable Finance Minister of India presented the Union Budget 2012-2013 on 16thMarch 2012, and thereafter presented the Finance Bill, 2012 before the Parliament. For the easy reference and information important budget proposals mostly affecting NRIs and common men are also included in this guide at the relevant places. As of date, these are proposals only and if adopted by the Parliament and passed as Finance Act; will come into force for and from Assessment Year 2013-2014 relevant to Financial Year 2012-13, unless specifically provided otherwise.
Prakash Nair Prakash @yourownadviser.com www.yourownadviser.com
PLEASE VISIT www.yourownadviser.com to download this NRI Guide
This pdf covers all the basic concepts of Corporate Tax Planning, which is helpful to the students who are studying in M.com, MBA or any other Commerce Courses.
Etude PwC Breaking Dawn on the Horizon - Destination India (2013)PwC France
http://pwc.to/Hf02OP
Si l'Inde est plus modérée sur son taux de croissance par rapport à ses prévisions précédentes, la comparaison est toujours avantageuse comparé à de nombreux autres pays. Le FMI prévoit que le taux de croissance du PIB de l'Inde sera derrière la Chine en 2014, mais il est toujours meilleur que les taux de croissance des pays émergents et en voie de développement et des économies avancées.
O primeiro protótipo do Mustang foi fabricado em 1962 e este modelo, atualmente, faz parte do acervo do The Henry Ford
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NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings
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The National Pension Scheme (NPS) is an excellent instrument when it comes to investing for your future and tax saving for your present. For a detailed and in depth knowledge on how NPS can be a good option for you, view this presentation.
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POP Conference on NPS on 9th May 2016 at The Gulmohar, IHC, New Delhi
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The conference saw an active participation of all the major public and private sector Banks and the non-Bank Point Of Presence (POPs)
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https://www.youtube.com/@jenniferschaus/videos
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
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NPS for NRIs presentationd17fc71e-ccda-40a8-abf9-982a78fbfbe3
1. Pension Fund Regulatory and Development Authority
PFRDA, First Floor, ICADR Building, Phase II, Plot No 6, Vasant Kunj Institutional Area, New Delhi-110070
1
2. Presentation Topics
• The Indian Diaspora: An Unique Untapped Global Asset for India
• National Pension System
NPS – All Sectors at a Glance
• NPS for Non-Resident Indians
NPS for NRIs
NRI Registration Process
Duties & Responsibilities of Banks/ POPs
Contribution Options
Investment Options
Tax Benefits & Implications
Exit & Withdrawal
Partial Withdrawals
• Charges
• Annuity Service Providers
2
3. With approx. 29 mn expatriate people in over 200 countries, India has one of the world’s
largest, most successful and most influential diaspora (Source: MOIA Report January 2015)
Main destinations for NRIs- Australia, Bahrain, Canada, Kuwait, Nepal, Oman, Qatar, Saudi
Arabia, Singapore, South Africa, UAE, UK and US (Source: MOIA Report January 2015)
7.22 mn of the total diaspora live in Gulf countries; 25% of the cumulative Overseas Indian
population (MOIA 2015) (Source: MOIA Report January 2015)
3
4. India- with 10 mn migrations, 3rd most important source of labour migration
(World Bank 2008)
80%- rate of increase of migration in a five year period (2004-2008) (MOIA-2009)
Kerala, Tamil Nadu and UP- highest rate of migrants, accounting of approx. 53%
of the total migrant workforce.
Bulk of migration from India is low skilled in nature, in occupations such as
transport operations, repair and maintenance, construction, and domestic help.
4
5. 5
Indian Remittance Factsheet
India- 1st in receiving remittance in the year 2014- $70.38 bn
remittances from its migrant workforce
Remittance inflow is approx. 4% of India’s $2 trillion GDP
Remittance inflow has been steady and gradually increasing
GCC (Gulf Cooperation Council) countries have restriction on what
foreigners can own and invest
Importance of Remittances
Inflow is relatively stable and is occasionally countercyclical
Plays important role in reducing the incidence and severity of poverty
Associated with increased household investment in education,
entrepreneurship and health
6. 6
(Source- C. Tumbe, 2011- IIM-B Working Paper -331)
Uses of Remittances 2007-08
Uses of Remittances % of remittance received
households (All India figures)
Education 31%
Debt repayment 10%
Improving household conditions 9%
Savings/ Investments 6%
Marriage & Other ceremonies 5%
Most of these remittances are in the form of bank deposits, equity share
investments, real estate acquisitions etc.
Very little/ negligible goes into creation of a post-work retired life
corpus/ retirement planning.
7. Sector
Number of
Subscribers
(In Lacs)
Contribution
(Rs Crores)
(A)
Total
Assets Under
Management
(Rs Crores)
Central Government 15.49 30,000.36 39,507.56
State Government 27.21 34,841.42 41,575.64
Corporate 3.99 5,543.39 6,428.13
Unorganized 0.95 557.46 655.97
NPS Lite 44.68 1,553.01 1,779.45
Total 92.31 72,495.64 89,946.75
As on July 11th 2015
7
8. Who is Eligible
Any NRI
Between age of 18-60 years
Complying with the extant KYC norms, as on the date of submission of application form
8
What is Not Eligible
Joint Account in NPS; only an individual can open an NPS account
Power of Attorney (POA) facility is not available
0 to 18 18 to 60 60 OnwardsAge
Group
NPS provides a low-cost,
technologically driven platform for
saving to create corpus, to enable
subscriber for purchasing Annuity post
retirement
9. Duties and Responsibilities of Banks/ POPs
• Processing of the “NRI NPS Form”
• Handling and addressing queries of NRIs in respect of NPS
• Displaying information regarding NPS at branches handling NRI business
• Assisting in deposit of contributions
• Handling withdrawal requests
9
10. •NRI downloads “NRI NPS Form”
•Form available through PFRDA, NPS Trust Website and at NSDL E-Gov website
•Banks may also place the form at their respective websites
•NRI Fills up the form.
•NRI submits the filled up form to his/her NRI Bank branch in India for processing.
•Bank verifies and confirms NRO/ NRE account particulars and forwards the form to
CRA (directly)
•NRI shall deposit the cheque or shall carry out the transaction with his/her Bank in
the normal course, during deposit of NPS form.
•Digitization of the application form and PRAN generation at CRA
•Email and SMS sent to NRI by CRA intimating the PRAN No.
•Subsequent transaction can be made online.
10
11. The contributions can be from any or all of the following sources :
• NRE Account*
• NRO Account/ Local sources
*- subject to normal foreign exchange conversion norms
RBI has referred the matter of including NPS in the list of allowable instruments
for NRI investments and for amending the relevant clause of Notification No.
FEMA 20/2000-RB dated May 3rd 2000, to MoF, GOI.
11
12. Selection of Investment Option
1. Selection of Pension Fund
2. Selection of Investment Choice
(Selection of Asset Mix of E, C & G)
12
13. Selection of any one PF out of the following:
SBI Pension Funds Pvt. Limited
LIC Pension Fund Limited
UTI Retirement Solutions Limited
ICICI Prudential Pension funds Management Company Limited
Kotak Mahindra Pension Fund Limited
Reliance Capital Pension Fund Limited
HDFC Pension Fund Limited
Pension fund to be incorporated by Birla Sun Life Insurance company
limited
13
14. Active
Choice
Auto
Choice
Subscriber selects the allocation
of his / her funds among 3
Asset Classes, with contribution
in Asset Class E be restricted to
50% of total Contribution.
Fund invested, divided among
3 Asset Classes determined
by a Pre-Defined portfolio
ratio.
14
17. Tax Benefits and Implications
• NRIs own contribution is eligible for tax deduction under sec 80 CCD (1) of
Income Tax Act up to 10% of Gross income, within the overall ceiling of Rs.
1.50 Lacs under Sec. 80 CCE of the Income Tax Act.
• Pension/ Annuity to be paid in Local currency i.e. INR.
• No restriction on repatriation of pension, whether annuity or lump-sum.
17
Budget 2015-16 Announcements and resultant Tax Benefits
• Tax deduction limit under sec 80 CCD (1) ceiling raised from Rs. 1.00 Lac to
Rs. 1.50 Lacs.
• From F.Y. 2015-16, subscriber will be allowed tax deduction in addition to the
deduction allowed under Sec. 80CCD(1) for additional contribution in his NPS
account subject to maximum of Rs. 50,000/- under sec. 80CCD 1(B).
18. Normal RetirementConditions for
Withdrawal
Pre mature Retirement
Death of subscriber
Vesting Criteria
At any point in time before 60
years of Age
Vesting Criteria
On attaining the Age of 60
years and up to 70 years of age
Vesting Criteria
Death due to any cause
18
Note: No restriction on repatriation of pension, whether annuity or lump-sum.
19. Vesting Criteria Benefit
At any point in time
before 60 years of Age
(allowed to subscriber
who have been in NPS for
at least 10 years)
Compulsory Annuitisation- minimum 80%
Lump sum withdrawal- maximum 20%
If Corpus< Rs. 1.00 Lac, complete withdrawal
On attaining the Age of
60 years or age of
superannuation as
prescribed in service
rules) and upto 70 years
of age
Annuitisation- minimum 40%
Lump sum withdrawal- maximum 60%
If Corpus< Rs. 2.00 Lac, complete withdrawal
- Subscriber can stay invested in the NPS upto the age of
70 years. Fresh contributions are allowed during such a
period of deferment.
- Can defer the withdrawal of eligible lump sum amount
till the age of 70 years.
-Annuity purchase can also be deferred for maximum
period of 3 years at the time of exit.
Death due to any cause
before retirement
In such an unfortunate event, option will be available to the
nominee to receive 100% of the NPS pension wealth in
lump sum.
19
20. 20
Partial Withdrawals
• A partial withdrawal of accumulated pension wealth of the subscriber,
- Not exceeding twenty-five per cent of the contributions made by the NRI
- NRI shall have to be in National Pension System at least for a period of last
ten years
• Purposes for which partial withdrawal allowed
- For the purpose of higher education of his/her children,
- For marriage of his/her children,
- For purchase or construction of residential house or flat
- For treatment of specified illnesses.
• Frequency of partial withdrawal
- Maximum 3 (three) times during entire tenure,
- Minimum 5 (five) years gap between consecutive withdrawals ,
21. Empanelled ASPs
Life Insurance Corporation of India
SBI Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
Bajaj Allianz Life Insurance Co. Ltd.
Star Union Dai-ichi Life Insurance Co. Ltd.
Reliance Life Insurance Co. Ltd.
HDFC Standard Life Insurance Co. Ltd.
21
22. Variants of Annuity Plans
• Pension (Annuity) payable for life at a uniform rate to the annuitant only.
• Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as
long as you are alive.
• Pension (Annuity) for life with return of purchase price on death of the annuitant
(Policyholder).
• Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
• Pension (Annuity) for life with a provision of 50% of the annuity payable to
spouse during his/her lifetime on death of the annuitant.
• Pension (Annuity) for life with a provision of 100% of the annuity payable to
spouse during his/her lifetime on death of the annuitant.
• Pension (Annuity) for life with a provision of 100% of the annuity payable to
spouse during his/her lifetime on death of the annuitant and with return of
purchase price on death of the spouse. If the spouse predeceases the annuitant,
payment of annuity will cease after the death of the annuitant and purchase
price is paid to the nominee.
22
23. Expectations from Banks
• Enable all NRI branches under NPS.
• Offer NPS as a long term saving product.
• Process applications quickly and forward to CRA.
• Put up NPS-NRI Application Form on Bank websites
23