All in one Banking-All about banking just a click away.
Post Office Small Savings Scheme
Income Tax Rates
Calculations ,
Calculators for Interest,
EMI and others
For Bankers and Pensioners
Deposits Schemes
Interest Rates

New Pension Scheme for Public Sector Banks and Private Banks in India-
Joining Bank on or after 01.04.2010
Salient features:
  • There shall be no separate Provident Fund for employees joining the services of the bank on or after 01.04.2010.
  • Employees joining on or after 01.04.2010 will be covered under "The Defined Contributory Pension Scheme" as governed by the provisions of New Pension Scheme [NPS] introduced for employees of Central Government w.e.f 01.01.2004, available under "All Citizens Model" and as modified from time to time.
  • The new Pension Scheme will work on defined contribution basis and will have two Tiers i.e. Tier I & II
  • The contribution to Tier I will be mandatory for all the members of the scheme whereas contribution to Tier II will be optional and at the discretion of the employee.
  • The Employees shall contribute 10% of the Basic pay and Dearness Allowance towards the Defined Contributory Pension Scheme and the bank shall make 14% contribution in respect of these employees.

  • The scheme shall be regulated and administered by Pension Fund Regulatory And Development Authority (PFRDA)
  • Contribution in Tier I will be kept in non-withdrawable Pension Account. There will be a Central Record Keeping Agency.
  • There will be three Pension Fund Managers namely : a) LIC Pension Fund Limited b) SBI Pension Fund Limited c) UTI Retirement Solutions Limited
  • The deployment of Funds will be done by NPS Trustees among LIC Pension Fund Limited, SBI Pension Fund Limited and UTI Retirement Solutions Limited.
  • Exit from NPS would be governed by" employer - employee" relation but within the overall rules prescribed for the individual subscribers under ALL CITIZENS MODEL i.e.

  • On attaining Normal Retirement Age (NRA) of 60 years:

  • Subscriber will be required to compulsorily annuitize atleast 40% of his pension wealth and the remaining 60% can be withdrawn as a lump sum or in a phased manner.
  • In case the subscriber opts for a phased withdrawal:
    a. Minimum 10% of the pension wealth should be withdrawn every year.
    b. Any amount l ying to the credit at the age 70 should be compulsorily withdrawn in lump sum.

  • Withdraw at any time before 60 years of age:

    In such case, subscriber will have to compulsorily annuitize 80% of his / her accumulated pension wealth.
    The remaining 20% can be withdrawn as a lump sum.
  • Rules,regulations and provisions of the scheme is subject to change
  • The details given are for personal use only.
    Before taking any commercial decision consult your bank.

  • For more information on New Pension Scheme (NPS) visit the following websites:

    PFRDA-The Pension Fund Regulatory & Development Authority .