National Pension System (NPS) is an important milestone in the development of a sustainable and efficient defined contribution pension system in India.
Elite Wealth Advisors Ltd (EWAL) is an PFRDA registered NPS Point of Presence (POPs) for accepting All citizen of India / Corporate Sector NPS applications and their contributions.
National Pension System is now available to all citizens of India with effect from May 1, 2009 and additional investment of Rs.50,000 will be eligible for tax deduction under section 80CCD (1B) of Income Tax Act, 1961.
NPS Eligibility:
1) Any citizen of India-resident or Non-resident, in the group of 18 to 65 years can open NPS account.
2) PRAN: Permanent Retirement Account Number (PRAN) will be issued to individuals registered under NPS.
3) Type of Accounts
Tier I – This is permanent retirement account in which subscriber contributes for accumulation of pension wealth.
Tier II – This is optional saving facility as an add-on to Tier I account. There are no restrictions on withdrawals.
4) Contribution Requirement:
| Particulars | Tier I | Tier II |
| Minimum Contribution at the time of account opening | Rs 500/- | Rs 1000/- |
| Minimum amount per contribution | Rs 500/- | Rs 250/- |
| Minimum Total contribution in Financial year | Rs 1000/- | – |
| Minimum frequency of contribution in Financial year | 1 | 1 |
5) Additional Tax Benefits:
Subscriber is allowed extra 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(1B) of IT Act, 1961.
6) Maturity: (On attending the Age of 60 years)
Minimum 40% of accumulated Fund should be used to purchase an annuity.
Maximum up to 60% of accumulated Fund can be withdrawn.
7) Partial Withdrawals:
One should be in NPS for at least 10 years and withdrawal can happen only against specific reasons.
Amount to be withdrawn should not exceed 25% of contribution made by subscriber.
Withdrawal will be allowed max 3 times during entire tenure with the gap of 5 years between 2 withdrawals.
Documents Required:
| Particulars | Instructions |
| Photograph | Affix recent colour photograph |
| DOB proof | Please ensure DOB matches as indicated in the documents provided |
| ID proof | Self attested copy of PAN Card, |
| Address proof | Self attested Copy of Aadhar Card |
| Contribution cheque | In favour of “ Elite Wealth Advisors Ltd – Collection account NPS Trust” |
| Cheque Amount | Contribution amount + Charges |