Are there any conditions for making contributions to the NPS account?
Yes. PFRDA has specified the minimum contribution that is to be made in a financial year for each type of NPS account. Further, you are required to make your first contribution at the time of applying for registration with a Point of Presence (POP). Additionally, the following conditions apply for each of the below accounts.Tier I: • Minimum amount per contribution – Rs. 500 /- • Minimum contribution per year – Rs. 6,000/Tier II: • Minimum amount at the time of account opening – Rs. 1,000/-(Minimum 1 contribution incase account is opened in the last quarter of the financial year) • Minimum Amount per contribution – Rs. 250/-• Minimum Balance to be maintained at the end of the Financial Year – Rs. 2,000/-You may decide on the frequency of your payments during the year as per your convenience. Further, you may also contribute the entire minimum contribution amount as detailed above at the time of registration itself.
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