PENSION PRODUCTS
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Indian Economy and Indian Financial System — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the National Pension System (NPS) in India?
NPS is a voluntary, defined contribution retirement savings scheme regulated by PFRDA, designed to enable systematic savings during working life to provide retirement income.
What is the minimum age to join the Atal Pension Yojana (APY)?
18 years is the minimum age to join APY.
Which regulatory body oversees the National Pension System in India?
The Pension Fund Regulatory and Development Authority (PFRDA), established under the PFRDA Act 2013, regulates and develops the pension sector in India.
What is the maximum age limit for joining the Atal Pension Yojana?
40 years is the maximum age limit for joining APY.
What are the two tiers of accounts under NPS?
NPS has Tier I (mandatory, restricted withdrawal pension account) and Tier II (voluntary, flexible savings account with no withdrawal restrictions).
What is the maximum guaranteed monthly pension available under Atal Pension Yojana?
Rs. 5,000 per month is the maximum guaranteed pension under APY.
What is the minimum annual contribution required to keep a NPS Tier I account active?
A minimum contribution of Rs. 1,000 per year is required to keep a NPS Tier I account active.
At what age does a subscriber begin receiving pension under the Atal Pension Yojana?
Subscribers receive pension from age 60 under APY.
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