I want to get the details of Defined Contribution Pension Scheme (DCPS) of Bank Of India so can you provide me?

Government of India had introduced a new Defined Contribution Pension Scheme (DCPS) for Streamlining of procedure for remittance of contributions to Trustee bank by PAOs/ CDDOs-reg

It is applicable to all new entrants joining Government service (except Armed Forces)

The New Pension Scheme works on defined contribution basis and it has two tiers-Tiers-I and II.

Contribution to Tier-I is mandatory for all Government servants joining Government service

Whereas Tier-II will be optional and at the discretion of Government servants

Under Tier-I, Government servants will have to make a contribution of 10% of his basic pay plus DA, which will be deducted from his salary bill every month by the DDO concerned.

The Government will make an equal matching contribution.

Tier-I contributions (and the investment returns) will be kept in a non-withdrawable Pension Tier-I Account.

Tier-II contributions will be kept in a separate account that will be available for withdrawal at the option of the Government servant.

For more details here is the attachment

Attached Files

Defined Contribution Pension Scheme (DCPS).doc (170.5 KB, 189 views)