Can you tell me in detail about the New Pension System (NPS) - Swavalamban Yojana offered by Madhya Bihar Gramin Bank as I want to apply for a one?

The vision of Madhya Bihar Gramin Bank is to be a financially strong, efficient, and the most favoured bank in area of operation. It also wants to provide cost effective developmental banking for small business, mass market and rural markets in command area.

New Pension System (NPS) - Swavalamban Yojana

• Madhya Bihar Gramin Bank entered into an agreement with PFRDA (Pension Fund Regulatory and Development Authority) for functioning as one of the Aggregators for their New Pension System (NPS).

• It has designated all Branches to function as Point of Presence- Service Providers (PoP-SPs) for handling NPS accounts.

• NPS is a voluntary scheme of Pension System of PFRDA (Pension Fund Regulatory and Development Authority) open to all citizens in the age group of 18-60 years.

• Subscriber get Rs. 1000 per year from the Central Government to each NPS account opened (upto FY 2016-17).

• The benefit of Central Government contribution is available only to one whose contribution to NPS is minimum Rs. 1000/- and maximum Rs. 12000/- per annum.

• Subscriber contributes minimum contribution of Rs. 100/- per month under NPS.

• Subscriber get PRAN Card i.e. Permanent Retirement Account Number under NPS account.

• It has finalized Alankit Assignments as a facilitator to provide software and other requirements to open NPS account.

• Its more than 1300 BCs (Business Correspondents) centres have also been authorized to collect Registration Form & Subscription under NPS scheme.