Department of Post made NPS service online mode
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Department of Post made NPS service online mode”
The Department of Posts (DoP) has been offering the National Pension Scheme (NPS-All Citizen Model Scheme), through its specified post offices since 2010. Now people can avail this service to the national pension scheme from the Department of Posts online.
It is a voluntary Pension Scheme of the Government of India which is handled by Pension Fund Regulatory and Development Authority (PFRDA).
As per the official statement by Department of Posts “department is now delighted to start providing NPS (All Citizen Model) through online mode with effect from April 26, 2022”.
Criteria for online system of NPS:
Any Citizen of India in the age group of 18-70 years of age group can take the online facility by visiting the official website of the India Post under the menu head “National Pension System -Online Services”.
Facilities under online system:
Department of Posts has offered facilities like new registration, initial/ subsequent contribution and SIP options under NPS Online to the customers at minimum charges for all services.
The subscribers are also entitled for a tax deduction in NPS as per the declaration made by the Ministry of Finance from time to time under sec. 80CCD 1(B).
This online facility may be taken by all eligible persons for NPS without physically visiting any post office and to enjoy the hassle-free experience at a minimum fee structure.
National Pension Scheme:
The scheme was initially planned for government employees only, it was opened up for all citizens of India in 2009.
The National Pension System (NPS) is a voluntary fixed contribution pension system administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA). The NPS started on a decision of stopping defined benefit pensions for all its employees who joined after 1 January 2004.
Question & Answer:
Q1. Which department has announced to serve NPS through online mode?
Ans. Department of Post
Q2. From which date National Pension Scheme is availed online for all citizen of India?
Ans. April 26, 2022
Q3. Under which section tax deduction in NPS can be availed?
Ans. 80CCD 1(B)
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