Central Government Employees News,SEVENTH PAY COMMISSION,DEARNESS ALLOWANCE,7TH PAY COMMISSION,HBA, HRA,LTC, CCL, DoPT Orders

Subscribers of the low-cost version of the New Pension Scheme (NPS), called CRA Lite, will not be allowed to open a second savings account unlike normal subscribers. The tier-II account, to be operational from December 1, will facilitate withdrawals but require a minimum balance of Rs 2,000.
 CRA Lite customers will enroll for the scheme through self-help groups (SHGs) and pay less than one-fourth of the charges paid by a regular NPS subscriber. The SHG will open a main account under NPS. There will be sub-accounts for people from low-income group under this account. They will have to pay Rs 30 for the permanent retirement account number (PRAN) card, against Rs 50 paid by other customers.


The pension regulator is negotiating the annual maintenance charges for this account with central record-keeper NSDL. While the regulator wants the charge at Rs 60 a year, NSDL has quoted Rs 75. The annual maintenance charge for a regular account is Rs 350 a year, which will be paid by the SHG in this case.
The charge of Rs 10 per transaction has also been waived for the low-cost account customers.
CRA Lite customers will get a statement of account once a year. The online facility, however, will only be available to the SHG. Madhya Pradesh will be the first state to open such low-frills accounts for its employees.
source:business-standard

Share with the world !!