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POSTED BY ON December 10, 2010 7:32 pm COMMENTS (3)
ICICIDirect is now offering NPS through its online portal , how many are going to invest through it ? ICICI Securities Limited (I-Sec) has obtained the Point of Presence (POP) Registration Certificate from PFRDA to offer NPS accounts. Under NPS, following two types of accounts will be available to you:
Tier I account : You shall contribute your savings for retirement into this non-withdrawable account.Tier I account is available.
Tier II account : This is a voluntary savings facility. You will be free to withdraw your savings from this account whenever you wish. The operationalisation of Tier II account shall be notified shortly.
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FYI FundsIndia is also offering NPS subscription
I would stick to PPF, Mutual fund and equity.
The service charges as displayed in ICICI direct website is as follows :
Sr. No. Particulars I-Sec Charges Service Charges Service TAX
1 Initial Subscriber Registration and contribution upload (Tier I) Rs. 40
(Rs.20 is towards PRAN and Rs.20 towards Initial Subscription Amount) As applicable
2 Activation of NPS – Tier II Account Rs. 20 As applicable
3 Regular Contribution Charges Rs. 20 As applicable
4 Change in Subscriber Nominees Details Rs. 20 As applicable
5 Change of Investment Scheme/Fund Manager Rs. 20 As applicable
6 Processing of Withdrawal Requests Rs. 20 As applicable
7 Processing of request for subscriber shifting Rs. 20 As applicable
8 Issuance of printed Account statements Rs. 20 As applicable
9 Any other service services as may be prescribed by PFRDA Rs. 20 As applicable
Thats a good move to attract new customers. Any idea if ICICI is adding any extra service charge for this facility?
I would personally still wait and watch as NPS is still not that compelling compared to other market options apart from the low charges.