Swavalambam is the national pension scheme that gives pension to the persons, who will desire to join this new pension scheme (NPS). The individuals, who join this scheme with a minimum contribution of Rs 1000 per month and Rs 12,000 per year, will also get a contribution of Rs 1000 per year from the government.
Finance minister of India had made a declaration about the Swavalamban National pension scheme in the budget of 2010-11 which is applicable for this 2014 year as well.
Highlights of the Swavalamban National pension scheme
i) The new pension scheme Swavalamban is a national pension scheme, which was initiated by the Pension fund regulatory and development authority (PFRDA). It is the ultimate organization that came under the sponsorship of government of India. From 1st of May 2009, the privilege under the scheme has been extended to all the citizens in India.
ii) It is especially targeted towards the weaker and economically backward people with very poor capacity for making any investment for their future. This will give support to the old age needs of poorer sections in the masses.
iii) This scheme is available to people within the age range of 18-60.
iv) The government of India has extended the facility of portability to this scheme. You can operate this scheme by making deposits in it staying at any part of the nation.
v) As it is under the regulation of PFRDA, it is the safest option as an investment scheme without any risk.
vi) The majority of the scheme I marketed by Union Bank of India and it is done through its 3000 branches across the nation.
vii) The National Pension Scheme trust was founded by the PFRDA on 27th of February in the year 2008. It is a constitution, which is functioning with the assets and funds under the national funds system. You can find more details on SBI national pension scheme here in detail.
viii) The NPS trust has been established and constituted exclusively to take care of the interest of the members, who have subscribed to enjoy the benefit of pension in the old age.
ix) While you think of return on investment on your investment in your money in the NPS, you need to be assured that you are getting 1% higher than the return even offered by PPF scheme by the government of India. You can also open PPF in Post Office at your nearest branch.
x) Several private bodies have volunteered to take their employees under the folds of new pension scheme. Muthoot finance is the first private organization amongst them. You can also check out Muthoot Finance gold loan interest rates if required.