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WorksheetsNPS VSL OFFLINE DEALING
Total questions: 21
Worksheet time: 11mins
What is National Pension System
NPS gives Regular monthly Income
Its a low cost, tax-efficient, flexible and portable retirement savings account.
Minors Invest in NPS for their Retirement
NPS is a Scheme where in beneficiary when dead gets benefit for their heirs.
Can an NRI open an NPS account?
NRI Above 25 Years of age can Open.
No
Yes but if the citizenship status changes, his/ her NPS account would be closed.
YES
If I have invested in any other Provident Fund, can I still invest in NPS?
NO
YES But No tax benefit
Yes
Yes but only RS 25000
What are the documents that need to be submitted for opening a NPS account?
Completely filled in subscriber registration form & Birth Certificate
Completely filled in subscriber registration form & PANCARD
Completely filled in subscriber registration form & DEMAT account Number
a. Completely filled in subscriber registration form b. Proof of Identity c. Proof of Address d. Age/date of birth proof
Every individual subscriber is issued a Permanent Retirement Account Number (PRAN) card and has a 12 digit unique number.
True
False
No Idea
Pran Number + NPS account Number is issued.
Will the government also contribute anything to my NPS account?
YES
YES 25 %
YES 50%
No
Subscribers can shift from one sector to another like Private to Government or vice versa or Private to Corporate and vice versa. Hence a private citizen can move to Central Government, State Government etc with the same Account.
TRUE
FALSE
No Idea
Are there any minimum annual contribution requirements under NPS?
Yes 500 Rs
Yes 3000 Rs
No
Yes 6000Rs
How are the funds contributed by the subscribers managed under NPS?
The funds contributed by the Subscribers are invested by the SEBI registered Pension Fund Managers (PFM’s) as per the investment guidelines provided by SEBI.
The funds contributed by the Subscribers are invested by the PFRDA registered Pension Fund Managers (PFM’s) as per the investment guidelines provided by SEBI.
The funds contributed by the Subscribers are invested by the PFRDA registered Pension Fund Managers (PFM’s) as per the investment guidelines provided by AMFI
None of the above
What are the different Fund Management Schemes available to the subscriber?
NO CHOICE
AUTO CHOICE
ACTIVE CHOICE
AUTO OR ACTIVE CHOICE
Can I switch from one investment scheme to another and/or Pension Fund Manager ?
NO
ONLY INVESTMENT SCHEME
ONLY PENSION FUND MANAGER
BOTH SCHEME & PENSION FUND MANAGER
Can I appoint nominees for the NPS Tier I and Tier II Account? How Many?
Yes -One Nominee
Yes -Two Nominee
Yes -Three Nominee
Yes -Four Nominee
Can I change the Nominees for my NPS Accounts?
NO
YES ONLY ONCE
YES ONLY TWICE
YES ONLY FIRST NOMINEE
NONE OF ABOVE
What income tax reliefs are available to the individuals contributing to NPS?
Employee’s own contribution - Eligible for tax deduction up to 10% of Salary (Basic + DA) under Section 80 CCD(1) within the overall ceiling of Rs. 1 lac under Sec 80 CCE.
Employer’s contribution – The employee is eligible for tax deduction up to 10% of Salary (Basic + DA) contributed by employer under Sec 80 CCC(2) over and above the limit of Rs. 1 lac provided under Sec 80 CCE.
1.5 LAC TAX FREE
GAIN TAX FREE
FULL REDEMPTION TAX FREE
What will happen to my savings if I decide to retire or does not want to continue in the NPS before age 60?
NOT POSSIBLE
PENALY CHARGED
In such an eventuality, at least 80% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of an annuity providing for the monthly pension of the subscriber and the balance is paid as a lump sum payment to the subscriber.
NONE OF ABOVE
In the event of the death of subscriber before attaining the age of 60 years, what will be the benefit that is payable and who will get the benefits ?
Can Claim Only after age 60
The entire accumulated pension wealth (100%) would be paid to the nominee / legal heir of the subscriber and there would not be any purchase of annuity/monthly pension.
Gets 60% only in such event.
He has to wait till 65 age.
Can a NPS subscriber defer his lump sum withdrawable amount (up to 60%) under NPS at the time of exit on 60 years?
No
Yes, one can defer the withdrawal of the eligible lump sum amount payable under NPS till the age of 65 years
Yes, one can defer the withdrawal of the eligible lump sum amount payable under NPS till the age of 70 years
None of the above
Can I use more than 40% of my accumulated pension wealth to purchase the annuity at the time of exit from NPS upon attaining the age of 60 years?
No
Yes but 60%
Yes but 40%
Yes
Can a NPS subscriber defer his annuity purchase under NPS at the time of exit on 60 years?
Yes, one can defer the mandatory purchase of annuity for a maximum period of 3 years, at the time of exit from NPS.
Yes, one can defer the mandatory purchase of annuity for a maximum period of 1 year, at the time of exit from NPS.
Yes, one can defer the mandatory purchase of annuity for a maximum period of 5 years, at the time of exit from NPS.
No
Subscriber should be in NPS atleast for 5 years
Withdrawal amount will not exceed 25% of the contributions made by the Subscriber
Withdrawal can happen maximum of three times during the entire tenure of subscription.
Withdrawal is allowed only against the specified reasons, for example;Higher education of childrenMarriage of childrenFor the purchase/construction of residential house (in specified conditions)For treatment of Critical illnesses
True
False
One Mistake--Subscriber should be in NPS atleast for 3 years Not 5 years
Do I have a facility of loan/ advances under NPS? Whether lien can be marked on NPS Account?
YES,But 50% of Corpus
Yes,But 40 % of Corpus
Yes
No
