Swavalamban in hindi means “अपने आप पर निर्भर”.

The objective of Swavalamban pension scheme is to provide regular income and security to Indian citizens from unorganized sector in their old age.

Features of Swavalamban Pension System

• This pension scheme now falls under Prime Minister Jan Dhan Yojana. PMJDY has created a new record as under this scheme maximum number of accounts were opened in a single given day. Most importantly PMJDY offers loads of benefits for poor section of India especially living in rural and remote areas where access to banking was a distant dream. Also see documents required to open account under PMJDY
• Government of India will fund from the grants received.
• Target audience: Farmers, wage workers and self employed.

Benefits

• Every year Indian Government will make a contribution of Rs. 1000 into the account of NPS account opened between the year 2010-2011, 2011-2012, 2012-2013 and 2013-2014.
• Post retirement account holder will receive regular pension.
• Longer the person invests in the scheme higher would be the pension amount.

Now subscribers of this scheme will be automatically migrated to Atal Pension Yojana unless they opt-out.

Eligibility Criteria

• All Indian citizens falling under the category of unorganized sector aged between 18-55 years can apply
• It is only for those who join NPS administered by PFRDA
• Minimum annual contribution should be Rs. 1000 and maximum Rs. 12,000
• Is not a pre-existing account under NPS

How to open account – application form & download link?

Interested individuals would first need to open National Pension System account by filling the 4 page application form along with a minimum contribution of Rs. 500. Details required in the NPS form are as follows:

1. Subscriber’s full name, address, mobile number, date of birth, gender
2. Father’s name of the applicant
3. Subscriber’s bank details – account number, name, branch, address, MICR code, Branch IFSC
4. Select pension fund manager – List is given below
5. Nominee details (maximum 3) – full name, date of birth, relationship, percentage share,

Official download link for Application form for Swavalamban National Pension System from https://npscra.nsdl.co.in/.

While filling the application form, it is mandatory to select the pension fund manager (listed below). Once all the details are filled and verified the account will be opened. Applicant will receive welcome kit containing their Permanent Retirement Account Number (PRAN) and other important details of the scheme. While filling the form you can opt for receiving the PRAN form in Hindi.

To get PRAN form in Hindi, you will have to provide following details in Hindi. Above mentioned application form has fields to provide these details

1. Full name of subscriber
2. Full name of father

Who manages the accumulated fund?

All the money contributed towards this scheme will be managed by the fund managers from the following entities:

1. ICICI Prudential Pension Funds Management Company Limited
2. IDFC Pension Fund Management Company Limited
3. Kotak Mahindra Pension Fund Limited
4. Reliance Capital Pension Fund Limited
5. SBI Pension Funds Private Limited
6. UTI Retirement Solutions Limited

Where is the money invested and is it risky?

Accumulated money is invested in Government securities, corporate bonds and equities. However portion of money invested in equities is very small (15%) so the risk of losing money is very low compared to other investment products.

Return on Investment

RoI in Swavalamban pension scheme is not fixed unlike FD, PPF, NSC etc. since these investment products offer fixed interest whereas in case of Swavalamban returns are not fixed as they are directly linked to the market conditions.

What is unorganized sector

• If a person is not a regular employee of central or state government.
• Person does not fall under social security scheme. Refer this link for more details about unorganized sector.

Contact details for subscribers:

Phone: 022-24994200, E-mail: [email protected]

Address: Central Recordkeeping Agency, NSDL e-Governance Infrastructure Limited, Times Tower, 1st Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (W), Mumbai – 400 013.