IC83 Study Notes | Page: 42

Public Provident Fund (PPF) is a scheme of the Central Government, framed under the PPF Act of 1968. A minimum yearly deposit of Rs 500 is required to open and maintain a PPF account and a maximum deposit of Rs.1.5 lakhs can be made in a PPF account in any given financial year.
At maturity of PPF Account the following 3 choices are available: One can withdraw the maturity amount, One can extend the account by a 5 year block, as many times as he/she want and make fresh contributions, One can extend the account without making any further contributions and continue to earn interest on it every year.
PFRDA is the prudential Regulator for the National Pension system (NPS). PFRDA has established the NPS trust under Indian Trust Act, 1862 and appointed NPS Board of Trustees in whom the administration of the 'National Pension System' vests under Indian Law.
National Securities Depository Limited (NSDL) has been appointed as the Central Recordkeeping Agency for NPS. The recordkeeping, adminitration and customer service functions for all subscribers of the NPS shall be centralised and performed by the CRA.
Bank of India is functioning as NPS Trustee Bank. It would manage the banking of the Pension Funds in accordance with applicable provisions of the NPS Lite, the schemes the guidelines/notifications, issued by PFRDA, Ministry of Finance, and Government of India from time to time as per applicable law.

Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam