Sarkari Yojana
National Pension Scheme For Traders And Self Employed Persons
About National Pension Scheme For Traders And Self Employed Persons
Launched by the Ministry of Labour and Employment, Government of India, the “National Pension Scheme For Traders And Self-Employed Persons” gives small traders, retailers, and self-employed individuals protection and social security in old age. Under this voluntary, contributory pension, beneficiaries are guaranteed a minimum monthly pension of ₹3,000/- from age sixty, matched rupee-for-rupee by Government of India contributions; until they turn 60, subscribers must pay in monthly contributions ranging from ₹55/- to ₹200/-.
Scheme Overview
Central Government
Ministry Of Labour and Employment
Common Service Centers
Individual
01 Jan 2019
Scheme Details
Eligibility Requirements
To qualify for National Pension Scheme For Traders And Self Employed Persons, applicants must satisfy the following conditions:
The applicant must be a Laghu Vyapari, self-employed…
The applicant must be a Laghu Vyapari, self-employed individual, shop owner, retail trader, rice-mill owner, oil-mill owner, workshop owner, commission agent, real estate broker, small hotel owner, or restaurant owner.
The applicant must be aged between 18 and…
The applicant must be aged between 18 and 40.
The applicant's annual turnover must not exceed ₹1,50,00,000/-
The applicant's annual turnover must not exceed ₹1,50,00,000/-.
The applicant must hold a savings bank account…
The applicant must hold a savings bank account in their own name.
The applicant must have an Aadhaar Card or…
The applicant must have an Aadhaar Card or Aadhaar Number.
Benefits Provided
National Pension Scheme For Traders And Self Employed Persons provides the following benefits to eligible applicants:
1. Pension Benefit
Every eligible subscriber gets a guaranteed minimum pension…
Every eligible subscriber gets a guaranteed minimum pension of ₹3,000/- a month from age sixty onward.
The Government of India matches this with an…
The Government of India matches this with an equal monthly contribution to the subscriber's pension account, as a subsidy. 2. Family Pension on Death of Beneficiary If an eligible beneficiary dies while receiving the pension, their spouse becomes entitled to a family pension equal to fifty per cent of that pension -- a benefit reserved for the spouse alone. 3. Provisions for Permanent Disablement Before Age of Sixty
Where an eligible beneficiary who has paid regular…
Where an eligible beneficiary who has paid regular contributions becomes permanently disabled before turning sixty, their spouse may keep the scheme going by continuing the contributions.
If the spouse chooses not to continue in…
If the spouse chooses not to continue in such a case, they can exit and reclaim the subscriber's own contribution share, along with interest -- whichever is higher of what the Pension Fund actually earned or the savings bank rate. 4. Exit Before Completion of Ten Years Should an eligible beneficiary leave the scheme less than ten years after joining, only their own contribution share is refunded, along with interest at the savings bank rate. 5. Exit After Ten Years but Before Age of Sixty Where an eligible beneficiary exits after ten years or more from joining, but before turning sixty, only their own contribution share is returned, plus accumulated interest -- whichever is higher of the Pension Fund's actual earnings or the savings bank rate. 6. Death of Beneficiary During the Contribution Period
Where an eligible beneficiary who paid regular contributions…
Where an eligible beneficiary who paid regular contributions dies for any reason, the spouse may continue the scheme by keeping up the contributions.
Should the spouse decide against continuing after the…
Should the spouse decide against continuing after the beneficiary's death, they can exit by claiming the beneficiary's contribution share plus accumulated interest -- whichever is higher of the Pension Fund's actual earnings or the savings bank rate. 7. Corpus Reversion After Death of Both Beneficiary and Spouse Once both the beneficiary and spouse have passed away, the remaining corpus reverts to the fund.
Documents Required
Applicants should keep the following documents ready before starting the application:
Aadhaar card
Aadhaar card.
Savings Bank Account or Jan Dhan Bank Account…
Savings Bank Account or Jan Dhan Bank Account details.
Indian Financial System Code (IFSC)
Indian Financial System Code (IFSC).
Bank Passbook, a cheque leaf/chequebook, or a bank…
Bank Passbook, a cheque leaf/chequebook, or a bank statement copy, as evidence of the bank account.
Goods and Services Tax Identification Number (GSTIN), needed…
Goods and Services Tax Identification Number (GSTIN), needed only where annual turnover exceeds ₹40,00,000/-.
A self-declaration document for annual turnover income
A self-declaration document for annual turnover income.
2019-01-01
How to Apply
Online - via CSC Application
Applicants can apply for National Pension Scheme For Traders And Self Employed Persons through the online - via csc application process outlined below.
Registration Process
The eligible individual visits their nearest Common Service…
The eligible individual visits their nearest Common Service Centre (CSC) to start registering offline, carrying documents such as their Aadhaar Card and bank account proof.
At the centre, the Village Level Entrepreneur (VLE)…
At the centre, the Village Level Entrepreneur (VLE) enters the Aadhaar number, beneficiary's name, and date of birth exactly as they appear on the Aadhaar card, so the system can authenticate the applicant's identity.
The VLE then completes online registration by entering…
The VLE then completes online registration by entering key details into the enrollment system, including the applicant's bank account information, mobile number, email address, GSTIN, annual turnover income, spouse details, and nominee details.
The applicant self-certifies that they meet the eligibility…
The applicant self-certifies that they meet the eligibility conditions, after which the system automatically works out the monthly contribution due, based on the beneficiary's age. Application and Payment Process
The newly enrolled beneficiary pays their first subscription…
The newly enrolled beneficiary pays their first subscription amount in cash to the VLE, which activates their pension subscription.
The system generates and prints an enrollment cum…
The system generates and prints an enrollment cum auto-debit mandate form, which the beneficiary signs; the VLE then scans and securely uploads it.
The system issues the applicant a unique Vyapari…
The system issues the applicant a unique Vyapari Pension Account Number (VPAN) for their records, and a physical Vyapari Card is printed and given to the beneficiary.
Online Application
Applicants can apply for National Pension Scheme For Traders And Self Employed Persons through the online application process outlined below.
Application Process
Those who prefer to apply themselves can go straight to the official online enrollment portal.
They complete the self-enrollment process there, entering the required information and setting up their account without needing to visit a centre.
Exclusions / Who Is Not Eligible
- The applicant must not be covered under any National Pension Scheme contributed by the Central Government.
- The applicant must not be a member of the Employees’ Provident Fund Organisation (EPFO) under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
- The applicant must not be covered under the Employees’ State Insurance Corporation (ESIC) Scheme under the Employees’ State Insurance Act, 1948.
- The applicant must not be an income-tax payer or income-tax assessee.
- The applicant must not be enrolled under the Pradhan Mantri Shram Yogi Maandhan Yojana administered by the Ministry of Labour & Employment.
- The applicant must not be enrolled under the Pradhan Mantri Kisan Maandhan Yojana administered by the Ministry of Agriculture & Farmers Welfare.
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.