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Home / Industry / Banking /  SBI offers these benefits under National Pension Scheme. How to open an NPS account online?
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The State Bank of India (SBI) is offering certain benefits under the National Pension Scheme (NPS). “Take control of your financial future by getting the added benefits when you choose National Pension System (NPS) scheme by SBI," SBI tweeted.

 

National Pension System (NPS) is a long-term investment product having a very low-cost structure, offering market-linked returns, regulated by PFRDA.

The largest public sector bank in the country has recently tweeted “Give your future the financial freedom it deserves with National Pension System (NPS) scheme by SBI."

NPS: How to register via SBI YONO

  • To register visit: YONO App
  • Now tap on Investments
  • Select NPS Account Opening

How to register via online SBI

  • Visit http://onlinesbi.co.in
  • Now tap on ‘e-Services' and then select the ‘NPS Registration' or ‘Nearest SBI Branch' option.
  • Now enter the required details for registration and make the mandatory contribution for effective application.

NPS account opening at Nearest SBI Branch

Subscribers can enrol in NPS by visiting their local State Bank of India branch and submitting an NPS Contribution Instruction Slip (NCIS) along with the required contribution amount.

On October 1, SBI announced the launch of NPS Diwas in line with PFRDA’s campaign towards the Government of India’s mission to create a pensioned society in India. Dinesh Khara Chairman, SBI, launched this initiative across all its branches to create awareness about NPS amongst its millions of customers. He also launched NPS Registration functionality for individual subscribers under the All Citizen sector on YONO SBI, as part of the NPS Diwas.

Dinesh Khara, Chairman, SBI said, “We are glad to celebrate ‘NPS Diwas’ in line with International Day of Older Persons. We believe it is an ideal occasion for our customers to understand the importance of investing in NPS in order to ensure a healthy and secure retirement. We at SBI will continue to educate our customers about NPS which will help them develop a habit of savings for the golden phase of their lives from a very young age."

Features of NPS scheme

1) The types of accounts include - Tier I – Pension account (Mandatory A/C - Tax benefit available) and Tier-II – Investment account (Optional A/C – No tax benefit but corpus is withdrawable anytime) 50,000/- in a Financial Year.

2) The minimum contribution during account opening is Rs.500 for Tier I and the minimum contribution will have to be 1000 for Tier II account opening.

3) A very low-cost product with Fund Management Charges of 0.01%.

4) Attractive market-linked returns

5) Subscriber may select a Pension Fund Manager (PFM) of their choice. Subscriber is allowed to change PFM once during a Financial Year. Subscribers may also define their asset allocation, which may be changed twice in a given Financial Year.

6) This scheme is available for the citizens aged between 18 to 70 years

7) The scheme comes with tax benefits and allows a deduction of up to 2 lakh

8) One-time shift to NPS- Existing corpus under Superannuation can one-time be transferred to NPS without any Tax Incidence

9) Continuation in NPS scheme post-retirement – Provision to contribute till 70 years or to defer withdrawal up to the age of 70 years.

10) Complete withdrawal for corpus less than Rs.2 lacs - In case the total accumulated corpus is less than Rs.2 Lacs on attaining the age of 60 or later, the subscriber may withdraw the entire corpus.

 

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