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Bank of India NPS Calculator
Bank of India NPS Calculator helps you estimate your retirement corpus and monthly pension under the National Pension System. It considers your current age, retirement age, value of contribution, and projected rate of growth of long-term NPS investment. According to the NPS guidelines, the minimum deposit to be made in a Tier I NPS account annually is ₹1,000. The NPS calculator assists in the visualisation, whereby regular contributions could assist in planning the long-term retirement income.
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Start Investing ₹10k/Month & Build a corpus of ₹1 Crore# on Retirement
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National Pension Scheme Calculator
- Bank of India NPS Calculator
What is the Bank of India NPS Calculator?
Bank of India NPS Calculator is an online retirement planning tool that helps investors estimate their contributions to Bank of India NPS. It considers inputs such as current age, retirement age, monthly contribution, expected rate of return, and annuity allocation to calculate the estimated retirement corpus. The calculator also shows how the accumulated NPS amount may be distributed at maturity.
At retirement age, government employees can withdraw up to 60% of the corpus as a tax-free lump sum, with the remaining 40% invested in an annuity to provide a regular monthly pension. At the same time, non-government subscribers can withdraw up to 80% as a lump sum, with only 20% required for annuity purchase.
How Does the Bank of India NPS Calculator Work?
The NPS Calculator applies the compound interest technique to estimate the retirement wealth of regular contributions.
NPS Calculator
Your Pension Calculation
Total Investment
Returns Earned
Maturity AmountMaturity Amount split (Lumpsum & Pension)
60%
Lumpsum AmountAt the age of 60 Yrs
40%
Pension WealthAt the age of 60 Yrs
Take the case of a government subscriber who intends to retire under the Bank of India National Pension Scheme.
The investor begins to invest when he is 30 and will retire at the age of 60. This is done at a monthly contribution of ₹7,000, and this is assumed to yield 10% per year.
- Investment Duration: 30 years
- Total Contribution: ₹7,000 × 12 × 30 = ₹25,20,000
The NPS Calculator indicates the retirement corpus amount is between ₹1.30 crore and ₹1.40 crore with a longer investment horizon and a higher assumed rate of return.
At retirement, the corpus may be withdrawn as a lump sum of up to 60% of the same, which is tax-free. The rest 40%, approximately ₹52-56 lakh, is invested in an annuity scheme.
This annuity may generate an indicative monthly pension of around ₹18,000 to ₹24,000, depending on prevailing annuity rates and the option selected.
This illustration is based on the following formula:
How to Use the NPS Calculator?
The Bank of India NPS Calculator enables an investor to determine the amount of retirement savings by taking into consideration income, growth, employer contribution, asset allocation, and projected returns. The steps include:
- Enter Age Information: Enter the current age and the retirement age.
- Add Salary Information: Enter basic salary for contribution calculation.
- Select Contribution Percentage: Select the contribution percentage to be made towards NPS.
- Include Employer and Voluntary Contributions: Add employer share and additional self-contributions.
- Set Growth and Asset Allocation: Define salary growth and asset class allocation.
- See Instant Results: Estimated retirement corpus, amount of pension and tax benefits.
Benefits of Using Bank of India NPS Calculator
The National Pension Scheme calculator assists investors in planning their retirement on realistic assumptions. Key benefits include:
- User Friendly: It is easy to use and requires just basic details like age, amount of contribution and anticipated returns, which makes it user-friendly to first-time NPS investors.
- Instant Projections: Gives direct estimates of the corpus of retirement and monthly pension, without having to make calculations.
- Adjustable Inputs: The amount of contribution, the age of retirement and the returns can be adjusted to determine alternative retirement plans.
- Facilitates Improved Planning: Assists investors in determining the amount they will save or receive in the form of pensions by displaying the growth of the current contributions over a period.
- No Costs: The calculator is provided on the internet free of charge.
Invest More Get More
Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION
standard T&C Apply *
Tax Implications on NPS Returns
The investments in the National Pension Scheme benefit from taxes under the Income Tax Act and would enable the investors to maximise tax benefits while accumulating retirement savings in the Bank of India.
| Section | Who Can Claim | Tax Benefit | Deduction Limit | Additional Notes |
| 80CCD(1) | Salaried and self-employed individuals | Contribution to NPS | Up to 10% of salary or 20% of gross income | Within the ₹1.5 lakh limit of Section 80C |
| 80CCD(1B) | All NPS subscribers | Additional NPS contribution | Up to ₹50,000 | Over and above Section 80C |
| 80CCD(2) | Employees | Employer contribution to NPS | Up to 10% (private sector) and 14% (government) | Available under both tax regimes |
Key Takeaways
The Bank of India NPS Calculator is used to estimate an investor's retirement corpus, monthly pension, and tax benefits in the National Pension System. Users can also view the effects of financial choices on long-term retirement results by raising and lowering contribution levels, changing asset allocation and forecasted returns. It assists in systematic retirement planning by matching the NPS investments to future income needs.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.