BOB NPS Calculator

A long-term investment scheme, NPS or National Pension System (earlier known as Nation Pension Scheme) is a PFRDA (Pension Fund Regulatory and Development Authority) regulated Government-backed scheme, specially designed for all the citizens of India. The main focus of the NPS is to bring financial stability amongst all the citizens of India even after retirement.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

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BOB NPS Calculator

Your Age

18 Years 59 Years
Enter Your Age

Monthly Investment

₹500 ₹10L
Enter Investment Per Month

Expected Return on Investment

5% 15%
Expected Return on Investment

Percentage of Corpus Allocated for Pension

40% 100%
Enter Corpus Percentage

Expected Return from Pension

5% 15%
Enter Annuity Return
₹0
Your Monthly Pension
₹0
Your Monthly Pension
Your Pension Calculation
Your Pension Calculation
Total Investment
Returns Earned
Maturity Amount
Maturity Amount split (Lumpsum & Pension)
60%
Lumpsum Amount
At the age of 60 Yrs
40%
Pension Wealth
At the age of 60 Yrs

Here is in detail about the National Pension System focusing on the NPS Calculator, its features, benefits, etc. offered by the Bank of Baroda.

What is the Bank of Baroda National Pension Scheme (BOB NPS)?

To safeguard the financial future of all the citizens of the country irrespective of their financial status, the Government of India has initiated the NPS plan that helps individuals after retirement. A citizen of India between the age of 18 to 60 can opt for an NPS account in any bank or financial institution providing the National Pension Scheme. In the age of digitalization, an eNPS account can also be opened if an individual has an Aadhar Card or a PAN Card. A BOB NPS Calculator can be used for easy computation of the receivable amount after retirement.

What is BOB NPS Calculator?

BOB NPS Calculator is an easy-to-use and hassle-free online financial tool that helps in the computation of a lump sum amount an NPS account holder is liable to receive at the age of retirement according to the contributions made throughout the policy tenure. One of the major advantages of the NPS Calculator is that the depositor can keep a check as to how much they need to deposit in order to achieve their retirement goals, helping them plan and save accordingly.

By entering a few basic details mentioned below, the account holder can easily compute the lump sum amount receivable at the end of the policy tenure.

  • The present age of the BOB National Pension Scheme account holder

  • Type of investment the depositor is willing to make (can be monthly deposits or yearly, depending upon the finances)

  • Amount willing to be invested in the NPS scheme

  • Choice of NPS (Auto choice or Active choice)

How Can BOB NPS Calculator Help?

The BOB NPS Calculator is a simple online financial tool and helps the policyholder in the following ways:

  1. Determines The Amount Receivable

    The BOB NPS Calculator helps in determining the amount an individual is entitled to receive after the age of retirement depending upon the contributions made throughout the policy tenure. NPS Calculator online determines the amount an investor needs to deposit to meet their future retirement goals.

  2. Complete Withdrawal Only After Retirement

    One can determine the amount accumulated in the NPS account till date with the help of the NPS Calculator and withdraws can be made accordingly. It is to be noted that no individual under any circumstances is allowed complete withdrawal of the amount before the retirement age. Also, 40% of the total amount needs to be invested in annuities and the remaining 60% is subjected to taxation.

  3. Error Free Calculations

    Comparing the NPS Calculator online with the manual calculation through NPS Formula will make you understand how much simpler life has been made for the policyholders to keep a check on their NPS account details. With the complete automated process, the final amount is calculated in a blink of an eye.

BOB NPS Calculator Formula

Compounding interest formula is used for the calculation of all kinds of pension schemes and hence, National Pension Scheme Calculator also works on a compound interest formula as mentioned below:

The BOB NPS Calculator works based on the following formula
FV = P (1 + r/n) ^ nt
Terms used in BOB NPS Calculator
FV
Final Value
P
Principal Sum
r
Rate of interest per annum
n
Total number of times the interest compounds
t
Tenure

Illustration

Reena is a 34 years old woman making a monthly NPS contribution of Rs. 3,000 in her BOB NPS Account. Assuming the Rate of Interest (ROI) to be 10% annually throughout the tenure, pensions amount for 26 more years needs to be added in Reena’s retirement. According to the NPS formula,

  • The total principal amount invested till the age of retirement will be around Rs. 9.36 lakh (approximately)

  • The total sum to be received at the time of maturity will be around Rs. 44.35 lakh (approximately)

How to Use The NPS Calculator?

Some of the important details required while calculation of BOB NPS are as follows:

  • The present age of the Bank of Baroda National Pension Scheme account holder

  • Type of investment the depositor is willing to make (can be monthly deposits or yearly, depending upon the finances)

  • Amount willing to be invested in the NPS scheme

  • Choice of NPS (Auto choice or Active choice)

Eligibility Criteria for BOB National Pension Scheme

Following is the basic eligibility criteria that are applicable for all the banks and financial institutions offering the NPS account to their customers:

  • Citizens of India residing in India can open an NPS account

  • The minimum age criteria for opening a National Pension Scheme account is 18 years

  • The maximum age criteria for opening a National Pension Scheme account is 65 years

  • KYC Compliance is compulsory before applying for an NPS account 

  • The applicant is not allowed to own more than 1 NPS account

Advantages of Using National Pension Scheme (NPS) Calculator

The main advantages of using a BOB NPS Calculator Online are:

  • Do not have to hassle with the compound interest formula and calculate the amounts manually every time.

  • Helps the individual know how much they are entitled to receive at the end of the tenure based on the payments made till date.

  • Knowing the future amount receivable, an individual can plan their future accordingly.

  • An easy tool that calculates the final amount with minimal details.

Wrapping it up!

Intending to create a decent financial corpus for every citizen of India after retirement, National Pension Scheme is for all who believe in a safe and secure financial future. 

BOB NPS Calculator helps in knowing the contributions made under the scheme to date and planning your new investment accordingly so that the investor has a corpus as per their future needs. It is important to keep all the future aspects in mind before making any kind of investment.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^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
~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.

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