National Pension System is a retirement savings scheme initiated by the government of India with an objective to secure the retirement future of the individual. Along with the benefit of market-linked investment returns, the low-cost structure, tax efficiency and investment flexibility has made NPS a lucrative choice of investment for retirement planning. The Axis Bank has been appointed by the PFRDA to act as a points or Preference (POP) for NPS.Read more
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Further here we have discussed in detail about Axis Bank NPS.
To invest in the NPS account, the individual should be aged between the age of minimum 18 years to a maximum of 65 years. The individual should be a resident of India.
The contribution made towards the NPS scheme up to the maximum limit of Rs. 1.5 lakh is applicable for tax exemption U/S 80C of the Income Tax Act. Moreover, the subscriber can claim any additional self-contribution up to Rs. 50,000 U/S 80CCD (1B) of the IT Act. Therefore, the scheme allows a total tax deduction up to Rs 2 lakh.
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An individual can start investing the NPS account through eNPS portal offered by the government. The individual can invest online if their Axis Bank account is linked to their PAN card. Moreover, they can also register for net banking facility offered by Axis Bank to open online NPS account. Let’s take a look at the process to follow.
To open an offline Axis Bank NPS account, the investors will need to visit the branch office of the bank and submit an application for the opening of NPS scheme. All the Axis Bank Branch offices acts as a Point of Presence Service Providers). Thus, the investor can visit any nearest bank ti open the NOPS account. The investor will need to fill the NPS registration form thoroughly including all the important details as asked in the form . Attach the photograph on the form and the KYC documents and submit the form to the branch office.
Once the form is submitted, the branch office will verify the details in the form and after completion of the verification process the NPS account would be opened.
Here are the documents required while opening the Axis NPS account.
The NPS account can be opened only in case the documents submitted are verified.
*All savings are provided by the insurer as per the IRDAI approved insurance
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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