Bank of Maharashtra NPS

Bank of Maharashtra is a public sector bank. The bank provides multiple services, like account services, deposits, and loans, and savings product options. It enables customers to invest in the National Pension System (NPS), which operates under the Pension Fund Regulatory and Development Authority (PFRDA). NPS provides regular savings opportunities for retirement funding.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

  • 4.8++ Rated
  • 10.5 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 5.3 Crore Policies Sold
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10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold

Start Investing ₹10k/Month & Build a corpus of ₹1 Crore# on Retirement

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We are rated++
rating
10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Disclaimer: The corpus of ₹1 Crore is an illustrative example and is not guaranteed. It is based on the assumption of an 8% annual rate of return over a 30-year investment period, for an investment of 10000/month, starting at age 25. Actual returns may vary depending on market conditions, policy term, premium payment term, and other factors. The investment risk in unit-linked insurance plans (ULIPs) or market-linked instruments is borne by the policyholder.Maturity Value: ₹1,10,89,478 @ CAGR 8%; ₹55,66,122 @ CAGR 4%. Returns are subject to market performance and are not guaranteed. Tax benefits, if any, are as per prevailing laws and may change from time to time. All plans mentioned are offered through insurance company funds and are subject to associated terms and conditions. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
Bank of Maharashtra 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

What is the Bank of Maharashtra NPS Scheme?

The Bank of Maharashtra NPS Scheme represents one of the investment plans available to individuals seeking retirement savings through government-backed National Pension System regulation. The NPS scheme of the Bank of Maharashtra operates through its Point of Presence system to facilitate the creation and management of Bank of Maharashtra NPS Accounts for its customers.

Opening a Bank of Maharashtra NPS Account

The Bank of Maharashtra enables users to register for NPS offline and online. The following points will help you easily sign up for the program:

  1. Offline Registration

    Find the nearest Bank of Maharashtra branch serving as a Point of Presence - Service Provider (PoP-SP) using the NSDL PoP-SP Locator.

    • Visit a Bank of Maharashtra Branch: Bank of Maharashtra customers can access National Pension Scheme services at their branch locations since the bank holds PoP status from PFRDA.

    • Fill Out the NPS Registration Form: Execute the NPS Registration Form by entering every necessary detail.

    • Submit KYC Documents: Attach identity proof, address proof, and a passport-sized photograph.

    • Make an Initial Contribution: A minimum payment of ₹500 constitutes the starting amount for a contribution.

    • Verification & PRAN Generation: After successful verification, the system issues a Permanent Retirement Account Number, which is referred to as PRAN.

  2. Online Registration

    • Visit the Bank of Maharashtra NPS Portal

    • Choose 'eNPS New Registration': Select' Online Registration.'

    • Enter Personal Details: Provide Aadhaar or PAN details.

    • Upload Required Documents: Photograph, signature, and identity proofs.

    • Online Contribution: Make the NPS account contribution online for quick and easy activation.

    • Digital or Physical Submission: Sign or print the form digitally and send it to National Securities Depository Limited (NSDL).

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Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

What is the Bank of Maharashtra NPS Calculator?

The Bank of Maharashtra NPS Calculator is an online tool that helps estimate your NPS returns and monthly pension based on your investment contributions.

Factors Considered in the NPS Calculator

  • Age

  • Monthly Investment

  • Expected NPS Interest Rate

  • Percentage of Corpus Allocated for Pension

  • Expected Return from Pension

Using these inputs, the calculator provides an estimate of:

  • The total corpus you will accumulate by retirement.

  • Your potential monthly pension after retirement.

Bank of Maharashtra NPS Calculator Formula

The Bank of Maharashtra NPS Calculator works on the basis of the following formula:
FV = P (1 + r/n) ^ nt
Terms used in Bank of Maharashtra NPS Calculator Formula
FV
Final Value
P
Principal Sum
r
Annual Interest Rate
n
Number of Compounding Periods
t
Tenure in Years

Example: Amit, aged 30, invests ₹4,000 per month in the Bank of Maharashtra NPS Account. Assuming an annual return of 10%, his estimated corpus at retirement (age 60) would be:

  • Total Investment: ₹14.40 lakh

  • Interest Earned: ₹76.77 lakh

  • Pension Wealth Generated: ₹91.17 lakh

  • Tax Saving: ₹4.32 lakh

How to Use Policybazaar Bank of Maharashtra NPS Calculator?

Planning for retirement? The Bank of Maharashtra NPS Calculator helps you estimate your future pension wealth easily. Follow these simple steps to get an accurate projection:

  • Step 1:

    Enter your current age.

  • Step 2:

    Specify your monthly NPS investment.

  • Step 3:

    Input the expected return rate.

  • Step 4:

    Select the percentage allocated for pension.

  • Step 5:

    Enter the expected return rate during the pension phase.

  • Step 6:

    View your estimated monthly pension, lump sum, and pension wealth.

Why Use the Bank of Maharashtra NPS Calculator?

Planning for a secure retirement requires the right tools to make informed decisions. The Bank of Maharashtra NPS Calculator simplifies this process, offering quick and accurate estimates to help you strategise your savings effectively.

  • Easy Planning: Helps you plan your retirement savings effortlessly.

  • Quick Estimates: Provides instant calculations.

  • User-Friendly: Simple interface for easy navigation.

  • Customisable Inputs: Allows different scenarios to adjust contributions.

  • Future Planning: Helps understand how current contributions impact future benefits.

  • Accessible Online: Available anytime, anywhere.

  • Time-Saving: Eliminates manual calculations.

  • Educational: Enhances understanding of NPS benefits.

Features and Benefits of a Bank of Maharashtra NPS Account

The National Pension System (NPS) offered by the Bank of Maharashtra provides a secure and flexible way to plan for your retirement while enjoying tax benefits. Below are the key features and benefits of opening an NPS account with the Bank of Maharashtra:

Feature Details
Account Types Tier I (Mandatory) - Retirement account with tax benefits. Tier II (Optional) - Flexible savings account with withdrawal options.
Minimum Investment Tier I - ₹500, Tier II - ₹1,000
Fund Management Charges Low charges at 0.01%
Choice of Pension Fund Manager (PFM) Subscribers can select fund managers based on their strategy.
Contribution Flexibility Can invest throughout the year.
Extension of Contribution Period Contributions allowed until 70 years.
Tax Benefits Deduction of up to ₹1.5 lakh under Section 80C. Additional ₹50,000 deduction under Section 80CCD(1B) for over and above ₹1.5 lakh.
Withdrawal Benefits 60% of corpus is tax-free upon maturity.

Conclusion

The Bank of Maharashtra NPS Calculator is an essential financial tool for retirement planning. It estimates the essential NPS returns based on various contribution scenarios, empowering you to make informed financial decisions for a secure future.

Plan your retirement with confidence! Use the NPS Calculator to estimate your pension savings and start investing in NPS for a secure future.

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FAQs

  • What are the new pension rules in Maharashtra?

    Maharashtra's Mahayuti government approved the Unified Pension Scheme in March 2024. It provides 8.3 lakh employees with an assured pension of 50% of their basic pay.

  • What is the revised NPS in Maharashtra?

    The revised NPS, announced in March 2024, ensures that employees retiring on or before November 2005 receive 50% of their last drawn basic salary plus dearness allowance as pension.

  • What is the minimum pension in Maharashtra?

    There will be a minimum pension of ₹10,000 per month for workers who leave after at least 10 years of service under the new pension plan.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India 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.

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+Standard T&C Applied
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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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

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