HDFC Bank National Pension Scheme

The National Pension Scheme has been introduced by the Indian government and is regulated by the Pension Fund Regulatory and Development Authority. The National Pension Scheme majorly focuses upon retirement and enables to create a corpus for the retirement and access pension during the phase of post-retirement.

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On one hand, 60 per cent of the maturity corpus can be easily withdrawn as the lump sum upon maturity, the balance is mandatorily annuitized that is the balance is used likewise used to fund annuity after the retirement. Now, this annuity is completely taxable in the receipt year as income from the other sources.

The HDFC bank NPS is the scheme that offers the option to invest in three different funds on the premise of risk affordability.

What is HDFC bank NPS?

The HDFC NPS gives the users the option to invest based upon the choice and risk affordability within the three funds. The following are the three funds within the National Pension Scheme:

  • Corporate Bonds

  • Equity Bonds

  • Government Securities

The corporate bonds belong to the asset class C, equity bonds belong to the asset class E and government securities belong to the asset class G. The allocation of the asset switch can be done once every year and also offers the flexibility to select between the auto and active choice for the distribution options.

Brief Overview: Understanding NPS Accounts

The National Pension Scheme accounts are of the following two types:

  1. Individual NPS Account

    Within this, the account holder is going to be the only contributor. The selections in regards to the scheme preference, service of the annuity provider, choice of investment and so forth are done by the subscriber-only. Any Indian citizen can choose to open the individual NPS account and avail the tax benefits upon investments and likewise ensure fixed income for the post-retirement phase.

  2. Corporate NPS Account

    When the corporate chooses to offer the National Pension Scheme to the employees as the retirement benefit plan, then this is the corporate NPS account. Any company employee registered with the CRA for the National Pension Scheme can avail the benefits of corporate NPS. With a corporate NPS account, the employer and employee both contribute to the same NPS account. The employer will make the specified contribution to the NPS account of the employer on their behalf. The contribution of the employer shouldn’t exceed 10 per cent of the employees’ basic + DA. The employee will also make contributions to the account. This means that the higher sum contributed in the account will offer tax benefits better to the employee.

    Now the subscribers have the alternative to open two types of the NPS accounts within the same Permanent Retirement Account Number that is known as ‘Tiers’ in the National Pension Scheme.

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Understanding Tiers in the NPS

  1. Tier I

    The contributions made to this account is entitled to additional tax deduction benefit for up to Rs 50,000 within Section 80CCD (1b) and within Section 80C for Rs 1, 50,000 and above. The withdrawals are restricted and subject to the terms and conditions.

  2. Tier II

    The subscribers can invest an extra sum in Tier-II account of NPS. The subscriber has the liberty to withdraw the complete accrued corpus within Tier-II at any point. In case the subscriber hasn’t contributed even the primary contribution towards the tier-II account, then it will be deactivated automatically as per the process. No tax benefits will be available in this account.

Eligibility Criteria for HDFC Bank NPS

The following is the eligibility criterion for anyone who wishes to apply for the HDFC bank National Pension Scheme:

  • The individual needs to be between the age of 18 years and 60 years.

  • In the case of Tier 1 account for an account opening the minimum, the contribution is Rs 500 and the sum payable for each contribution is Rs 500. Towards the end of each financial year, the required minimum account balance is Rs 6,000 and the least number of contributions each year should be once.

  • In the case of Tier-II account for an account opening the minimum, the contribution is Rs 1000 and the sum payable for each contribution is Rs 250. Towards the end of each financial year, the required minimum account balance is Rs 2,000 and the least number of contributions each year should be once.

  • For the creation of Tier-II account, the individual should have an active Tier-I account to activate the Tier-II account.

  • When the composite application is made for both Tier I and Tier II together then the minimum contribution during account opening is Rs 1500.

  • Need to submit the cancelled cheque for Tier II or the composite application along with the application form.

Benefits of HDFC NPS

The HDFC bank NPS offers the following benefits:

  • Control: The HDFC bank NPS subscriber has complete control over the investment. It also ensures to take calculated risks and earn high returns.

  • Flexibility: The subscriber also has the flexibility to choose the option of investment, annuity option, fund manager, etc.

  • Long-term Returns: The National Pension Scheme is a long-term investment wherein the subscriber gets the advantage of compounding that ensures high corpus upon maturity.

  • Transparency: One can easily make contributions online and track the investments.

  • Tax Benefit: The NPS investment undoubtedly offers lucrative tax benefits. The tax benefit is subject to change as per the prevailing laws.

How to Invest in the HDFC Bank National Pension Scheme?

Anyone can invest in the HDFC NPS in the following ways:

  1. Offline

    To invest in the HDFC bank NPS, visit the nearby HDFC branch from where the option of investment can be done. Such a branch is known as the ‘Point of Presence Service Providers’ and they permit the NPS account opening. Avail the HDFC NPS registration form from the branch, fill the required details and submit the form along with the KYC documents. The bank would verify and check the documents submitted. After the verification is done successfully, the HDFC NPS account will be then opened.

  2. Online

    Anyone can invest in the HDFC NPS online by simply visiting the official website of the bank and follow the steps listed below:

    • Open the website of the bank and then click on ‘Apply for NPS’ icon.

    • Next, the online portal of the company will be opened to invest in the NPS online.

    • Enter the required details on the application page.

    • Invest in the HDFC bank NPS and choose the type of account that one wishes to open and then provide the details of the PAN card.

    • The deposits can be made online and choose the strategy of investment and the funds of investment and the application to open the HDFC NPS account online will begin.

Documents Required for the HDFC National Pension Scheme

Anyone who wishes to apply for the HDFC bank NPS, listed below are the documents that need to be submitted to open the HDFC bank NPS account online or offline:

  • Identity Proof: Driving license, Aadhar Card , Passport, PAN card or Voter ID card.

  • Proof of Address: Driving license, Aadhar Card, Passport, PAN card or Voter ID card, Deed of Property Sale, Rent Agreement or Utility Bills.

  • Proof of Age: Driving license, Aadhar Card, Passport, Birth certificate or Voter ID card.

Understanding Tax Benefits Under HDFC Bank NPS

The following are tax benefits applicable on the HDFC bank NPS:

  1. For the Self-employed

    The tax deductions are possible for 10 per cent of the salary within Section 80CCD (1) with the maximum Rs 1.5 lakh limit within Section 80CCE.

  2. For the Salaried Individual

    The tax deductions are possible for 10 per cent of the salary within Section 80CCD (1) with the maximum Rs 1.5 lakh limit within Section 80CCE.

*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.
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^^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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