The ICICI Bank National Pension Scheme (NPS) is a retirement savings scheme, which provides lucrative returns through market linked investments. Moreover, along with the benefit of wealth creation, the NPS scheme also offers the benefit of tax savings. As a government backed savings scheme, NPS aims to secure the financial future of the individuals after retirement.
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While choosing the right investment option, one should make sure that the investment options they choose should:
The ICICI NPS scheme offers all these benefits. Let’s read further to know in details about the various aspects of ICICI Bank NPS.
Here are some of the salient features of ICICI NPS.
The NPS offers different investment options and choice of Pension Fund Manager for planning the investment growth in a reasonable manner. The investors can switch between different investment options or fund managers as per their requirement and suitability, subject to specific regulatory restrictions.
Moreover, the ICICI NPS scheme also offers the flexibility to choose between Active or Auto choice for distribution. If an investor choose the option of Active choice then they must indicate the percentage distribution between gilt, corporate and equity. The maximum of 75% of investment is allowed in equity.
While opening a the NPS account, a Permanent Retirement Account Number (PRAN) is offered to the subscribers. The NPS account is divided into two categories I.e.
The Pension Fund Regulatory and Development Authority of India (PFRDA) regulated the NPS scheme and as a government backed savings scheme this is one of the safest and lucrative investment option in the long-term.
The PFRDA has appointed ICICI Bank as one of the Point of Presence (POP) for the NPS.
Any Indian resident between the age of minimum 18 years to a maximum of 65 years can open the NPS account.
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.
An individual can start investing the NPS account through eNPS portal offered by the government. The individual can invest online if their ICICI Bank account is linked to their PAN card. Moreover, they can also register for net banking facility offered by ICICI to open online NPS account. Let’s take a look at the process to follow.
Here are the documents required while opening the ICICI NPS account.
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Invest ₹6,000/month
& Get Tax free Pension of ₹60,000*/month
*T&C Applied.