ICICI Bank National Pension Scheme (NPS)

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 ICICI NPS also offers the benefit of tax savings. As a government backed savings scheme, ICICI NPS aims to secure the financial future of the individuals after retirement.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

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While choosing the right investment option, one should make sure that the investment options they choose should:

  • Provide good returns

  • Offers tax benefit

  • The returns are inflation adjusted

The NPS ICICI offers all these benefits. Let’s read further to know in detail about the various aspects of ICICI NPS.

Features of ICICI Bank NPS 

The ICICI NPS provides a range of investment options and allows investors to select a Pension Fund Manager to help achieve reasonable growth of their investments. Investors can switch between investment options in accordance with regulatory guidelines.

Additionally, the ICICI NPS offers a choice between Active or Auto distribution, with the former requiring investors to indicate the percentage distribution between gilt, corporate, and equity options. It should be noted that equity investments are capped at a maximum of 75%. The scheme offers investors the flexibility to customize their investments according to their needs.

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How to Open NPS Account in ICICI?

While opening an ICICI NPS account, a Permanent Retirement Account Number (PRAN) is offered to the subscribers. The NPS ICICI account is divided into two categories i.e.

  • Tier-I Account- ICICI NPS Tier-I Accounts is a retirement account designed for long-term savings and cannot be accessed for withdrawals. The funds deposited into the account are invested according to the subscriber's chosen investment option, with the goal of accumulating a sizable retirement corpus.

  • Tier-II Account- ICICI NPS Tier-II account is a Voluntary Withdrawal Account accessed only if the account holder has an active Tier 1 account in their name within the National Pension System (NPS). The withdrawals from this account can be made based on the subscriber's needs or when requested. 

How to Open ICICI NPS Account Online?

Individuals can open their ICICI NPS accounts online as well through net banking and eNPS portal. Let us understand the process in detail.

How to enroll to NPS using eNPS portal?

To initiate investing in the NPS account, a person can use the government's eNPS portal. If their PAN card is linked to their ICICI Bank account, they can invest online. Here are the steps involved: 

  • Go to the eNPS portal: https://enps.nsdl.com/eNPS/NationalPensionSystem.html

  • Choose the NPS option.

  • Select the registration option to register yourself.

  • Fill in the required details in the registration form, including name, address, PAN card, phone number, age, and email ID.

  • Verify your mobile number with the OTP sent to your registered mobile number.

  • Choose the investment account, Pension Fund Manager, and investment strategy.

  • Enter beneficiary/nominee details.

  • Upload KYC documents.

  • Make an online contribution to open the NPS account and complete the registration process.

  • Once payment is made, the registration form is displayed on screen containing the details.

  • PRAN is generated after the registration and contribution of the scheme is completed.

  • Download the form, attach KYC documents and photograph, and mail it to the CRA for completing the process of account opening.

  • The form should be sent within 90 days from opening the online account.

How to enroll for ICICI NPS using Internet Banking?

  • Login to your Internet Banking account

  • Go to the ‘Service Requests’ section, enroll for ICICI NPS

  • Confirm your account details like PAN, Aadhaar, etc.

  • Update nominee, fund manager choice, and investment percentages

  • Authenticate with Aadhaar OTP

  • Upload a scanned image of your signature

  • Submit the online form

  • A Service Request (SR) will be generated

  • Your NPS account will be activated on the next working day

  • The Permanent Retirement Account Number (PRAN) will be sent to your registered mobile number via SMS from ICICI Bank and NSDL.

Regulation

The ICICI National Pension Scheme is overseen by the Pension Fund Regulatory and Development Authority of India (PFRDA). As a savings scheme supported by the government, it is regarded as one of the most secure and profitable investment choices for long-term. For those interested in investing in the ICICI NPS, this regulatory oversight and government backing should provide added confidence in the scheme's safety and potential returns.

How does ICICI NPS Works?

  • In the ICICI NPS scheme, the savings of an individual is pooled in a pension fund.

  • The PFRDA invests these funds and the professional fund managers regulates these funds as per the approved guidelines of investment in the diversified portfolio that comprises corporate debentures, government bonds, bills and shares.

  • Based on the returns generates on the investment made, the contributed sum will accumulate and grow over the years.

  • While exiting the NPS account, the investors can use the accumulated sum to purchase annuity or can withdraw a part of accumulated wealth as lump-sum.

The PFRDA has appointed ICICI Bank as one of the Point of Presence (POP) for the NPS.

Eligibility Criteria of ICICI NPS Scheme

Any Indian resident between the ages of minimum 18 years to a maximum of 65 years can open the NPS account.

Things to Remember When Opening NPS in ICICI Bank

When opening an NPS account with ICICI Bank, there are a few important things that you should consider to ensure a smooth and hassle-free experience:

  • Eligibility: Before opening an NPS account, ensure that you meet the eligibility criteria. Any individual between the ages of 18 and 65 years can open an NPS account. It is important to check other eligibility criteria such as citizenship, and residential status.

  • Types of accounts: ICICI Bank offers two types of NPS accounts - Tier I and Tier II. 

Tier I is a mandatory account that comes with certain tax benefits and withdrawal restrictions. 

Tier II is an optional account that allows for withdrawal at any time, but does not offer tax benefits. Ensure that you choose the account type that is suitable for your financial goals.

  • Investment options: ICICI Bank offers a range of investment options, such as equity, corporate debt, and government bonds. It is important to choose the investment options that align with your investment objectives and risk appetite.

  • Charges: ICICI Bank charges certain fees for opening and maintaining an NPS account. Make sure to check the fees and charges before opening the account to avoid any surprises later.

  • KYC documentation: ICICI Bank requires certain KYC documentation to open an NPS account, such as PAN card, Aadhaar card, and address proof. Ensure that you have all the necessary documents ready to avoid delays in the account opening process.

  • Nomination: It is important to nominate a beneficiary for your NPS account to ensure that your savings are passed on to your loved ones in case of any unfortunate event. ICICI Bank allows you to nominate up to three individuals for your NPS account.

By keeping these points in mind, you can ensure a smooth and hassle-free experience when opening an NPS account with ICICI Bank.

Tax Benefit

You can get a tax exemption under Section 80C of the Income Tax Act for your contributions to the NPS scheme up to a maximum limit of Rs. 1.5 lakh. Additionally, you can claim a tax deduction for any extra self-contributions up to Rs. 50,000 under Section 80CCD (1B) of the IT Act. In total, you can get a tax deduction of up to Rs. 2 lakh through this scheme.

Documents Required While Opening ICICI Bank NPS Account

Here are the documents required while opening the ICICI NPS account.

  • Identity proof like Passport, PAN Card, etc.

  • Age Proof like Passport, Voter ID, Aadhaar Card.

  • Address Proof like Aadhaar Card, Utility Bills, Driving License, etc.

ICICI NPS Calculator 

Most banks provide a calculator for the National Pension Scheme, which calculates the lump sum amount an individual may receive at retirement based on their contributions. By using the ICICI NPS calculator, one can always have a clear idea of the final amount they will receive. It is beneficial for making deposits that align with their retirement goals and needs.

Individuals can enter basic details to know the final maturity amount along with the interest earned over time. Some of the important details required while calculation of ICICI NPS are as follows:

  • Current Age of the ICICI National Pension Scheme holder

  • Investment type to be made (monthly or yearly)

  • Amount to be invested

  • Choice of NPS option (Auto or Active choice)

In Conclusion

The ICICI Bank National Pension Scheme (NPS) offers individuals a reliable and secure investment option for their retirement. As one of the leading banks in India, ICICI Bank's NPS provides a range of investment choices and flexibility to suit the unique needs and preferences of investors. By investing in the ICICI NPS, individuals can avail the benefits of tax savings, wealth creation, and a secure retirement fund.

FAQ's

  • How much can I invest in ICICI Bank NPS?

    There is no minimum investment amount for ICICI Bank NPS, but you must make a minimum contribution of Rs. 1,000 per year to keep the account active. The maximum investment amount depends on your age and varies between Rs. 2 lakh to Rs. 15 lakh per year.
  • Can I withdraw money from my ICICI Bank NPS account before retirement?

    Yes, you can make partial withdrawals from your Tier-I account after completing 3 years of account opening. However, there are restrictions on the amount you can withdraw. You can only make a maximum of 3 withdrawals during the tenure.
  • Can I transfer my existing NPS account to ICICI Bank NPS?

    Yes, you can transfer your existing NPS account to ICICI Bank NPS by submitting a transfer request form along with the necessary documents. The transfer request will be processed by the National Pension System Trust (NPST), and the accumulated pension wealth will be transferred to your ICICI Bank NPS account.
  • What are the different annuity plans available under ICICI Bank NPS?

    ICICI Bank NPS offers various annuity plans from different insurance companies, including immediate annuity, deferred annuity, and hybrid annuity plans. The annuity rates may vary depending on the age, gender, and the type of annuity plan chosen.
  • What happens to my ICICI Bank NPS account after my retirement?

    After retirement, you can choose to withdraw up to 60% of the accumulated pension wealth as a lump sum, while the remaining 40% must be used to purchase an annuity plan. The annuity plan will provide you with a regular income stream for the rest of your life.

*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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