SBI Bank NPS

The State Bank of India is one bank wherein an individual can open the National Pension System account. The National Pension System is administered by the Pension Fund Regulatory and Development Authority.  The NPS was launched in 2000, May 01 with the intent to provide financial benefits to the subscriber after they retire.

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The SBI NPS plan ensures that the account holder enjoys reasonable returns over time. Anyone who looks forward to a secured retirement phase can consider opening an SBI NPS account.

Features of SBI National Pension System

The following are the key features of the SBI NPS plan for Tier I and Tier II respectively:

  • The SBI NPS account can be easily opened at a point of presence service provider banks. The State Bank of India is one of those banks that accepts the form of application and the documents required and get the subscribers registered with Central Recordkeeping Agency and thereafter the Permanent Retirement Account Number is generated.
  • The available options are Tier I and Tier II.
  • The Permanent Retirement Account Number will be required to quote all future transactions.

Eligibility Criteria for SBI NPS Plan

For an individual to apply for the SBI NPS plan, the following is the criteria:

  • The individual should be between the age of 18 years and 60 years.
  • As per the norms of KYC, the following documents will be required:
  • Application form
  • Proof of address
  • Proof of date of birth
  • Photo id evidence
  • In the case of the NPS account for Tier 1:
  • For account opening the minimum contribution is Rs 500.
  • For each contribution, the minimum sum payable is Rs 500.
  • The minimum account balance required towards the end of each financial year is Rs 6,000.
  • During a year, the minimum contribution should be one year.
  • In the case of the NPS account for Tier 1:
  • For account opening the minimum contribution is Rs 1000.
  • For each contribution, the minimum sum payable is Rs 250.
  • The minimum account balance required towards the end of each financial year is Rs 2,000.
  • During a year, the minimum contribution should be one year.
  • For the NPS Tier II account, an individual will have to open the active Tier I account to activate the Tier II account.
  • For the composite account for Tier I and Tier II, at the time of opening the account the minimum contribution is Rs 1500.
  • A cancelled cheque needs to be submitted mandatorily for the composite application or the Tier II application along with the form of application.

The Benefit of SBI National Pension System

The key benefit on the premise of the Swavalamaban guidelines, which was approved by the Indian government is that all the National Pension System that were opened between 2010 to 2013 are entitled to Rs 1000 benefit from the government till the time the eligibility criteria prescribed has been fulfilled.

The contributions of individuals up to a sum of Rs 50,000 is deductible from the taxable income within Section 80CCD (1b) and if it is above Rs 1.5 lakh within Section 80C of the IT Act.

Documents Required to Open the SBI NPS Account

The following are the documents that will be required to apply for the SBI NPS account online:

  • The PAN number and the Aadhar card should be linked to the SBI account
  • Scanned image of the applicants’ signature and passport size photograph.

How to Open the SBI NPS Account Online?

Following is the step by step guide to open the SBI NPS account:

  • Log-in to the website of the National Pension System.
  • Next, click on the ‘Registration’ and then select ‘Individual’.
  • Enter the Aadhar or PAN card details. A one-time password will be shared on the mobile number registered for further verification.
  • Choose the type of NPS account that is Tier I or Tier II.
  • Enter the received OTP and other details. In case the Aadhar card has been used, then possibly some information needs to be prefilled in the form. To generate the acknowledgement number do submit it.
  • Then from the various pension funds provided on the list of NPS select ‘SBI Pension Fund Pvt. Limited’.
  • Choose investment mode carefully. In case one is unaware then with an auto-mode, the allocation of equity changes with the age whereas with an active mode one decides the mix.
  • Assign a nominee and provide relevant details of the one who would get the corpus in case of the investor passes away.
  • In case the Aadhar card has not been used, then a passport size photograph needs to be uploaded. In case the Aadhar card has been used then only the signature has to be uploaded.
  • Contribute to the SBI NPS account and get the Permanent Retirement Account Number. Once the payment is approved, only then the Permanent Retirement Account Number will be allotted.
  • Make sure that a print out of the form is taken and mail the same within ninety days by pasting the photograph and signing the form.

Anyone who wishes to take the offline channel to open the SBI NPS account simply needs to visit the nearby branch. 

Written By: PolicyBazaar - Updated: 20 July 2021
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