SBI NPS Calculator

SBI NPS stands for State Bank of India National Pension Scheme. It's a retirement investment plan offered by the State Bank of India. NPS SBI Calculator is a tool for estimating NPS returns, helping users in making informed retirement decisions.

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6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
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SBI 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 SBI NPS?

The SBI NPS, or State Bank of India National Pension Scheme, is a specialized financial product falling under the umbrella of the National Pension Scheme (NPS). The NPS is a pension and retirement savings scheme initiated and regulated by the Pension Fund Regulatory and Development Authority (PFRDA) in India. It serves as a comprehensive platform designed to secure the financial well-being of Indian citizens during their post-retirement years. It is a highly beneficial scheme as it offers financial security to the investor and their family with minimal investment amount.

What is the SBI NPS Calculator?

The NPS Calculator SBI is an online tool that helps you estimate your potential pension and maturity amount from the National Pension Scheme (NPS) offered by SBI. 

NPS SBI Calculator Requirements

The State Bank of India NPS calculator requires the following inputs:

  • Age

  • Monthly Investment

  • Expected Rate of Return

  • Percentage of Amount Allocated for Pension

  • Expected Return on Pension

The interest formula used in SBI NPS Calculator to compute the NPS returns is: 

The SBI NPS Calculator works based on the following formula
FV = P (1 + r/n) ^ nt
Terms used in SBI NPS Calculator
FV
Final Value
P
Principal Sum
r
Rate of interest per annum
n
Total number of times the interest compounds
t
Tenure

For example,

Prateek is 34 years old man who has invested in the National Pension Scheme, and his monthly contribution to the State Bank of India is Rs.3,000. Taking a hypothetical Rate of Interest (ROI) to be 10% annually, Prateek needs to add the pension amount for his remaining 26 years before retirement. 

By using the NPS Calculator SBI, the total will be:
Total principal invested till retirement: Rs. 9.36 lakh (approx)

Maturity sum: Rs. 44.71 lakh (approx)

How to Use Policybazaar SBI NPS Calculator?

Follow these simple steps to use the Policybazaar National Pension Scheme Calculator:

Step 1: Enter your current age.

Step 2: Specify your monthly NPS investment.

Step 3: Provide the expected return rate.

Step 4: Decide the percentage for future pension.

Step 5: Enter the expected return rate during the pension phase.

Step 6: View the estimated monthly pension, lumpsum, and pension wealth.

What are the Features of SBI NPS Account?

Here are some of the important highlights of the State Bank of India National Pension Scheme Account:

  • Tier-I account is compulsory to open for investment in SBI NPS

  • The minimum contribution to an open Tier-I account is Rs.500

  • Tier-II account can be opened only if the individual has a Tier-I account

  • Fund Management Charges for SBI NPS account 0.01%

  • SBI NPS Account offers attractive linked returns

  • Non-Resident Indians are not eligible to open an NPS account

People Also Read: Pension Plans

What are the Benefits of SBI National Pension Scheme Account?

  • Tax benefits: You can claim tax deductions on your contributions under section 80CCD(1b) of up to Rs 1.5 lakh per year. This can help reduce your taxable income and save tax.

  • Market-linked returns: Your contributions are invested in market-linked instruments like stocks and bonds, which have the potential to generate higher returns than traditional fixed-income options like PPFs or FDs.

  • Regular investment discipline: Setting up an NPS account encourages you to save regularly and build a retirement corpus over the long term.

  • Pension income after retirement: At maturity, a portion of your corpus is used to provide you with a regular monthly pension. This ensures a steady stream of income in your retirement years.

  • Lump sum corpus at maturity: You also get a lump sum amount at maturity, which you can use for any purpose you like.

  • Flexible investment options: You can choose to invest in Tier 1 (with lock-in period and tax benefits) or Tier 2 (without lock-in or tax benefits) based on your needs.

  • Partial withdrawal facility: You can withdraw a part of your Tier 2 contributions after a 3-year lock-in period, which gives you some liquidity.

  • Safeguarding of funds: Your NPS contributions are regulated by the PFRDA (Pension Fund Regulatory and Development Authority), which ensures the safety and security of your funds.

Conclusion

The NPS Calculator SBI is a powerful financial tool offered by the State Bank of India to help individuals plan their retirement. This user-friendly calculator assists in estimating potential National Pension System returns based on various contribution scenarios, empowering users to make informed decisions for a secure financial future.

FAQs

  • Is the SBI NPS calculator free to use?

    Yes. SBI NPS calculator is an online tool that anyone can use free of cost. You can simply visit the official NPS page of the SBI and use the calculator to get an overall idea of the scheme and its monetary benefits.
  • Can I have more than one NPS account?

    No. NRIs are prohibited from opening multiple NPS accounts. However, your SBI NPS account can easily be transferred across different locations of the bank throughout the country.
  • Can NRIs open a joint account in SBI to subscribe to the NPS scheme?

    Non-Resident Indians do not receive the facility to open a joint account to subscribe to the National Pension Scheme. The account must be opened under the name of the individual residing abroad after completing the required KYC. 
  • What are the documents required to open the SBI NPS account?

    While no documents are required to use the SBI NPS calculator, you must keep the following documents handy to open the account:
    • Duly filled NPS subscription form
    • Copy of passport
    • Proof of address (in case local address is different from the address mentioned on the passport)
    You also have to provide additional documents if required by SBI while opening the account like your nominee’s identification documents.
  • Can I change my nominee in the NPS account?

    All individuals are required to nominate a person to receive funds on their behalf in case of the unfortunate demise of the primary account holder. You can also change your nominee in your Tier I NPS account any time after receiving the PRAN (Permanent Retirement Account Number).
    The process to change the nominee is easy. You can directly contact your SBI branch or relationship manager to make such changes.

*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.
+Returns Since Inception of LIC Growth Fund
~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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