How to Open NPS Account in Union Bank of India? Documents Required, Process, etc.

NPS stands for National Pension System is a savings tool that offers individuals to save funds during their younger days and get a return on investment after retirement.

This is a Government of India-backed savings scheme which is regulated by the Pension Fund Regulatory & Development Authority (PFRDA). You can open the NPS account in various Government Banks or Private Banks in India.

One of the prominent banks that offer NPS banks is Union Bank of India. You can open an NPS account in Union Bank of India online.

In this article, we will discuss How to Open NPS Account in the Union Bank of India? Documents Required, Process, etc.

But first, let’s find out the different types of NPS Accounts.

Types of NPS Account

The following are the different types of NPS Accounts-

Criteria	Tier-I	Tier-II
Initial Deposit Amount	Rs.500/-	Rs.1000/-
Minimum Deposit Amount	Rs.1000/-	Rs.250/-
Maximum Deposit Amount	No Limit	No Limit
Status	Mandatory	Optional
Withdrawal	On Maturity	Whenever the applicant wants
Tax Benefits	Yes	No

How to Open NPS Account in Union Bank of India?

You can follow these steps to open an NPS account in Union Bank of India online-

• Visit the official website of Union Bank of India and navigate to the NPS Account page
• Now, you’ll see Apply online button on the form which you’ll have to click and you’ll be redirected to a new portal
• Here, you’ll have to provide your name, mobile number, email ID, followed by clicking on the continue button
• An OTP will be sent to your registered mobile number, which you’ll have to enter in the given field
• After entering the OTP, you’ll be redirected to a small form which you’ll have to fill and also choose the type of account you want
• Now, click on the Next button, provide your PAN Card, Aadhar Card details, and click on the Next button
• After clicking on the Next button, a partially filled form will appear which you’ll have to complete with details like the father’s name, address, etc.
• Now, submit the form and generate the Acknowledgement number followed by clicking on the continue button
• Now, provide the contact details and bank account details including the bank IFSC Code of the branch of your account
• Now, click on Save and Proceed
• Now, fill in the nomination details and provide your NPS Scheme details
• After providing the details, you’ll have to upload the below-mentioned documents and click on the save and proceed button
• Now, you’ll have to pay the initial deposit amount by entering the amount followed by clicking on the confirm button
• After making the payments, make sure to take a printout of the receipt and NPS Application form

Documents Required for NPS Account in Union Bank of India

The following are the documents required for the NPS Account in Union Bank of India-

• Identity Proof- Aadhaar Card, Class 10 and 12 certificates, PAN Card, Passport, etc.
• Residence Proof-Electricity bill, Utility bills, Bank Passbook first page, etc.
• Application Form for opening NPS Account
• PAN Card (Mandatory) scanned
• Aadhaar Card (Mandatory)
• Canceled Cheque
• Scanned passport size image
• Scanned Signature

FAQ