Bank of Baroda offers a National Pension Scheme Account opening service to the customers who want to participate in the scheme.
BOB is one of the NPS account distributers that is allowed to operate the NPS scheme and provide full benefits of the NPS to their customers.
In this column, we will discuss how to open an NPS account in the Bank of Baroda, eligibility, type of account, etc.
But first, let’s find out what is NPS Account scheme is.
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What is NPS Scheme?
NPS stands for National Pension Scheme. It is a scheme that offers you an investment opportunity during your younger days and provides a retirement corpus as monthly pensions.
It is a market-linked scheme which means the funds you invest will be invested in the stock market and you’ll receive a return on your investment after the scheme reaches its maturity.
This scheme is managed by the Pension Fund Regulatory Authority of India (PFRDA) and is distributed by many banks. Bank of Baroda is one such bank that distributes this scheme to its customers.
There are other benefits as well when it comes to opting for an NPS account like Tax benefits, the unlimited cap on investment amount, and three partial withdrawals within the tenure of the NPS Scheme.
Type of NPS Account
There are two types of NPS account and both of the accounts have different functions, which is as follows-
Tier-I
A Tier-I account is a mandatory account that offers tax benefits and does not allow premature withdrawals except in specific conditions.
This type of account is more focused on providing retirement benefits at the time of maturity rather than providing liquid funds.
Whenever you subscribe to the NPS Account, you’ll be provided with PRAN or Permanent Retirement Account Number which you can use to access your NPS account easily.
Tier-II
Tier II is a voluntary saving Account associated with your PRAN, in this type of account, you’ll find greater flexibility in terms of withdrawals. You can withdraw funds whenever you want.
Eligibility Criteria for NPS Account
The following are the eligibility for NPS Account-
- Any Indian Citizen (Resident and Non-Resident) between the age of 18-65 can subscribe to the NPS Account Scheme
- The maturity period of NPS is 60 years of age and can be extended up to 70 years of age
Documents Required for NPS Account
You are required to provide Address Proof, Proof of Identity to subscribe to the NPS scheme. The following are the documents required for the NPS account-
- Passport
- Ration Card
- Bank Passbook or certificate with photograph
- Voter’s ID card
- PAN Card
- Aadhaar Card e-KYC file upload
- Scanned signature
- Scanned copy of the canceled cheque or Bank passbook first page
- Job Card offered by NREGA
- Government Employee Photo ID card
- Ex-Serviceman Card
How to Open an NPS account in the Bank of Baroda
You can follow these steps to open an NPS account in the Bank of Baroda-
- Visit the official website of Bank of Baroda Net banking and log into your account using your login credentials
- After logging in, you’ll find the NPS registration on the left-hand panel of your net banking dashboard
- On the next page click on the proceed button
- Now, a form will appear using which you can register for an NPS account
- Make sure you have selected the registration with an existing customer to ensure a faster account opening also select the account type as per your wish
- Now, you’ll be prompted with pre-requisite documents that you have to provide for the NPS account
- After pressing ok, you’ll have to upload the Aadhaar e-KYC zip file followed by providing Aadhaar card share code and filling rest of the form accordingly, and clicking on the Continue button
- Now, a new personal detail form will appear which you have to complete fully and click on submit button
- An Acknowledge number will be generated which you have to keep safe for future use. You can also take a print out the filled form acknowledgment and click on the continue button
- You’ll be then redirected to the PRAN registration and you have to provide contact and bank details followed by clicking on the save & proceed button
- Now, you have to provide details of the nominee and select the scheme allocations
- Now, upload other documents which will be mentioned followed by clicking on the Save and proceed button
- Now, fill the FATCA/CRS declaration form (if any) followed by clicking on the save and proceed button
- After clicking on the proceed button, you’ll be redirected to the payments page, where you can pay the desired amount. The registration charges for the NPS account is Rs.200/- which will be added to the payment amount
- Now, make the payment using Bank of Baroda Payment’s gateway and click on the confirm button
- After successful payment, you have to provide the mobile OTP and email OTP and click on the submit form button
- After submission, your PRAN Account number will be displayed on the screen that you can use to make future payments
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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