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

Bank of India is one of the POS points where you can open an NPS Account. It is a market-linked scheme that invests funds into the market.

The returns are very attractive and since it is the Government of India it is trustworthy. It is an investment tool that offers working citizen security during the retirement period.

In this article, we will discuss how to open an NPS account in the Bank of India? documents required, opening process, etc.

Types of NPS Account

The following are the types of NPS Accounts that you can apply for-

Tier-I	Tier-II
It is a mandatory account	It is an optional account
The tax benefits up to Rs.1.5 lakhs	No Tax benefits
Contribution is mandatory at least once a year	The flexible contribution which you can do as per you wish
Only 20% of the maturity amount will be taxed	The tax will be calculated on 100% of the maturity amount
You can start the account with a contribution of Rs.500%	You can start this type of account with a contribution of Rs.1000/-

Eligibility Criteria for NPS Account

The following are the eligibility criteria for NPS Account-

• For opening the NPS Account, the applicant must be a citizen of India
• The minimum age of opening the account is 18 years of age and the maximum age of opening the account is 60 years of age which can be extended till the 70 years of age
• The initial amount that you can contribute to open the account is Rs.500/- for Tier-I and for Tier-II, the initial opening account is Rs.1000/-

How to Open NPS Account in Bank of India?

You can open an NPS account in the Bank of India by following these steps-

• Visit the official website of National pension System followed by clicking on the NPS Button and click on the registration button
• Now, a form will appear where you’ll have to fill the form with correct details like name, Aadhaar Card number, resident status, etc.
• An OTP will be sent on your registered mobile number which you’ll have to enter
• Now, a form will be opened where you’ll have to fill the form with correct details along with the document number for identification followed by clicking on the generate acknowledgement number
• Now, another semi-filled form will appear where you’ll have to complete the sections by populating them with details
• In the next step choose the pension fund manger form the list, by default, it is the SBI Fund manager
• Upload the documents mentioned below in the given filed followed by entering the amount you want to contributed and clicking on the pay button
• Now, you’ll receive a PRAN number which can be used to access your account
• You’ll also have to e-Sing using your Aadhaar card number
• After signing the NPS Account, your NPS Account will be opened and you can start using your NPS Account

Pension Fund Manager List

The following are the list of the Pensioner Fund Manager to choose from-

• SBI Pension Funds
• LIC Pension Fund
• UTI Retirement Solutions
• HDFC Pension Fund
• ICICI Prudential Pension Fund
• Kotak Pension Fund
• Reliance Capital Pension Fund
• Birla Sun Life Pension Management Ltd.
• Indian Post Office

Documents Required for Opening NPS Account

The following are the documents required for opening an NPS Account-

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

FAQ