National Pension System is a specialized scheme by the Government of India for those who want to save their funds for retirement.
Anyone can invest in this account by opening an NPS Account in various banks and post offices. There are a lot of banks especially Government banks in India which provide NPS account opening service.
The interest rates offered in the NPS account are very interesting which makes it an optimum option for you to save funds.
In this article, we will discuss how to open an NPS account in Central Bank in India, Documents Required, account opening process, types of Account, etc.
Table of Contents
Types of NPS Account
These are the types of the NPS Account you can opt for while opening the Central Bank of India-
| 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 Central Bank in India
The following are the step-by-step instructions on how to open an NPS account in Central Bank in India–
- Visit the official website of the Central Bank in India NPS Account Opening Form
- Now, click on the NPS registration and you’ll be redirected to a new page where you have to click on the Registration button
- After clicking on the registration button, you have to fill out the registration form wherein you also have to select your type of account followed by clicking on the continue button
- Now, you have to complete the registration form by filling the form with details like Account Number, Date of Birth, Documentation ID number mentioned below, etc.
- After filling out the application form, submit the application form by clicking on the Submit button
- After submitting the form, you’ll be redirected to the eSign section where you’ll have to eSign for the application
- Now, pay for the application form using a credit/debit card, net banking, mobile banking, etc.
- After payment, you’ll receive the NPS account number using which you can maintain your account
Documents Required for NPS Account
The following are the documents required for the NPS Account in Central Bank in 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
List of Pension Fund Managers in NPS Account
The following are the list of Pension Fund Manager in the NPS Account–
- 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
FAQ
No, the NPS Account is not guaranteed because the NPS account is linked with the Market and all the funds that you invest in the NPS account get invested in the stock market by your choice of Pension fund manager.
Investment in the Indian economy can give you an amazing return as the Indian economy is the fastest-growing economy and the Indian stock market is also one of the best-performing markets in the world even after the pandemic.
Yes, if you retire early then you have an option to withdraw funds prematurity, however, your account should’ve been matured for at least 10 years. You can only withdraw funds up to 20% and the rest of the funds must go to purchasing the Annuity Plan.
Yes, you can invest in the NPS account however, you have to keep your Indian citizenship. As soon as you surrender your Indian Citizenship your NPS account will immediately lapse.
You can contribute to the NPS account in Monthly and yearly contributions.
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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