How to Open NPS Account in the Bank of Maharashtra?

NPS stands for National Pension System which is a Government of India-backed scheme for the individuals interested in savings funds for retirement.

Anyone can invest funds into the NPS Scheme by opening an NPS account. There are a lot of vendors using which you can open the NPS Account.

You can open the NPS Account from any Government Bank in India including the Bank of Maharashtra. You can also opt to open the account using the Post Office.

In this article, we will discuss how to open an NPS account in the Bank of Maharashtra, Documents Required, account opening process, types of Accounts, etc.

how to open nps account in Bank of Maharashtra-min

Types of NPS Account

The following are the types of NPS Accounts you can opt for to open in Bank of Maharashtra-

CriteriaTier-ITier-II
Initial Deposit AmountRs.500/-Rs.1000/-
Minimum Deposit AmountRs.1000/-Rs.250/-
Maximum Deposit AmountNo LimitNo Limit
StatusMandatoryOptional
WithdrawalOn MaturityWhenever the applicant wants
Tax BenefitsYesNo

How to Open NPS Account in Bank of Maharashtra

The following are the step by step instructions on how to open an NPS account in the Bank of Maharashtra–

  • Visit the official website of the Bank of Maharashtra NPS Account Opening Form
  • Now, fill 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, you’ll have to pay for the application form using a credit/debit card, net banking, mobile banking, etc.
  • Your application form for the NPS Account will be submitted and you’ll be provided with the NPS account number using which you maintain your account

Documents Required for NPS Account

The following are the documents required for the NPS Account in the Bank of Maharashtra–

  • 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 for 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

Is NPS returns guaranteed?

No, the NPS scheme is not guaranteed because the NPS scheme is linked with the Market and you’ll get the returns according to the performance of the market.  Indian Economy is a booming economy and a very promising one as well which marks NPS account investment as very attractive. Just after the pandemic, the recovery of the Indian economy and the performance of the market has been the fastest.

Is early retirement available under the NPS scheme?

Yes, you can retire early and you can withdraw the funds prematurely, however, at least your NPS Account should have matured for at least 10 years, and as a lump sum amount you can only withdraw 20% and the rest of the funds must go for purchasing of annuity plan which will be used for sending you the pension amount.

Can NRIs invest in the NPS account?

Yes, NRIs can invest in the NPS account, but, the account will immediately lapse if the account holder changes his/her nationality.

IS the NPS account Yearly contribution or Monthly?

You can make either, however, the monthly contribution will bear a higher return as the interest earned is based on the compound interest calculated monthly.

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