The State Bank of India (SBI) offers certain benefits under the National Pension Scheme (NPS). âTake control of your financial future by getting the added benefits when you choose SBI’s National Pension System (NPS) scheme,â SBI tweeted.
The National Pension System (NPS) is a long-term investment product with a very low cost structure, offering market-linked returns, regulated by the PFRDA.
The country’s largest public sector bank recently tweeted, âGive your future the financial freedom it deserves with SBI’s National Pension System (NPS) scheme. “
NPS: How to register via SBI YONO
- To register, visit: YONO App
- Now tap on Investments
- Select Open NPS Account
How to register via SBI online
- Visit http://onlinesbi.co.in
- Now press “e-Services”, then select the option “NPS registration” or “Nearest SBI branch”.
- Now enter the details required for registration and make the mandatory contribution for effective application.
Opening an NPS account at the nearest SBI branch
Subscribers can enroll in NPS by visiting their local branch of the State Bank of India and submitting an NPS Contribution Instruction Form (NCIS) along with the required contribution amount.
On October 1, SBI announced the launch of NPS Diwas in line with PFRDA’s campaign for the Indian government’s mission to establish a pension company in India. Dinesh Khara President, SBI, has launched this initiative in all of its branches to educate millions of customers about NPS. It also launched the NPS registration feature for individual subscribers under the All Citizen sector on YONO SBI, as part of the NPS Diwas.
SBI Chair Dinesh Khara said: âWe are happy to celebrate ‘NPS Diwas’ as part of the International Day of Older Persons. We believe this is an ideal opportunity for our clients to understand the importance of investing in NPS to ensure a healthy and secure retirement. At SBI, we will continue to educate our clients about NPS, which will help them develop a habit of saving for the golden phase of their life from an early age. “
Features of the NPS plan
1) Account types include – Tier I – Retirement account (A / C mandatory – Tax benefit available) and Tier-II – Investment account (A / C optional – No tax benefit but the corpus can be withdrawn at any moment) ??50,000 / – during a financial year.
2) The minimum contribution when opening the account is Rs. 500 for level I and the minimum contribution must be ??1000 for opening a level II account.
3) A very low cost product with a fund management fee of 0.01%.
4) Attractive returns linked to the market
5) The subscriber can select a pension fund manager (PFM) of his choice. The subscriber is authorized to change PFM once during a financial year. Subscribers can also set their asset allocation, which can be changed twice in a single fiscal year.
6) This plan is available for citizens between the ages of 18 and 70
7) The plan has tax advantages and allows a deduction of up to ??2 lakh
8) Single transfer to the NPS – The existing body of retirement pension can be transferred only once to the NPS without tax consequences
9) Continuation of NPS after retirement – Willingness to contribute until age 70 or defer withdrawal until age 70.
10) Complete withdrawal for corpus less than Rs. 2 Lacs – In the event that the total accumulated corpus is less than Rs. 2 Lacs at the age of 60 or over, the subscriber can withdraw the entire corpus.
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