SBI is offering many facilities on NPS (Indicative picture)
The country’s largest government bank State Bank of India (SBI) is offering many facilities on the National Pension System ie NPS scheme. Customers who have taken NPS scheme from SBI can avail these additional facilities. State Bank has given this information through a tweet.
State Bank has informed the customers about the NCS and the facilities available on it on its official Twitter handle. The bank has written in the tweet, some additional benefits are being available on SBI’s NPS scheme, so that you can improve your financial future. NPS is a pension scheme launched by the government in which people can deposit money and get guaranteed income for their retirement. This scheme is run by the government, so there is no risk of sinking the deposit amount.
What SBI said
SBI has also told its customers how they can add themselves to the NPS scheme. According to SBI, the customer has to go to the YONO mobile app to connect with the NPS. After clicking on investment there, you have to go to NPS account opening. After entering the information asked here, customers will be easily connected to NPS and the facilities provided by SBI will start being provided. Customers can also do this work by visiting SBI’s website. For this the customer has to visit http://onlinesbi.co.in. Go to services there and complete this work online by clicking on NPS registration. If the customer wants, then the NPS scheme can also be started in any nearest branch of SBI.
Take control of your financial future by getting the added benefits when you choose National Pension System (NPS) scheme by SBI.
To register visit: YONO App>Investments>NPS Account Opening or https://t.co/15Pn1hMUVI>e-Services>NPS Registration or Nearest SBI Branch#NPS #NPSDiwas pic.twitter.com/O0sNAhM8aJ
— State Bank of India (@TheOfficialSBI) October 1, 2021
The customer has to note that NPS is a government scheme in which the subscriber has to deposit a specified amount. If the NPS account is opened in SBI, then the NPS money will be deposited in the same branch. On the basis of this money, the government gives pension to the customer after retirement. This is a scheme related to social security which is open to all citizens of India. On maturity of NPS, 60% can be withdrawn and the remaining 40% has to be deposited in an annuity plan. This annuity plan is linked to life insurance. NPS is operated by PFRDA on behalf of the government.
People in the age group of 18 years to 70 years can take NPS scheme. There is also the benefit of tax exemption on this, which is up to Rs 2 lakh. SBI account holders can avail the following facilities on NPS-
- Tier-1 account is a mandatory account which is a must for every NPS holder. There is facility to save tax on this. Tier-2 account is a kind of investment account which is optional. If the customer wants, he can not open this account in NPS. It has no compulsion. Tax exemption is not available on this account but up to Rs 50,000 can be withdrawn at any time in a year
- For Tier-1 account, Rs 500 must be deposited while opening the account. If you open a Tier-2 account then you have to deposit at least Rs 1000.
- One time fund transfer facility is available in NPS. If you have received superannuation money then you can transfer it to NPS just once without any tax liability
- You can run NPS even after retirement. The account holder can deposit money in the NPS account for 70 years or cannot withdraw the amount till the age of 70 years.
- If the deposit in NPS is less than Rs 2 lakh, then you can withdraw it in full at one go. At the age of 60 years or more, if the account holder has a deposit of less than Rs 2 lakh in NPS, then he can withdraw the entire amount in one go
- To start the NPS scheme in SBI, you can log on to the official website of SBI at sbi.co.in
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