National Pension Scheme or NPS is a market-linked savings account providing account holders with long-term investment options using which you can easily gain higher ROI.
It yields market-based returns which are regulated by the PFRDA. Any Indian citizen of any age can apply for the NPS account and reap the benefit of the investment.
There are a lot of POS points where you can open the NPS account including the Post office and Government of India Banks. One such place where you can open an NPS Account is the Punjab and Sind Bank.
In this article, we will discuss how to open an NPS account in Punjab and Sind Banks, Documents Required, Types of NPS accounts, etc.
Eligibility for NPS Account
The following are the eligibility for the NPS account-
- The applicant must be a citizen of India to apply for the NPS Account
- The age of the applicant must be in between 18-60 years of age
Types of NPS Account
The following are the types of National Pension Scheme which you can apply for-
- Tier-I is a compulsory account that every NPS account holder must subscribe to
- The minimum contribution amount per month is Rs.500/- and per financial year is Rs.6000/-
- This is an optional account that you can opt for and can act as an additional investment account
- You can initially contribute Rs.1000/- to start this account followed by maintaining at least a minimum account balance of Rs.2000/-
How to Open NPS Account in Punjab and Sind Bank?
The following are the step-by-step instructions on how to open an NPS account in Punjab and Sind Bank-
- Visit the official website of the Punjab and Sind Bank and navigate to the NPS account followed by clicking on the apply for NPS Account Online
- Now, you’ll be redirected to a new page where you’ll have to click on the register button
- After clicking on the registration button, you are required to fill this small form with details like name, account type, PAN or Aadhar details, etc.
- Now, click on the Continue button and you’ll be redirected to a new page where you’ll have to enter other form details
- Usually, the form will be partially filled as some of the data will be extracted from the Aadhar card or PAN card
- After this, you’ll have to upload the documents mentioned below followed by a click on the payments button
- Now, you’ll have to make an initial contribution towards the account based on your Tier selection
- After successful payment, you will be issued with a PRAN number which can be used to manage your NPS Account
Documents Required for the NPS Account
The following are the documents required for opening NPS Account in Punjab and Sind Bank-
- Scanned copy of PAN card
- Scanned copy of the canceled Cheque
- Scanned copy of the Signature
- Aadhaar Paperless Offline e-KYC ZIP file
The minimum age limit for applying for the NPS account is 18 years of age and the maximum age is 60 years however, you can extend the maximum age limit up to 75 years of age.
Yes, you can invest in the NPS Account after 60 years of age by extending the account for the account holder up until 75 years of age.
After the death of the NPS subscriber, the accumulated wealth of the subscriber will be transferred to the nominee or the legal hire
No, the withdrawal amount bu NPS account is not trxable.