Bank of Baroda National Pension Scheme (NPS) : bankofbaroda.in

Organisation : Bank of Baroda
Facility Name : National Pension Scheme (NPS)
Applicable For : Indian Citizen
Applicable State/UT : All India
Website : https://www.bankofbaroda.in/personal-banking/other-services/national-pension-scheme

What is Bank of Baroda National Pension Scheme (NPS)?

The National Pension System, commonly referred to as NPS, is a voluntary, contribution retirement savings scheme and that has been designed to enable systematic savings during the subscriber’s working life.

Bank of Baroda is registered with PFRDA (Pension Fund Regulatory and Development Authority) as POP (Point of Presence) for NPS under All Citizen Scheme and as an aggregator for the purpose of processing NPS Accounts (Tier-I and Tier-II) as well as acceptance of contributions.

Those who wish to register under the NPS scheme can visit our branch with identity proof, address proof and age proof and fill the required form. All branches of Bank of Baroda can facilitate the NPS account opening

Who Can Subscribe in NPS Scheme?

** Any Indian citizen, whether resident or non-resident/Overseas Citizen of India (OCI), can apply for an Bank of Baroda National Pension Scheme (NPS) account opening. However, those who apply to the NPS scheme must be between 18 to 70 years of age as on the submission date of his/her application to the bank’s branch.
** The maximum age up to which an NPS account can be continued is up to 75 years.
** Citizens can join the NPS scheme either as employee-employer group(s) (corporates) or individuals, subject to submission of all the required information and know your customer (KYC) documentation.

Benefits of NPS

Opening an Bank of Baroda National Pension Scheme (NPS) account offers several advantages to subscribers.

Some of the benefits of the NPS account are mentioned below:
** NPS is voluntary – NPS scheme is open to every Indian citizen. As an NPS account subscriber, you can choose the amount of contribution to the NPS scheme every year.
** NPS is simple – NPS account opening is an easy process. You only need to open an account with our bank and get a PRAN for the NPS scheme.
** NPS is flexible – As a pension system, the NPS lets you choose your own NPS investment option and fund scheme. This NPS account feature helps you grow your money as per your financial goals.
** NPS is portable – You can operate your NPS account from anywhere in the country, even if you change your city, job or pension fund manager.
** NPS is regulated – The NPS scheme is regulated by the development authority PFRDA, with transparent investment norms, regular monitoring and a performance review of fund managers by the NPS Trust.

Tax Benefits of NPS

Bank of Baroda National Pension Scheme (NPS) Scheme Tax Benefits for Individuals:
Any individual who is a subscriber of the NPS can claim a tax deduction up to 10% of the gross income under Section 80CCD (1) within the overall ceiling of Rs.1.5 lakh, under section 80CCE.

NPS Scheme Tax Benefits for Corporate Subscribers:
An additional NPS tax benefit is available to subscribers from the corporate sector under section 80CCD (2) of Income Tax Act. The employer’s NPS contribution (towards the employee) up to 10% of salary (Basic + DA), without any monetary limit, is deductible from the taxable income.

Exclusive NPS Tax Benefits for subscribers u/s 80CCD(1B):
An additional deduction for the NPS investment up to Rs.50,000 (Tier I account) is exclusively available for the NPS scheme under subsection 80CCD (1B). This is over and above the deduction of Rs.1.5 lakhs available under section 80C of the Income Tax Act,1961.

How To Open NPS Account?

Bank of Baroda National Pension Scheme (NPS) account opening is easy, and you can do it either online or offline.

Online Mode:
Registration through KFintech portal : https://cra.kfintech.com/

Registration through CRA (NSDL) portal : https://mynps.nsdl.com/myNPS/NationalPensionSystem.html?appType=main&authId=c3JnelhON0sxeHNUM1BDNXJrN29LZz09

Contribute through CRA (NSDL) portal : https://mynps.nsdl.com/myNPS/InitialExistingUser.html?appType=main&authId=c3JnelhON0sxeHNUM1BDNXJrN29LZz09

Charges of NPS Account Opening

The charges involved for Bank of Baroda National Pension Scheme (NPS) Registration and Payment of Initial contribution are as under: