Every year a large number of accounts have been opened for the NPS scheme, and all of those people found the process very time taking. But ever since the eNPS format has arrived, everyone can comfortably fill their forms right from the comfort of their homes. One such bank that offers such services is the State Bank of India. Therefore, in this post, I will tell you how to open NPS account in SBI online?
Table of Contents
National Pension Scheme
Every year, lakhs of people receive their pensions in the respective accounts, but the Central Government of India has launched a scheme where people get returns for it. The National Pension Scheme was earlier only introduced for the central government employees. But further ahead, it was extended for all citizens by the Pension Fund Regulatory and Development Authority (PFRDA).
The expected return for your pension saved in the account can be around 9% to 12% (usually), which is a great way to have additional income. Open NPS account in SBI online and technically you would be able to save great amounts for your future with this. But, the eNPS account cannot be enrolled for those who have their accounts present under the Atal Pension Yojana.
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How to open NPS in SBI online?
Looking forward to having an NPS in SBI? And want to know “can I open NPS account in SBI online?” The answer is yes, you can. But, how to open SBI NPS account online? Here’s how to open NPS account online in SBI.
It takes just a small span of 30 minutes, making you free easily and is very comfortable as well. Given the time, you also get to open it online with just a few steps only. So, if you want to open NPS account in SBI online, then here’s how you can do so.
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SBI NPS Account Opening Online Process in Brief
The process of opening is very easy, and it won’t take you much time to register yourself. You need to fill up an application online for registering National Pension System. You just follow the below-mentioned process.
1. First of all, fill up and submit the required information online.
2. Next, print the SBI NPS account opening form (AOF) on an A4 size paper sheet.
3. Attach the required documents, such as proof of identity, proof of address, and photographs, as mentioned in the AOF.
4. Next, a TPRN (Temporary Pension Reference Number) will be generated, you need to note down it.
So if you’re wondering that how to open national pension scheme account in SBI online, here are the simple steps. It is very basic and doesn’t require a lot of effort on your part.
How to open NPS Account in SBI online?
Here’s what you need to do for opening an account:
1. Search for SBI NPS account opening form. Click on the first link provided on the site.
2. Next, click on register, you will be redirected to a page where there will be a brief for opening the account.
3. You then need to fill up the required details for your account to open.
4. Enter your Aadhaar card or pan card number, and you will receive an OTP to verify it’s you. Without your number being linked to the following cards, it won’t be possible for you to register online.
5. There are several different kinds of NPS accounts, choose the one that is appropriate for you. After that, you have to choose your mode of investment.
6. Then choose the mode through which you want to manage equity.
7. Decide the nominees and then fill out the nominee details who will take hold of your investments if something happens to you.
8. Next, if you have used the Aadhaar for registering your NPS scheme, you don’t need a passport size photograph. But, if not, then you need to upload a scanned passport size photo. With the Aadhar card, you need to upload a scanned copy of your signature.
9. To get a PRAN, you need to make a primary investment, for which in Tier 1, you need to deposit Rs.500, and for Tier 2, you need to deposit Rs.1,000. Once the payment is processed, you will be allotted.
10. Once the process is done, take a printout, attest your photo to the particular document, and mail it to the CRA office within 90 days to get approval.
Eligibility for having an NPS Account in SBI
As much as you want to go forward towards the SBI NPS account opening online, it has eligibility criteria to be fulfilling. The most important factor is that a person must be from the age group of 18-65. Non-Resident Indians are not eligible for opening an NPS scheme account. Individuals are covered under any pension scheme.
Tier 1 Account
- A minimum contribution of Rs.500 to the account.
- The amount to be paid for every contribution is Rs.500.
- The minimum total contribution in a year is Rs.1,000 to keep the account active.
- Requirement of at least one contribution to be made every year.
Tier 2 Account
- A minimum contribution of Rs.1,000 to the account.
- The amount to be paid for every contribution is Rs.250.
- The minimum total contribution in a year N.A.
- Requirement of at least one contribution to be made every year.
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Documents required
- Photo ID Proof such as Aadhaar Card.
- Date of Birth Proof.
- Address Proof.
- Credit/Debit Card for Contribution in SBI NPS scheme.
- Scanned Signature & Passport Size Image.
- Pan Card Number.
- Mobile Number to be linked with the Aadhaar card.
- A canceled cheque for a composite application.
Click here to know more about NPS scheme in State Bank of India.
Final Thoughts
The next time you think that how to open NPS account online in SBI, this article will have you all covered with details of the process. You won’t be able to withdraw the funds from your NPS scheme for a year, but it would indeed be very fruitful since there would be an added income. This can be secured for a great future and make you tension-free for your expenses ahead. How to Open NPS Account in SBI Online?
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