National Pension Scheme SBI Account, Calculator, Apply Online, Eligibility and List of Documents

September 29, 2020 | Last Modified: September 30, 2020 at 12:36 pm

The National Pension Scheme (NPS) is the social security scheme introduced by the Central Govt. of India. The NPS is a scheme based on contribution, which offers market-linked returns to the pensioners. It was originally intended at the employees of Central Government only. Nevertheless, NPS was consequently made available to all the citizens by the Pension Fund Regulatory and Development Authority (PFRDA). So now, even the private sector employee or self-employed individual can also avail the benefits of new pension scheme. This scheme also comes handy with portability feature across different location along with jobs.

National Pension Scheme SBI

A NPS account can be opened at a Point of Presence-Service Provider (POP-SP) Bank. The Sate Bank of India (SBI) is one such Point of Presence-Service Provider Bank that allow a prospective National Pension Scheme application to open an NPS account in SBI. National Pension Scheme SBI facilitates an applicant to create an NPS account and submit the Application form and supporting documents to the State Bank of India.

National Pension Scheme (NPS) SBI Online Account

The step by step guide for opening an National Pension Scheme account online with State Bank of India (SBI) is given below :

STEP 1: Visit the officially website of National Pension System at https://enps.nsdl.com/eNPS/NationalPensionSystem.html.

STEP 2: Go to National Pension System and select Registration to reach the Online Subscriber Registration page. The page will be show as below.

nps online account
NPS Online Account Registration Form

STEP 3: Select new registration and enter the requited details.

STEP 4: Select “State Bank” of India among the list of banks.

STEP 5: You will receive an OTP on your registered mobile number.

STEP 6: Enter your pension details in the from along with OTP and generate an acknowledgment number.

STEP 7: Choose SBI Pension Plan among-st the various pension funds listed by the NPS.

STEP 8: Select the mode of investment between auto and active mode.

STEP 9: Assign one or more nominees who will receive the corpus in case of death.

STEP 10: Upload passport size color photo along with the scanned image of your signature and the canceled cheque of your bank account.

STEP 11: Make the initial subscriber contribution for your SBI National Pension Scheme account. The payment can be made online using debit, credit card or net banking.

STEP 12: A PRAN number will be generated on successful payment along with the payment receipt.

STEP 13: On the next page, take a printout of the completed form, paste a passport size photo and send it to the CRA office within 90 days.

STEP 14: If you opt for e-sign with Adhaar an OTP will be sent to your registered mobile number.

STEP 15: Enter the OTP to get your Aadhar authenticated and your registration signed electronically.

List of Documents Required

The following document are required to open an National Pension Scheme Account in State Bank Of India (SBI):

  • Aadhaar card
  • PAN Card
  • Scanned Passport size color photo
  • Scanned Applicant’s Signature
  • Proof of Address

For NRIs:

  • Duly filled subscriber register form
  • Photocopy of the passport
  • Address proof
  • Recent passport size color photograph

Eligibility for National Pension Scheme SBI

There are following eligibility criteria for the National Pension Scheme SBI :

  • Applicant between the age group of 18 to 65 years can open National Pension Scheme SBI Account
  • Completion of KYC required before opening a SBI NPS Tier-I account
  • At least one contribution needs to be made every year
  • SBI NPS Tier -II account is not available to NRIs
  • SBI NPS Tier-II account can be opened only if the applicant has an active Tier-I account

National Pension Scheme Calculator

With the National Pension Scheme Calculator candidate will be able to know how much pension and lump sum amount candidate will get when he/ she retire at 60.

https://www.sbipensionfunds.com/nps-calculator/

Features of National Pension Scheme Account

The following are the salient features of National Pension Scheme Account:

  • National Pension Scheme account can be opened at Point of Presence-Service Provider (POP-SP) bank. State Bank of India (SBI) is one such bank which accepts the application form and required documents, getting the subscribers registered with the Central Record-keeping Agency (CRA) to generate the Permanent Retirement Account Number (PRAN)
  • Permanent Retirement Account Number will be needed for quoting in all future transactions.
  • Tier-I and Tier-II are the options available

NPS Helpline

Subscriber can call at CRA’s Toll Free Number 1800-222-080 and access the Interactive Voice Response (IVR)or speak to Customer Service Executive or visit https://www.npscra.nsdl.co.in/contact-us.php

Related Scheme: Atal Pension Yojana

NPS Frequently Asked Questions (FAQ’s)

What is National Pension Scheme ?

National Pension Scheme (NPS) is a govt. sponsored pension scheme. The scheme allows subscribers to contribute regularly in a pension account during their working life.

Who can join NPS?

Any Indian citizen between 18 to 60 years can join this Pension Scheme. The only condition is that the pension must comply with know your customer (KYC) norms.

How can I join NPS?

You should open an NPS account with entities know as Point of Presence (POP).

Can I have more than one NPS account?

No, you cannot open multiple NPS accounts.

What is the minimum contribution in NPS?

Candidate have to contribute a minimum of Rs.6000 in your Tier-I account in a financial year.