The State Bank of India (SBI) is offering certain added benefits under the National Pension System (NPS) scheme.

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The largest public sector bank in the country has informed about the same via a tweet from its official Twitter handle. "Take control of your financial future by getting the added benefits when you choose National Pension System (NPS) scheme by SBI."

 

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http://onlinesbi.co.in>e-Services>NPS Registration or Nearest SBI Branch," SBI tweet read.

 

The interested individual must note that the NPS is a defined contribution pension system introduced by the Government of India as a part of Pension Sector reforms, with an objective to provide social security to all citizens of India. It is administered and regulated by PFRDA.

NPS is a pension scheme for citizens aged between 18-70 years with tax benefits allowing deductions upto Rs 2 lakh.

Some of the key features of the NPS scheme are as follows:

1) The types of accounts include - Tier I – Pension account (Mandatory A/C - Tax benefit available) and Tier II – Investment account (Optional A/C – No tax benefit but corpus is withdrawable anytime) Rs 50,000/- in a Financial Year.

2) The minimum contribution during account opening is Rs 500 for Tier I and the minimum contribution will have to be Rs 1000 for Tier II account opening.

3) One-time shift to NPS - The existing corpus under superannuation can one-time be transferred to NPS without any Tax Incidence.

4) Continuation in NPS scheme post retirement – The provision to contribute till 70 years or to defer withdrawal up to the age of 70 years.

5) Complete withdrawal for corpus less than Rs 2 lakh - In case total accumulated corpus is less than Rs 2 lakh on attaining the age of 60 or later, subscriber may withdraw entire corpus.

In case of further details and any query, the users can login to the official SBI website at sbi.co.in.