Bank of Baroda is registered with the Pension Fund and Regulatory Development Authority (PFRDA) as point of presence (POP). The bank is authorized by PFRDA to offer the NPS launched by the Government of India to popularize savings among all Indian citizens. Bank of Baroda is also registered with PFRDA as an aggregator branch for processing the NPS-Lite accounts and accepting contributions from the subscribers. Under the NPS - Lite, the Swavalamban scheme will be made available for subscribers belonging to the unorganized sector.
Documents to be submitted for Bank of Baroda National Pension System
Along with a filled application form, a subscriber needs to submit the following documents to avail the pension benefits offered by Bank of Baroda National Pension System:
- Identity proof: Any one of the following documents will be accepted as identity proof - Photo identity Card, Passport, Ration Card with photograph, PAN Card, Aadhar Card, Electricity Bill/Water Bill, Job Card issued by NREGA, Electricity Bill, Water Bill and Bank Passbook etc.
- Address proof: Any one of the following documents will be accepted as address proof - Passport, Ration Card with photograph, Aadhar Card and Photo identity Card, Bank Passbook, PAN Card etc.)
How Many Accounts Can be Opened Under Bank of Baroda NPS?
Two accounts can be opened under Bank of Baroda National Pension System, namely Tier I & Tier II accounts. Tier-I account is a mandatory account which a subscriber needs to have to open a Tier-II account. Tier-I account does not allow premature withdrawal. But, Tier-II account allows withdrawal.
Bank of Baroda National Pension System Eligibility
- Both individuals and employees of state and central government are eligible for this scheme.
- Subscribers should be within the age group of 18 to 60 years.
- One subscriber can have only one NPS account.
Benefits & Features of Bank of Baroda National Pension System
A subscriber can enjoy the following benefits by investing in the Bank of Baroda National Pension Scheme:
- This is a new pension scheme introduced by the government of India to encourage people save for their retirement. It is a social security scheme to safeguard the interest of common people.
- Two accounts can be opened under Bank of Baroda National Pension System - Tier I & Tier II accounts. Tier-I account is mandatory which a subscriber needs to have to open a Tier-II account.
- Subscribers can get tax benefits for investing in the Bank of Baroda Pension Scheme under section 80C of the Indian Income Tax Act, 1961.
- Two accounts can be opened under Bank of Baroda Pension Scheme - Tier I & Tier II. The Tier-I account is mandatory whereas Tier II account is voluntary.
- As per section 80 CCD, the scheme allows deduction of contributions made by a subscriber towards NPS account.
- The Bank of Baroda National Pension account is transferable. It can be transferred to different banks.
- On receiving I-Pin and T-Pin provided by NSDL, the new pension account offered by Bank of Baroda can be viewed online.
- NPS subscribers will get a Permanent Retirement Account Number Card provided by NSDL e-Governance Infrastructure Ltd.
- No loans can be taken against the Bank of Baroda National Pension Account.
- Bank of Baroda National Pension Scheme accepts nomination. A subscriber can nominate more than two persons.
- Flexible contribution. A subscriber can make contribution at any time based upon his/her convenience. The minimum contribution made towards this scheme should not be less than Rs. 6000 per year.
- NPS calculator allows an individual to calculate the amount of pension amount they will get.
Bank of Baroda NPS maturity
The Bank of Baroda NPS account matures when a subscriber reaches the age 60. The pension amount will be converted into annuity and regular pension will be paid to subscribers.
Bank of Baroda NPS –Lite
Bank of Baroda also offers NPS –Lite to the weak and economically poor sections of our society. The NPS-Lite offered by Bank of Baroda extends financial assistance to the marginalized investors. The chief motive behind the launch of NPS –Lite scheme is to build a corpus of sufficient fund so that common people can spend their retirement days comfortably.
Under the NPS-Lite scheme, the Government of India provides an incentive of Rs.1000 for those subscribers whose makes an annual contribution between Rs. 1000 to Rs. 12000. The National Pension Scheme – Lite is particularly designed for those people who are not covered under any retirement or provident fund schemes.
Features & Benefits of Bank of Baroda NPS-Lite
- A PRAN (Permanent Retirement Account Number) Card will be provided to subscribers by NSDL.
- Nomination facility is available under this scheme.
- Contribution to NPS-Lite account can be made at any time. It can also be made on regular or monthly basis.
- Subscribers can withdraw funds from Bank of Baroda NPS-Lite account.
- Subscribers cannot take loan against this account.
- The NPS – Lite account offered by Bank of Baroda matures when the subscribers reaches the age of 60.
- At maturity, the received pension would be paid as regular pension to the subscriber. However, a certain amount will be converted into annuity.
NPS Other Pages
- HDFC National Pension Scheme
- ICICI Bank National Pension System
- NPS Withdrawal Forms
- POP and CRA Charges under NPS
- NPS Tax Benefits
- Axis Bank National Pension System
- Bank of Maharashtra New Pension Scheme
- Central bank of India New Pension Scheme
- South Indian Bank New Pension Scheme
- Canara Bank New Pension System
- Corporation Bank New Pension Scheme
- Federal Bank New Pension Scheme
- IDBI New Pension Scheme