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  • Corporation Bank New Pension Scheme

    The Government of India has made a list of aggregators who can open and maintain accounts under the NPS (New Pension Scheme), and Corporation Bank is one of the few banks which are authorised to do so. A vast branch network and easy accessibility make Corporation Bank an ideal destination for individuals keen on opening and maintaining a subscription. This scheme aims to provide retirement benefits to the working community and Corporation Bank is ideally suited to assist in its successful implementation.

    Eligibility Criteria for NPS

    Individuals who wish to open a New Pension Scheme account with Corporation Bank need to ensure they meet the following eligibility criteria.

    Basic Eligibility

    • Applicants should be Indian citizens. NRIs can also open an account under this scheme
    • An applicant should be in the age bracket of 18 to 60 years

    Eligibility for Tier 1 accounts

    • A Tier 1 account can be opened with a minimum deposit of Rs 500
    • The minimum contribution for additional deposits is Rs 500
    • An accountholder should maintain a minimum account balance of Rs 6,000 at the end of a financial year
    • A minimum of one deposit should be made every year

    Eligibility for Tier 2 accounts

    • Individuals should have owned and maintained a Tier 1 account before they can open a Tier 2 account
    • A minimum deposit of Rs 1,000 is required to open an account
    • The minimum amount for additional deposits is Rs 250
    • An accountholder should maintain a minimum account balance of Rs 2,000 in a financial year
    • A minimum of one deposit should be made every year
    • Individuals wishing to open a composite account for both Tier 1 and Tier 2, need to deposit a minimum of Rs 1,500 to be eligible

    Individuals who cannot open an account under New Pension Scheme

    The following individuals are not permitted to open a New Pension Scheme account with Corporation Bank.

    • Undischarged insolvents
    • An applicant who is of unsound mind
    • An Individual who already holds an account under this scheme

    Documents Required for NPS

    Individuals who wish to open a New Pension Scheme account with Corporation Bank need to submit the following documents.

    • Valid government approved ID card. This could be a driving license, PAN card, passport, etc.
    • Proof of date of birth
    • Valid address proof
    • Duly filled application form
    • Photographs
    • A cancelled cheque (for composite/tier 2 applications)

    Features and Benefits of Corporation Bank New Pension Scheme

    The salient features and benefits of this account are mentioned below.

    • Flexible – A New Pension Scheme account offers flexibility in its maintenance, providing accountholders multiple options related to their contributions and frequency of deposits. An accountholder can maintain it as per his/her current financial condition.
    • Easy opening – Opening an account with Corporation Bank is simple and easy, minus any complicated hassles and procedures.
    • Portability – An accountholder can opt for account portability to suit his/her needs, with an account being portable across industries and locations.
    • Government Regulation – The New Pension Scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), with close government monitoring and control. Close monitoring ensures transparency in dealing, making it a safe investment option.

    How to Apply for Corporation Bank New Pension Scheme

    Individuals who wish to open a New Pension Scheme account with Corporation Bank need to follow these simple steps.

    • Download/obtain a subscriber application form from the internet or physically through a branch outlet.
    • Fill the form and submit the relevant documents needed to open an account.
    • Submit the New Pension Scheme Contribution Instruction Slip with the account opening form.
    • Pay the initial subscription amount/contribution.
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