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  • State Bank of Hyderabad (SBH) New Pension Scheme

    With a wide range of services and an ever-strengthening online presence, SBH is emerging as the bank of choice for a lot of new account holders and existing customers alike. It comes as no surprise that SBH is gaining a lot of popularity among those seeking to open NPS accounts.

    Features of State Bank of Hyderabad New Pension Scheme

    • Age: The entry age for both tier I and tier II accounts is 18 to 60 years.
    • Tier-I account: Persons who hold these accounts cannot withdraw from these accounts till the age of 60. Subscriber can use NPS calculator to get an estimate of your scheme amount.
    • Tier-II account: A subscriber can withdraw from this account.
    • It should be noted that a Tier I account should be opened to open a tier II account.
    • Contribution:
      • Tier I accounts
        • The minimum contribution required at the time of opening the account is Rs.500.
        • Minimum contributions for subsequent deposits is Rs.500.
        • Minimum contribution, annually, is Rs.6,000.
        • There must be a minimum of 1 contribution every year.
      • Tier II accounts:
        • The minimum contribution required at the time of opening the account is Rs.1,000.
        • Minimum contributions for subsequent deposits is Rs.250.
        • Minimum contribution, annually, is Rs.2,000.
        • There must be a minimum of 1 contribution every year.
      • There is no limit to the maximum contribution.
      • The minimum contribution excluding bank charges for tier I and tier-II accounts is Rs.6000 and Rs.250 respectively.

    Benefits of SBH New Pension Scheme

    The benefits of State Bank of Hyderabad pension scheme are as follows:

    • Voluntary: All citizens and NRIs are eligible to open this account
    • Portable Subscribers can operate the account from any location across the country, even if you change your pension fund manager or city
    • Flexibile: Investors can choose his or her own fund manager and fund option
    • PRAN Card: Subscribers will receive a PRAN (Permanent Retirement Account Number) Card
    • Regulation: The PFRDA regulates the new pension scheme and focusses on transparency. NPS trust reviews the performance of fund managers

    Documentation Required SBH New Pension Scheme

    • Proof of identity: The following documents can be submitted as proof of identity
      • Ration card
      • Passport
      • PAN card
      • Driving License
      • Aadhar card
    • Proof of address: The following documents can be submitted as proof of address
      • Electricity bill
      • Telephone bill
      • Bank passbook
      • Property or house tax receipt
      • House lease agreement
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