State Bank of India is one of the few banks which have been permitted by the Government of India to open accounts under the New Pension Scheme. This scheme has been crafted keeping the needs of the common working class in mind, catering to their retirement requirements. 50 branches of State Bank of Patiala are registered as Point of Presence where individuals can subscribe to this scheme.
Eligibility Criteria for New Pension Scheme
Individuals who wish to open a New Pension Scheme account with State Bank of Patiala need to satisfy the following eligibility criteria.
- An applicant should be an Indian citizen or an NRI
- The age of an applicant should be between 18 and 60 years
Eligibility for Tier 1 accounts
- The minimum deposit to open an account is Rs 500 for Tier 1 accounts
- The minimum contribution is Rs 500 for additional deposits
- A minimum account balance of Rs 6,000 should be maintained at the end of a financial year
- At least one deposit should be made in a year
Eligibility for Tier 2 accounts
- An individual should have a Tier 1 account before he/she can open a Tier 2 account
- The minimum deposit to open an account is Rs 1,000
- The minimum contribution is Rs 250 for additional deposits
- A minimum account balance of Rs 2,000 should be maintained at the end of a financial year
- At least one deposit should be made in a year
- If an individual wishes to open a composite account for both Tier 1 and Tier 2, then the minimum deposit to open this account is Rs 1,500
Individuals who cannot open an account under New Pension Scheme
The following individuals are not permitted to open a State Bank of Patiala New Pension Scheme account.
- An undischarged insolvent
- Applicants who are of unsound mind
- Individuals who already hold an account under this scheme
Documents Required National Pension Scheme
Individuals who wish to open an account under the New Pension Scheme need to submit the following documents.
- An applicant should have a valid government approved photo ID card
- Proof of date of birth
- Valid address proof
- Duly filled application form
- A cancelled cheque is required for a composite/tier 2 application
Features and Benefits of State Bank of Patiala New Pension Scheme
Some of the salient features and benefits of State Bank of Patiala New Pension Scheme are mentioned below.
- Flexible - This account offers an individual flexibility in maintaining it, with an option to increase contributions and frequency of deposits as per the financial conditions of a subscriber.
- Easy opening – This account can be easily opened and maintained by subscribers.
- Portability – NPS accounts are portable across locations and industries.
- Government Regulation – This scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), which falls under the ambit of government control, making it a transparent and safe scheme to invest in. Regular monitoring and performance reviews make it ideal for everyone.
How to Apply for State Bank of Patiala New Pension Scheme
Individuals who wish to open a New Pension Scheme account with State Bank of Patiala are expected to follow the following steps.
- Download/obtain subscriber application form. This can be downloaded from the internet or could be availed from a branch.
- Fill the form and submit the relevant documents.
- Submit the NPS Contribution Instruction Slip with the form.
- Pay the initial subscription amount.
Fees and Charges for State Bank of Patiala New Pension Scheme
State Bank of Patiala charges the following towards maintenance of this account.
- Account opening fee of Rs 100 + service tax. This is charged towards registering a subscriber under this scheme.
- Initial and recurring subscription fee which is equivalent to 0.25% of the amount subscribed under the scheme. This is subject to a minimum of Rs 20 and maximum of Rs 2,500. Additional service tax will be charged in each case.
- In case of all other transactions, a fee of Rs 20 plus the service tax will be charged.
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