Union Bank of India New Pension System
The NPS account offered by Union Bank of India is gaining a lot of popularity off late. Union Bank of India offers a number of benefits for the account holders. Individuals can apply for the NPS account by submitting proof of identity and address.
With a wide range of services and an ever-strengthening online presence, UBI is emerging as the bank of choice for a lot of new account holders and existing customers alike. It comes as no surprise that UBI is gaining a lot of popularity among those seeking to open NPS accounts.
Features of Union Bank of India 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 account
- 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 account
- Any individual who seeks to open a tier II account must first have a tier I account.
- 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.
- Tier I account
Benefits of Union Bank of India New Pension Scheme
The benefits of Union Bank of India 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
- Flexible: 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
How to apply for Union Bank of India New Pension Scheme
Individuals who wish to open a New Pension Scheme account with Union Bank of India should:
- 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.
Documentation Required New Pension System
- Proof of identity: The following documents can be submitted as proof of identity
- 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
Grievance Redressal as per Regulation 31 of PFRDA (Redressal of Subscriber Grievance) Regulations, 2015:
The details of the Ombudsman appointed are available on the PFRDA website – http://www.pfrda.org.in/.
At present, Shri Narender Kumar Bhola has been appointed as the new Ombudsman in terms of the PFRDA (Redressal of Subscriber Grievance) Regulations, 2015.
Details of the ombudsman are as given below:
Shri Narender Kumar Bhola
Pension Fund Regulatory and Development Authority
B-14/A, Chatrapati Shivaji Bhawan,
Qutab Institutional Area, Katwaria Sarai, New Delhi- 110016
Chhatrapati Shivaji Bhawan,
Email ID: ombudsman@pfrda.org.in
Landline No.: 011 -26517507 (Ext : 188)
NPS Other Pages
- HDFC National Pension Scheme
- ICICI Bank National Pension System
- NPS Withdrawal Forms
- PFRDA
- POP and CRA Charges under NPS
- Axis Bank National Pension System
- Bank of Baroda 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
- Federal Bank New Pension Scheme
- IDBI New Pension Scheme
FAQs on Union Bank of India New Pension System
- What is the Union Bank of India Pension System for?
Union Bank of India Pension System is a retirement savings scheme for the bank employees and pensioners.
- What are the differences between Tier I and Tier II pension accounts?
For a Tier I account, the minimum contribution required at the time of opening the account is Rs.500. For subsequent deposits, the minimum amount must be Rs.500, and annually, Rs.6,000. On the other hand, anyone who wishes to open a Tier II account must have a Tier I account. For a Tier II account, the minimum amount requirement is Rs.1,000 for opening the account, Rs.250 for subsequent deposits, and Rs.2000 for annual deposits.
- What are the eligibility criteria for opening an NPS account?
Indian citizens and NRIs between the ages of 18 and 70, who are self-employed or salaried, can open an NPS account at Union Bank of India.
- What are the documents required to open an NPS account at Union Bank of India?
You need to submit proof of identity (PAN, Aadhaar), proof of address, a canceled cheque, and passport-size photographs to open an NPS account at Union Bank of India.
- Can I open an NPS account at Union Bank of India online?
Yes, you can open an NPS account at Union Bank of India online by visiting the official Union Bank of India NPS portal.
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