The best pension scheme for retirement planning that is shaped to enable a systematic savings during the subscribers working life.

  • Introduction
  • Benefits
  • Tax Benefits
  • Who Can Subscribe?
  • Account Opening

National Pension Scheme : Introduction

  • The Government of India (GOI) rolled out the NPS scheme for all citizens of India from May 1, 2009, and corporate sector from December 2011.
  • The person (employee/citizen) who joins the NPS scheme is a "subscriber". Under the NPS, each subscriber opens an account with the Central Recordkeeping Agency (CRA), which is identified through a unique Permanent Retirement Account Number (PRAN).
  • Under the scheme, two types of NPS accounts are available to subscribers- Tier I & Tier II. The Tier I NPS account is meant for subscribers to contribute their savings for retirement into a non-withdrawable account. These savings can include an employer’s contribution to NPS, in case of the corporate sector
  • The Tier II NPS account is a voluntary savings account from which subscribers are free to withdraw their savings whenever they wish. The facility of Tier II account was made available from December 1, 2009, to all citizens of India including government employees and corporate sector subscribers who are not mandatorily covered under the NPS. An active Tier I account is a pre-requisite for opening a Tier II NPS account.
  • The National Pension System, commonly referred to as NPS, is a voluntary, contribution retirement savings scheme and that has been designed to enable systematic savings during the subscriber's working life.
  • Bank of Baroda is registered with PFRDA (Pension Fund Regulatory and Development Authority) as POP (Point of Presence) for NPS under All Citizen Scheme and as an aggregator for the purpose of processing NPS Accounts (Tier-I and Tier-II) as well as acceptance of contributions.
  • Those who wish to register under the NPS scheme can visit our branch with identity proof, address proof and age proof and fill the required form. All branches of Bank of Baroda can facilitate the NPS account opening

National Pension Scheme : Benefits

Opening an NPS account offers several advantages to subscribers. Some of the benefits of the NPS account are mentioned below:

  • NPS is voluntary - NPS scheme is open to every Indian citizen. As an NPS account subscriber, you can choose the amount of contribution to the NPS scheme every year.
  • NPS is simple - NPS account opening is an easy process. You only need to open an account with our bank and get a PRAN for the NPS scheme.
  • NPS is flexible - As a pension system, the NPS lets you choose your own NPS investment option and fund scheme. This NPS account feature helps you grow your money as per your financial goals.
  • NPS is portable - You can operate your NPS account from anywhere in the country, even if you change your city, job or pension fund manager.
  • NPS is regulated - The NPS scheme is regulated by the development authority PFRDA, with transparent investment norms, regular monitoring and a performance review of fund managers by the NPS Trust.

National Pension Scheme : Tax Benefits

NPS Scheme Tax Benefits for Individuals

Any individual who is a subscriber of the NPS can claim a tax deduction up to 10% of the gross income under Section 80CCD (1) within the overall ceiling of Rs.1.5 lakh, under section 80CCE.

NPS Scheme Tax Benefits for Corporate Subscribers

An additional NPS tax benefit is available to subscribers from the corporate sector under section 80CCD (2) of Income Tax Act. The employer’s NPS contribution (towards the employee) up to 10% of salary (Basic + DA), without any monetary limit, is deductible from the taxable income.

Exclusive NPS Tax Benefits for subscribers u/s 80CCD(1B)

An additional deduction for the NPS investment up to Rs.50,000 (Tier I account) is exclusively available for the NPS scheme under subsection 80CCD (1B). This is over and above the deduction of Rs.1.5 lakhs available under section 80C of the Income Tax Act,1961.

National Pension Scheme : Who Can Subscribe?

  • Any Indian citizen, whether resident or non-resident/Overseas Citizen of India (OCI), can apply for an NPS account opening. However, those who apply to the NPS scheme must be between 18 to 70 years of age as on the submission date of his/her application to the bank’s branch.
  • The maximum age up to which an NPS account can be continued is up to 75 years.
  • Citizens can join the NPS scheme either as employee-employer group(s) (corporates) or individuals, subject to submission of all the required information and know your customer (KYC) documentation.

National Pension Scheme : Account Opening

Through Online:

Frequently Asked Questions (FAQs)

  • How many types of accounts are available to the subscriber?

    Two Types of accounts are available. They are as under- 

    • Tier I 
    • Tier II 
  • How can I open NPS Account?

    By physically visiting the Branch or Subscriber can also open the online NPS account through our Bank’s Website i.e.

  • Can one open Tier II without Tier I?

    No, an active Tier I is mandatory for opening Tier II.

  • Is Contribution mandatory in NPS? If yes, what is the minimum and maximum limits?

    Yes, to keep the account in active status, at least one contribution in a Financial Year in both Tier I and Tier II is mandatory. Minimum amount of subsequent contribution in a FY is Rs.500/- under TIER I and Rs.250/- under TIER- II

    Min. contribution required per year under Tier I –Rs.1000/-

  • Am I eligible to open NPS Account?
    • Any Individual (Indian/OCI/NRI) is allowed to open one NPS account. 
    • Age limit-18-70 years of age 
  • How to identify the CRA through PRAN number?

    Kfintech- PRAN starting from 4000******** 

         NSDL- PRAN starting from 1101******** 

  • What are the online ways of receiving the transactions, account statements and making other modification?

    Below are the links for web login- 



  • How many accounts can be opened by an individual?

    An Individual is allowed to open only one NPS account.

  • Can a customer with Provident Fund apply to NPS?

    Yes, the scheme is independent of any contribution to any other scheme.

  • Is partial withdrawal possible?
    • A subscriber has to be in NPS for at least 3 years before withdrawal of not more than 25% of their own contribution is permitted; 
    • Criteria for withdrawal-
    • Higher education of children 
    • Marriage 
    • Construction of House/Flat. 
    • Treatment of certain illnesses. 
    • Skill developments and startups.
  • NPS Operational Guidelines
  • Contact Details of Compliance Officer and Address of POP
    Address of POP (NPS & APY)
    5th Floor, City Back Office, Bank of Baroda Building, 10/12, Mumbai Samachar Marg,
    FORT, Mumbai-400001
    Contact no. 022-49144817/16/82
    e mail:
    Contact Details of Compliance Officer
    NPS Mr. Shanmugam Govindan
    NPS Nodal Cell, Mumbai
    Contact Details: 022-49144817/16
    APY Mrs Samruddhi J S
    NPS Nodal Cell, Mumbai
    Contact Details: 022-49144882

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