banner-image

National Pension Scheme

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


Introduction to National Pension System (NPS)

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.


Who can subscribe in NPS scheme?

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.


Benefits of NPS

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.

Tax Benefits of NPS

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.


NPS Account Opening:

NPS account opening is easy, and you can do it either online or offline.

  • Online Mode:

  • The charges involved for NPS Registration and Payment of Initial contribution are as under:

    Charge Type Amount
    Registration Charges Rs. 200 + GST
    Contribution Charges 0.25% of Contribution Amount with min. Rs. 20 and max. Rs. 25,000 + GST
    Internet Payment Gateway Charges As per the table mentioned below

    Baroda Internet Payment Gateway MDR/Charges (excluding taxes)
    Debit Card (ONUS) Rs. 5 per transaction
    Net Banking (ONUS) Rs. 5 per transaction
    Debit Card*(OFFUS) Up to Rs. 2000
    RuPay Debit Cards: Nil
    MasterCard/VISA Debit Cards: 0.40%
    Above Rs. 2000
    RuPay Debit Cards: Nil
    MasterCard/VISA Debit Cards- 0.85%
    Credit Card 0.90% of the amount
    Net Banking Other Banks Rs. 13 per transaction
    UPI* Nil
  • Offline Mode: Visit your nearest Bank of Baroda branch and submit an application for the NPS scheme along with your KYC documents.

  • The charges involved for NPS Registration and Payment of Initial contribution are as under:

    Charge Type Amount
    Registration Charges Rs. 200 + GST
    Contribution Charges 0.25% of Contribution Amount with min. Rs. 20 and max. Rs. 25,000 + GST
Request Callback

Please fill in these details, so we can call you back and assist you.

Select Other Services Type
  • Aadhar Seva Kendra
  • ASBA Facility
  • Atal Pension Yojna (APY)
  • Collection Services
  • ECS
  • e-stamping
  • Government Business Schemes
  • National Pension Scheme
  • One Time Settlement
  • Statewise Bank GSTIN
  • Wilful Defaulter
  • Fintech Alliance
  • Bank of Baroda - FinTalk
  • Preventive Vigilance Initiative
  • List of Inoperative Accounts
  • Others

Thank you ! We have successfully received your details. Our executive will contact you soon.

Add this website to home screen

Are you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.


The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.


Proceed to the website


Thank you for visiting www.bankofbaroda.in

X
We use cookies (and similar tools) to enhance your experience on our website. To learn more on our cookie policy, Privacy Policy and Terms & Conditions please click here. By continuing to browse this website, you consent to our use of cookies and agree to the Privacy Policy and Terms & Conditions.