National Pension System (NPS) is a retirement product that will help you accumulate wealth. It is a market linked product which requires you to invest regularly in the fund of your choice. To open your account online, you need to have a mobile number, an email ID and an active bank account with net banking facility.
“There is tension in the pension account? YONO SBI is here for your convenience NPS Account The process of opening through digital service. Just follow the simple steps and you’re done.” State Bank Of India tweeted.
Individuals can open either Tier I – Pension Account or Tier II – Investment Account. Tier I requires a minimum contribution of 500, while Tier II requires a minimum contribution 1,000.
Here’s how to open NPS account online through SBI YONO:
- Open the SBI YONO app on your mobile phone and go to the ‘Investment’ section.
- Subscribers can also visit www.onlinesbi.com and click on ‘NPS Contribution’ which is available under ‘Payments/Transfer’ menu.
- Now tap on ‘NPS Account Opening’.
- Now tap on ‘e-Services’ and then select ‘NPS Registration’ or ‘Nearest SBI Branch’ option.
- Enter the required details for registration and make mandatory contribution for effective application.
- Subscriber can choose Pension Fund Manager (PFM) after successfully creating an account which can be changed only once per financial year.
Under NPS, the pension corpus, which accumulates till retirement, grows with a compounding effect.
Contribution to NPS Tier-I account is eligible for tax deduction under the Income Tax Act, 1961. an additional tax exemption of 50,000 is also allowed for contribution made to NPS Tier-I under section 80CCD (1B) of the Income Tax Act, 1961.
download
The app will get 14 days of unlimited access to Mint Premium absolutely free!