Bank of Baroda NPS

Can you tell me in detail about the Key Benefits of National Pension System (NPS) under BOB or Bank of Baroda in India?

[Pathak]

Bank of Baroda is registered with PFRDA as POP (Point of Presence) for National Pension System (NPS) under All Citizen Scheme and as Aggregator for the purpose of processing NPS-Lite accounts and acceptance of contributions.

Key Benefits of NPS
The New Pension Scheme (NPS) is a social security scheme introduced by the government, to encourage savings during the work life so that one can get income post retirement too.

There are two types of NPS accounts, Tier I & Tier II.

The Tier I account is mandatory, whereas Tier II account is optional. The Tier I account is eligible for tax benefits.

The Section 80 CCD allows for deduction for contributions made by employer towards NPS account.

This is for total contribution made under tier-I account or 10% of salary (Basic+DA) whichever is minimum.

For self-employed total contribution made under tier-I account or 10% of gross income whichever is minimum.

Accounts transferable between different bank's branches and account details can be viewed online.

I-Pin and T-Pin is provided by NSDL e-Governance Infrastructure Limited for on-line login and telephonic enquiry respectively.

Permanent Retirement Account Number Card (PRAN-Card) is provided by NSDL e-Governance Infrastructure Limited

Any Individual/employee can open a NPS A/c. But a person can have only one NPS A/c and the age should be between 18 yr to 60 yr.

Bank of Baroda NPS