How to Open NPS Account in the Bank of Maharashtra?

National Pension System is a Government of India-backed investment scheme using which you can save funds for your retirement.

You can invest funds into the NPS Scheme by opening an NPS account. There are a lot of banks and post offices in which you can invest in the NPS account.

Bank of Maharashtra which is one of the best Government banks in India that you can choose to open the NPS account.

In this article, we will discuss How to Open NPS Account in the Bank of Maharashtra, the Documents required, the account opening process, the types of accounts, etc.

How to Open NPS Account in the Bank of Maharashtra

Types of NPS Account

You can opt between Tier-I only or opt for both the Tier-I and II account. Tier-I is the compulsory account and the following are the types of NPS accounts that you can choose from-

CriteriaTier-ITier-II
Initial Deposit AmountRs.500/-Rs.1000/-
Minimum Deposit AmountRs.1000/-Rs.250/-
Maximum Deposit AmountNo LimitNo Limit
StatusMandatoryOptional
WithdrawalOn MaturityWhenever the applicant wants
Tax BenefitsYesNo

How to Open NPS Account in Bank of Maharashtra

The following are the step-by-step instructions on how to open an NPS account in the Bank of Maharashtra

  • Visit the official website of the Bank of Maharashtra National Pension System where you’ll find the application form
  • Now, fill the form with the details like account number, Date of Birth, Documentation ID, etc.
  • After filling out the application form, submit the application form by clicking on the submit button
  • After submitting the form, your bank account KYC will be used as a document verification along with the other documents
  • After submitting the form, you’ll be redirected to the eSign section and you have to eSign for registration of the NPS account
  • Now, you’ll have to pay for the application form using a credit/debit card, Net Banking, Mobile Banking, etc.
  • Your application form for the NPS account will be processed and you will receive an NPS account number which you can use to maintain your account

Documents Required for NPS Account

The following are the documents required for the NPS Account in the Bank of Maharashtra

  • Identity Proof- Aadhaar Card, Class 10 and 12 certificates, PAN Card, Passport, etc.
  • Residence Proof-Electricity bill, Utility bills, Bank Passbook first page, etc.
  • Application Form for opening NPS Account
  • PAN Card (Mandatory) scanned
  • Aadhaar Card (Mandatory)
  • Canceled Cheque
  • Scanned passport size image
  • Scanned Signature

List of Pension Fund Managers in NPS Account

The following are the list of Pension Fund Manager in the NPS Account

  • SBI Pension Funds
  • LIC Pension Fund
  • UTI Retirement Solutions
  • HDFC Pension Fund
  • ICICI Prudential Pension Fund
  • Kotak Pension Fund
  • Reliance Capital Pension Fund
  • Birla Sun Life Pension Management Ltd.
  • Indian Post Office

FAQ

Who guaranteed the NPS returns?

The NPS Scheme is not a guaranteed return scheme. It is a market-linked scheme that is based on the performance of the market. Indian Economy is a booming economy which is also the fastest growing economy in the world and the returns offered in the market will also be very promising.

Can we retire early under the NPS Scheme?

Yes, you can retire early if you meet certain criteria like the account must be matured for at least 10 years and 20% lump sum amount will be withdrawable and the rest should be invested in an annuity plan.

I Do not live in India but I am an Indian Citizen, Can I invest in an NPS account?

Yes, you can invest in the NPS account however, as soon as you surrender your Indian Citizenship, the NPS account will lapse and the amount will be transferred to you as per the guidelines mentioned.

Can I contribute to NPS account monthly?

Yes, you can contribute to your NPS account every month.

How does the interest calculated in the NPS Account?

The interest earned is calculated based on the compound interest which is calculated monthly.