Axis Bank NPS (National Pension Scheme)

National Pension System is a retirement savings scheme initiated by the government of India with an objective to secure the retirement future of the individual. Along with the benefit of market-linked investment returns, the low-cost structure, tax efficiency and investment flexibility has made NPS a lucrative choice of investment for retirement planning. The Axis Bank has been appointed by the PFRDA to act as a points or Preference (POP) for NPS.

Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation

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7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best returns & make the most of your golden years

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Fund Name

AUM

NAV

Returns (in %)

3 Year

5 Year

10 Year

Max Life High Growth Fund

AUM:8,482 Cr

8,482 Cr

NAV

119.99

1.59%

Returns

23.95%

Returns

31.9%

Highest Return

Returns

20.47%

Get Details

Tata AIA Whole Life Mid Cap Equity Fund

AUM:13,435 Cr

13,435 Cr

NAV

158.69

2.49%

Returns

21.08%

Returns

27.7%

Highest Return

Returns

20.43%

Get Details

Bajaj Allianz Accelerator Mid-Cap Fund II

AUM:6,452 Cr

6,452 Cr

NAV

86.49

1.27%

Returns

17.79%

Returns

22.67%

Highest Return

Returns

16.96%

Get Details

HDFC Standard Opportunities Fund

AUM:40,966 Cr

40,966 Cr

NAV

78.44

1.16%

Returns

15.75%

Returns

23.42%

Highest Return

Returns

16.86%

Get Details

Disclaimer:
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Further here we have discussed in detail about Axis Bank NPS.

Eligibility Criteria for Opening Axis Bank NPS Account

To invest in the NPS account, the individual should be aged between the age of minimum 18 years to a maximum of 65 years. The individual should be a resident of India.

Salient Features of Axis Bank NPS

NPS is a low cost investment option, as the minimum initial contribution towards the NPS Tier-I account is Rs. 500 and the minimum contribution to NPS Tier-I account is Rs. 1000 per annum.
NPS is regulated by the Pension Fund Regulatory and Development Authority of India.
The plan offers an extensive range of choice of funds, fund manager and investment options.
Decrease/ Increase the investment amount for the year.
The investor can choose different scheme preference, asset allocation and pension fund manager for Tier-I and Tier-II account.
The subscribers can nominate different nominee for Tier-I and Tier-II account.

Tax Benefit

The contribution made towards the NPS scheme up to the maximum limit of Rs. 1.5 lakh is applicable for tax exemption U/S 80C of the Income Tax Act. Moreover, the subscriber can claim any additional self-contribution up to Rs. 50,000 U/S 80CCD (1B) of the IT Act. Therefore, the scheme allows a total tax deduction up to Rs 2 lakh.

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Online Process to Invest in Axis Bank NPS Account

An individual can start investing the NPS account through eNPS portal offered by the government. The individual can invest online if their Axis Bank account is linked to their PAN card. Moreover, they can also register for net banking facility offered by Axis Bank to open online NPS account. Let’s take a look at the process to follow.

Go to the eNPS portal https://enps.nsdl.com/eNPS/NationalPensionSystem.html and choose NPS option.
Choose the registration option to register yourself.
Enter the required details in the registration form like name, address, PAN card, Phone number, age, email ID, etc.
An OTP will be sent to the registered mobile number with the PAN card.
To complete the process of verification, enter the OTP.
Choose the investment account as per your suitability.
Choose the Pension Fund Manager.
Choose the investment strategy from Auto or active choice.
Enter the beneficiary/ nominee details.
Upload the KYC documents which are required while opening the NPS account.
Make online contribution to open the NPS account and complete the process of registration.
Once the payment is done, the registration form is displayed on screen containing the details.
The PRAN (Permanent Retirement Account Number) is generated after the registration and contribution of the scheme is completed.
Download the form attach the KYC documents and Photograph on the form and mail it to the CRA (Central Recordkeeping Agency) for completing the process of account opening. The form should be sent within 90 days from opening the online account.

Offline Process to Invest in Axis Bank NPS Account

To open an offline Axis Bank NPS account, the investors will need to visit the branch office of the bank and submit an application for the opening of NPS scheme. All the Axis Bank Branch offices acts as a Point of Presence Service Providers). Thus, the investor can visit any nearest bank ti open the NOPS account. The investor will need to fill the NPS registration form thoroughly including all the important details as asked in the form . Attach the photograph on the form and the KYC documents and submit the form to the branch office.

Once the form is submitted, the branch office will verify the details in the form and after completion of the verification process the NPS account would be opened.

Documents Required While Opening Axis Bank NPS Account

Here are the documents required while opening the Axis NPS account.

Identity proof like Passport, PAN Card, etc.
Age Proof like Passport, Voter ID, Aadhaar Card.
Address Proof like Aadhaar Card, Utility Bills, Driving License, etc.
Scanned Copy of the signature for the online mode
Copy of cancelled cheque or passbook of your bank account.

The NPS account can be opened only in case the documents submitted are verified.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.