Bank of India National Pension Scheme

Bank of India is a public sector bank owned and managed by the Government of India. Established in 1906 as a private bank, it was later nationalized in 1969. Known for offering diverse financial products and services to MSMEs, retail customers, corporates, and NRIs, one of its key offerings is the Bank of India NPS account, enabling individuals to create a secure retirement corpus.

Peaceful Post-Retirement Life
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4.2 Crore Policies Sold

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Insurance Partners

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Policies Sold

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

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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.

NPS Scheme Overview

The National Pension System (NPS) is a government-backed retirement plan scheme aimed at building a retirement corpus through regular investments. Offering market-linked returns during the accumulation phase, the NPS provides a source of lifelong income post-retirement in the form of a pension.

BOI NPS Calculator

Your Age

Years

18 Years 59 Years

Enter Your Age

Monthly Investment

₹

₹500 ₹10L

Enter Investment Per Month

Expected Return on Investment

5% 15%

Expected Return on Investment

Percentage of Corpus Allocated for Pension

40% 100%

Enter Corpus Percentage

Expected Return from Pension

5% 15%

Enter Annuity Return

₹0

Your Monthly Pension

₹0

Your Monthly Pension

Your Pension Calculation

Total Investment

Returns Earned

Maturity Amount

Maturity Amount split (Lumpsum & Pension)

60%

Lumpsum Amount

At the age of 60 Yrs

40%

Pension Wealth

At the age of 60 Yrs

Bank of India NPS

The NPS scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), which authorizes financial institutions like Bank of India to act as Points of Presence (PoP) for offering NPS investments. This makes it convenient for customers to apply for the NPS Bank of India scheme through online or offline channels.

To invest online, visit the Bank of India official website. For offline applications, customers can visit designated Bank of India branches. The branch list is available on the NSDL website (https://www.npscra.nsdl.co.in/pop-sp.php).

Simply choose your state and location to view the list of branches that accept NPS subscriptions. At the branch, fill in the registration form, submit KYC documents, make your contribution, and pay the relevant charges. After verification, your Bank of India NPS account will be activated.

Eligibility Criteria to Open a BOI NPS Account

To invest in the Bank of India NPS scheme, individuals must meet the following criteria:

Age Limit: 18 to 70 years.
Residency: Indian citizens, NRIs, and OCIs can apply.
Minimum Contribution: Rs. 500 for Tier I accounts and Rs. 1000 for Tier II accounts.
KYC Compliance: Must adhere to the bank’s KYC norms.
Required Documents: Identity proof, address proof, age proof, and photographs.

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Invest ₹10K/Month YOU GET ₹1.5 LAKHS^* MONTHLY PENSION View Plans

Invest ₹7K/Month YOU GET ₹1 LAKHS^* MONTHLY PENSION View Plans

Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans

standard T&C Apply *

Features of Bank of India NPS

Here are some key highlights of the NPS Bank of India scheme:

Regular Contributions: A minimum contribution is required annually until the age of 70.
Account Types:
- Tier I Account: Mandatory with restricted withdrawals except under specific conditions.
- Tier II Account: Optional with flexible withdrawals, functioning like a savings account.
Investment Allocation: Funds are allocated into equity (E), corporate debt (C), and government securities (G).
Investment Strategies:
- Active Choice: Choose asset classes manually.
- Auto Choice: Funds are allocated automatically based on age.
Fund Management: Choose among PFRDA-approved pension fund managers.
Flexibility: Switch between investment strategies, funds (in Active Choice), and fund managers.
Maturity: The scheme matures at 70 years, extendable by 10 years.
Withdrawal Options:
- Up to 60% of the accumulated corpus can be withdrawn as a tax-free lump sum.
- The remaining funds provide a lifetime pension.

Tax Benefits Under BOI NPS

Investing in a Bank of India NPS account offers substantial tax benefits:

Section 80CCD (1): You can claim a tax deduction of up to Rs. 1.5 lakhs on your contributions to the Tier I account.
Section 80CCD (1B): Additional deduction of Rs. 50,000 for NPS Tier I Account contributions.
Section 80CCD (2): Employer contributions (under the employer-employee model) are tax-deductible up to 10% of basic salary plus dearness allowance.
Government Employees: Government employees can claim tax deductions on contributions to both Tier I and Tier II accounts in NPS.

Conclusion

The Bank of India NPS scheme is an ideal choice for building a secure retirement corpus while benefiting from lifelong pension income. With convenient application modes and attractive tax benefits, the scheme empowers investors to enjoy a financially independent retirement. Opt for the NPS Bank of India today and secure your future.

FAQs

Who can open a Bank of India NPS account?

Any Indian citizen, including NRIs and OCIs, aged between 18 and 70 years, can open a Bank of India NPS account, provided they meet the bank's KYC norms.
What investment options are available in the Bank of India NPS scheme?
You have multiple investment options and can allocate your investments into:
- Equity (E): Higher growth potential with market risks.
- Corporate Debt (C): Medium risk and returns.
- Government Securities (G): Low risk with stable returns.
What is the maturity age for the Bank of India NPS account?

The scheme matures at 70 years of age, with an option to defer maturity by up to 10 years.
How much of the accumulated corpus can I withdraw upon maturity?

At maturity, you can withdraw up to 60% of the corpus as a lump sum, which is tax-free. The remaining 40% is used to purchase an annuity for a lifetime pension.
How to Open an NPS Account with Bank of India?
You can open an NPS account with Bank of India through the following methods:
- Online: Visit the official NPS website or the Bank of India's net banking portal. Follow the online application process, providing necessary details like personal information, PAN, Aadhaar, and nominee details.
- Offline: Visit your nearest Bank of India branch and submit the required physical application form along with necessary documents.
What is the Current Interest Rate on NPS?

The interest rate on NPS is not fixed. It varies annually based on the performance of the chosen investment funds. You can use the NPS calculator provided on the official NPS website or the Bank of India's website to estimate potential returns.
How to Login to My NPS Account?
To login to your NPS account, you can follow these steps:
- NPS Login with PRAN: Visit the official NPS website and click on the "Login" button. Enter your PRAN (Permanent Retirement Account Number) and password to access your account.
- Bank of India Net Banking: If you have linked your NPS account to your Bank of India net banking account, you can access your NPS details through your net banking portal.
How to Calculate NPS Pension?

You can use the NPS pension calculator available on the official NPS website to estimate your potential pension based on various factors like contribution amount, investment choice, and expected returns.

†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.
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^^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.