IDBI Bank NPS Account

Features of the IDBI NPS Account

The National Pension Scheme (NPS) offered through IDBI Bank is a trusted and efficient solution for long-term retirement planning. It comes with multiple features that make saving for the future flexible and rewarding.

• Regulated by PFRDA: Ensure transparency and security in managing retirement.
• Flexible Asset Allocation: Choose equity, corporate bonds, and government securities based on your risk appetite.
• Low-Cost Structure: NPS is one of the most cost-effective investment options, with minimal fund management charges.
• Online Account Management: Monitor and manage your NPS account through IDBI Bank’s internet and mobile app.
• Withdrawal option: Partial withdrawals are allowed under specific conditions. At retirement, you can withdraw a portion of the corpus as a lump sum while the remaining funds are used to purchase an annuity.

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

View Plans

₹0

Your Monthly Pension

View Plans Your Pension Calculation

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

View Plans

Types of IDBI Bank NPS Accounts

Note: Opening a Tier II account requires an active Tier I account. A cancelled cheque is mandatory for opening a Tier II account.

Charges Applicable for IDBI Bank NPS

Eligibility Criteria to Apply for the IDBI NPS Account

To open an NPS account with IDBI Bank, individuals must meet the following basic requirements:

• You must be between 18 and 70 years of age at the time of registration. 
• You should be a resident Indian citizen or a Non-resident Indian(NRI).
• To complete the registration process, you must submit valid Know Your Customer (KYC) documents such as proof of identity and address. KYC is mandatory according to regulatory guidelines to ensure secure and verified enrollment.

Tax Benefits Under IDBI Bank NPS

The IDBI NPS account offers attractive tax benefits under multiple sections of the Income Tax Act:

Step-by-Step Guide to Invest in the IDBI NPS Scheme 

Investing in the IDBI Bank NPS Scheme is a simple and hassle-free process. You can begin your retirement journey in just a few easy steps:

1. Visit a Branch or Go Online

   You can start by visiting your nearest IDBI Bank branch or accessing the official NPS website to register.

2. Fill out the Registration Form

   Complete the NPS registration form, which is available at the branch or online portal.

3. Submit Required Documents

   To complete the verification process, provide your KYC documents, such as proof of identity and address.

4. Choose Your Investment Mode

   Decide how you want your funds to be invested:

   • Active Choice: You control the asset allocation.
   • Auto Choice: Allocation is managed automatically based on your age.

5. Make the Initial Contribution

   Make a minimum deposit of ₹500 for Tier-I and ₹1,000 for Tier-II, as per the account type you choose.

6. Get Your PRAN

   After successful registration, you will receive a Permanent Retirement Account Number (PRAN), your unique NPS identity.

Conclusion

The IDBI NPS account offers a well-organised and effective way for individuals to plan their retirement confidently. It provides flexibility in choosing how your money is invested, allowing you to select options that suit your risk preference and financial goals. Along with attractive tax benefits, the scheme is designed with low fees, making it a cost-effective solution. Whether a salaried employee or self-employed, the IDBI NPS account helps you systematically build a secure financial future and enjoy peace of mind during retirement.