The Indian Overseas Bank (IOB), a government-owned public sector bank established in 1937 and headquartered in Chennai, offers comprehensive banking services for individuals and corporates. Among its diverse offerings, IOB facilitates investment in the National Pension System (NPS). Customers can apply for the NPS Indian Overseas Bank scheme through designated branches, enabling them to secure a financially stable future post-retirement.
Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your golden years
Most Popular
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
The National Pension System (NPS) is a market-linked retirement savings scheme introduced by the Government of India. It allows individuals to accumulate a retirement corpus and draw a pension from it. With a mix of equity and debt investments, the scheme provides market-linked returns and tax benefits. Individuals investing in the NPS can build a substantial retirement fund, ensuring financial independence in their golden years.
Total Investment
Returns Earned
Maturity AmountIndian Overseas Bank is a Point of Presence (PoP) authorized by the Pension Fund Regulatory and Development Authority (PFRDA) to offer NPS registration and services. Customers can apply for the Indian Overseas Bank NPS scheme at specific branches registered as POP Service Providers. To find registered branches in your location, visit the official NPS CRA portal at https://www.npscra.nsdl.co.in/pop-sp.php.
To understand how to open an NPS scheme pension plan account in Indian Bank and make the most of it, you should know the key aspects:
Tier I Account: Mandatory for all subscribers.
Tier II Account: Voluntary and offers additional flexibility.
Active Choice: Select funds as per your risk appetite.
Auto Choice: Investments are allocated automatically based on your age and risk preference.
Choose one of the seven PFRDA-authorized fund managers to oversee your investments.
Contribution Requirements
Minimum initial contribution: ₹500 for NPS Tier I and ₹1000 for NPS Tier II.
Annual contributions: ₹500 for NPS Tier I and ₹250 for NSP Tier II.
Your NPS account matures at 60 years of age (extendable up to 10 years). At maturity, 60% of the corpus can be withdrawn tax-free, and the remaining 40% is used to generate a lifelong pension.
Visit a registered branch with your KYC documents and the contribution amount.
Obtain the NPS subscriber registration form:
Individual NPS Form
Corporate NPS Form
Complete the registration form and the NPS contribution slip.
Submit KYC documents, including proof of age, identity, address, and a recent photograph.
Pay the applicable registration charges and the initial contribution amount.
Upon successful verification, the bank will issue a Permanent Retirement Account Number (PRAN), enabling you to manage your account, track investments, and shift your NPS account between POPs if needed.
The NPS Indian Overseas Bank scheme offers the following tax benefits:
Deductions of up to ₹2 lakhs under Sections 80CCD(1) and Section 80CCD(1B) for Tier I investments.
Employer contributions under the corporate model are tax-exempt up to 10% of basic pay + dearness allowance under Section 80CCD(2).
Partial withdrawals for specific purposes from the NPS Tier I Account are tax-exempt.
Lump sum withdrawals on maturity are tax-free.
The IOB NPS scheme is a type of retirement plan and it is an excellent option for building a retirement corpus with tax advantages and ensuring financial security through lifelong pension payments. Whether you’re looking to create wealth or secure your post-retirement life, the Indian Bank NPS offers a reliable and accessible solution.
†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.
Tata AIA
Max Life
Bajaj Allianz
SBI Life
HDFC Life
ICICI Prudential
Bharti AXA Life
Edelweiss Life
Kotak Life
Future Generali
PNB MetLife
Aditya Birla Sun Life
Aviva
Ageas Federal
Bandhan Life
Canara HSBC
IndiaFirst
Pramerica Life
Reliance Life
Sahara Life
Shriram Life
Star Union
11 Dec 2024
Bank of India is a public sector bank owned and managed by theInsurance
Calculators
Payment Methods
Secured With
Follow us on
