RBL Bank National Pension Scheme

RBL Bank National Pension Scheme (NPS) Details

The RBL National Pension System (NPS) is a retirement plan which includes a voluntary, government-sponsored retirement savings scheme introduced in 2004 for government employees and later extended to all eligible citizens in 2009.

• Objective: To provide a steady income after retirement by encouraging disciplined, long-term investment.

• Portfolio: Investments span treasury bills, government bonds, corporate bonds, and equities, professionally managed by fund managers.

• Regulation: Administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the PFRDA Act 2013.

RBL Bank is a PFRDA-appointed Point of Presence – Service Provider (PoP-SP), enabling individuals to subscribe to the NPS with ease.

Eligibility for RBL NPS Subscription

To subscribe to the NPS scheme through RBL Bank, you must meet the following criteria:

• Age: Between 18 and 65 years.

• KYC Compliance: Fulfillment of Know Your Customer (KYC) requirements.

Subscription to NPS Scheme in RBL

The NPS offers two types of accounts for subscription:

Tier I Account

• Mandatory account for availing NPS benefits.

• Requires a minimum initial contribution of ₹500.

• Contributions help build a retirement corpus, with partial withdrawal permitted at retirement (age 60) and the remaining amount used for annuity payouts.

• Features eight fund options and flexibility between Active Choice (self-managed) and Auto Choice (age-based allocation).

Tier II Account

• Voluntary account, available only if you hold a NPS Tier I account.

• Minimum investment: ₹1,000 initially and ₹250 for subsequent contributions.

• Provides greater flexibility in investments and withdrawals.

How to Subscribe to NPS in RBL?

Follow these steps to subscribe to the NPS scheme through RBL Bank:

• Obtain the Subscriber Registration Form: Visit the nearest RBL branch or download the form from RBL Bank’s website.

• Fill the Form: Include personal, identity, address, bank, and nomination details.

• Choose Investment Options: Select between Tier I and NPS Tier II accounts, fund allocation, and investment mode (Active or Auto Choice).

• Submit KYC Documents:

  • Identity Proof: PAN, Aadhaar, Passport, Voter ID, etc.

  • Address Proof: Aadhaar, Passport, Utility Bills, Registered Lease Agreement, etc.

• Make Initial Contribution: Minimum ₹500 for Tier I or ₹1,500 for both Tier I and Tier II. A cancelled cheque is required for Tier II accounts.

Pension Fund Selection and Investment Options

RBL NPS Retirement Plan subscribers can choose from eight pension fund managers:

• SBI Pension Funds Pvt. Ltd.

• LIC Pension Fund Ltd.

• UTI Retirement Solutions Ltd.

• Kotak Mahindra Pension Fund Ltd.

• Reliance Capital Pension Fund Ltd.

• HDFC Pension Management Co. Ltd.

• Birla Sun Life Insurance Co. Ltd.

• ICICI Prudential Pension Fund Management Co. Ltd.

Investment Options:

• Active Choice: Distribute contributions across equity, corporate bonds, and gilt funds as per preference.

• Auto Choice: Investments are age-adjusted across funds in a predefined ratio.

Why Choose RBL NPS?

RBL Bank simplifies the process of subscribing to the National Pension Scheme while offering cost-effective solutions. With flexibility, professional fund management, and government backing, the RBL NPS is a strategic step toward a financially secure retirement planning.