South Indian Bank, a leading private sector bank headquartered in Kerala, offers a wide range of banking solutions. Established as the first private sector bank to achieve scheduled bank status in 1946, the bank also facilitates investment in the National Pension System (NPS), enabling individuals to plan for their retirement with ease.
Peaceful Post-Retirement Life
Tax Free Regular Income
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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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†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 government-backed retirement scheme introduced in 2004-05 and opened to all citizens from 1st May 2009. The scheme allows individuals to build a retirement corpus through long-term investments and provides regular pensions after maturity, ensuring financial stability in later years.
Total Investment
Returns Earned
Maturity AmountSouth Indian Bank offers NPS subscription options for individuals and corporates. Key features of the South Indian Bank NPS include:
All Citizens Model for individual investors.
Corporate Model for companies to provide NPS benefits to employees.
Tier I NPS Account: Mandatory account for all subscribers.
Tier II NPS Account: Optional account for additional investments.
Contribution and Payout: Contributions are made until 60 years of age, after which pension payments commence.
Active Choice: Subscribers manage fund allocation themselves.
Auto Choice: Investments are managed automatically based on pre-defined rules.
Asset Classes: Includes Asset Class E (Equity), C (Corporate Bonds), and G (Government Securities).
Market-linked Returns: The scheme offers inflation-adjusted returns, helping subscribers build a substantial corpus.
South Indian Bank allows offline NPS registration through its designated branches, authorised by the Pension Fund Regulatory and Development Authority (PFRDA). To register:
Visit any designated branch or extension counter.
Collect and complete the NPS registration form with accurate details.
Attach required documents, make the initial contribution, and pay applicable charges.
Submit the form and documents to the branch for verification. Once verified, your NPS account will be activated.
South Indian Bank offers an online facility for NPS registration. Follow these steps to register:
Visit the NPS section on the South Indian Bank website and click on ‘Click here for Online NPS Registration’.
Fill in your details, upload the required documents, and make the initial contribution online.
After verification, your NPS account will be activated.
To register for NPS pension plan with South Indian Bank, the following documents are needed:
Age proof
Address proof
ID proof
Passport-sized photographs
Aadhaar or PAN card (for online registration)
Cancelled cheque (for PAN-based registration)
Valid email ID and mobile number (for online registration)
To open an NPS account, ensure you meet the following criteria:
Age: 18–60 years
Residency: Available for resident Indians and NRIs
KYC Compliance: Must adhere to the bank’s KYC norms
Minimum Contribution:
Tier I NPS: ₹500 (one-time) and ₹6000 annually
Tier II NPS: ₹1000 (one-time) with an annual minimum balance of ₹2000
The South Indian Bank NPS is an excellent retirement planning tool, offering tax benefits:
Tax deductions under Section 80CCD(1) and 80CCD(1B) up to ₹2 lakhs annually.
Up to 60% of the corpus can be withdrawn as tax-free income at maturity.
†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.
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