South Indian Bank NPS

What is the NPS Scheme?

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.

South Indian Bank 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

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₹0

Your Monthly Pension

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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

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National Pension Scheme in South Indian Bank

South Indian Bank offers NPS subscription options for individuals and corporates. Key features of the South Indian Bank NPS include:

• Models Available:

  • All Citizens Model for individual investors.

  • Corporate Model for companies to provide NPS benefits to employees.

• Account Types:

  • 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.

• Investment Strategies:

  • 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.

How to Open an NPS Account in South Indian Bank?

1. Offline Registration

   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.

2. Online Registration

   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.

Documents Required for South Indian Bank NPS

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)

Eligibility for South Indian Bank NPS Account

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

Why Choose South Indian Bank NPS?

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.