The UCO Bank National Pension System (NPS) scheme is a government-backed retirement savings program. It allows individuals to build a secure financial future through disciplined savings. UCO Bank acts as a Point of Presence (PoP) for NPS, ensuring seamless account management and customer support.
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Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
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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 UCO Bank NPS scheme is a voluntary, long-term retirement savings plan regulated by PFRDA (Pension Fund Regulatory and Development Authority). Subscribers can invest regularly and receive a pension after retirement. The National Pension Scheme (NPS) in UCO Bank offers tax benefits under 80CCD(1), 80CCD(1B), and 80CCD(2) of the Income Tax Act, 1961.
Total Investment
Returns Earned
Maturity AmountThe key features of National Pension Scheme (NPS) through UCO Bank are as follows:
| Feature | Details |
| Type of Accounts | Two types of NPS accounts: Tier I (mandatory) and Tier II (optional). |
| Investment Flexibility | Choose between Active Choice (selecting specific funds) and Auto Choice (a pre-defined portfolio). |
| Tax Benefits | Deductions up to ₹2 lakh under Section 80CCD(1), and Section 80CCD(1B). |
| Investment Options | Active and Auto Choice allocation. |
| Low-Cost Structure | Minimal NPS account maintenance charges. |
| Withdrawal Options | Partial withdrawals after 3 years for specific purposes like education. |
| Retirement Pension | Compulsory to invest 40% of the corpus in annuity plan for regular income post-retirement and 60% NPS corpus is withdrawable on maturity. |
| Market-Linked Returns | NPS provides returns based on market performance. |
To open an NPS account with UCO Bank, applicants must meet the following criteria:
Age Limit: 18 to 70 years.
Residency: Indian citizens or NRIs.
Other Requirements: Must have valid KYC documents.
You can follow the steps mentioned below to open the UCO Bank NPS Account:
Visit a Branch: Go to any of the UCO Bank branches that serve as Point of Presence Service Providers.
Fill Application Form: Complete the NPS application form provided at the branch.
Submit KYC Documents: Provide necessary documents such as PAN card, Aadhaar card, and passport-sized photographs.
Initial Contribution: Make the minimum initial contribution as specified by the bank.
Receive PRAN: After verification, you will receive a Permanent Retirement Account Number (PRAN), which will be your unique identifier for all future transactions.
Non-Resident Indians (NRIs) can also open an NPS account with UCO Bank by following these steps:
Eligibility: NRIs aged 18–70 can apply.
Documents: Submit an NRI account (NRE/NRO) proof and a valid passport.
Process: Follow the same steps as residents but ensure funds are routed through an NRE/NRO account.
Currency Note: Contributions are converted into INR at prevailing exchange rates.
To open an NPS account, applicants need to provide:
Identity Proof: PAN card or Aadhaar card
Address Proof: Utility bill, passport, or bank statement
Photographs: Passport-sized photographs
Bank Details: Cancelled cheque or bank passbook copy
Contributions to the UCO Bank NPS account can be made as follows:
Minimum Contribution: The minimum contribution is ₹500 for NPS Tier I account and ₹1,000 for NPS Tier II account for NPS account opening.
Frequency of Contributions: Subscribers can contribute regularly (monthly/quarterly) or make lump-sum contributions according to their financial planning.
Mr. Rajesh, aged 30, invests ₹5,000 monthly in NPS Tier I.
Annual Contribution: ₹60,000.
Expected Returns (8% p.a.): ₹1.4 Crores at age 60.
Tax Savings: ₹1,50,000 annually under Section 80CCD(1) and ₹50,000 under Section 80CCD(1B).
Maturity Amount: ₹74.51 lakhs.
Post-Retirement Corpus Usage: ₹29.80 lakhs for annuity; ₹44.71 lakhs lump sum.
NOTE: You can use an NPS Calculator to estimate your retirement corpus and monthly pension based on contributions.
The UCO Bank NPS scheme is a practical tool for retirement planning. It offers flexible contributions, professional fund management, and significant tax benefits. This pension plan is ideal for individuals looking to secure their financial future due to its low costs and high transparency.
†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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