What is NPS in UCO Bank?

The National Pension System (NPS) in UCO Bank is a PFRDA-governed retirement savings scheme that allows individuals to invest regularly over a long period to build a retirement corpus. It offers market-linked returns and tax benefits, which makes it a popular choice for retirement planning.

Does the UCO Bank give a pension?

UCO Bank does not provide pensions directly; however, it facilitates the NPS, which allows subscribers to accumulate funds for retirement that can be converted into a pension upon maturity.

Is UCO Bank NPS good for employees?

Yes, the UCO Bank NPS is beneficial for employees as it offers a structured way to save for retirement with attractive tax benefits and the potential for higher returns through market investments.

Can NRIs invest in UCO Bank NPS?

Yes, Non-Resident Indians (NRIs) can invest in the UCO Bank NPS. They can open an account online or through the bankâs branches by providing necessary documents such as a PAN card and proof of residency.

What are the tax benefits of investing in UCO Bank NPS?

Investing in UCO Bank NPS offers significant tax benefits. Contributions are eligible for deductions of up to â¹1.5 lakhs under Section 80CCD(1), and an additional deduction of up to â¹50,000 is available under Section 80CCD(1B).

UCO Bank NPS Scheme

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: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is the UCO Bank NPS Scheme?

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.

UCO 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

₹0

Your Monthly Pension

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

Features of the UCO Bank NPS Account

The 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.

Eligibility Criteria to Apply for NPS in the UCO Bank

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.

How to Open an NPS in the UCO Bank?

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.

How to Open an NPS in UCO Bank for NRIs

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.

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Documents Required for the UCO Bank NPS Scheme

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

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.

Example of NPS Scheme in UCO Bank

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.

Conclusion

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.

FAQs

What is NPS in UCO Bank?

The National Pension System (NPS) in UCO Bank is a PFRDA-governed retirement savings scheme that allows individuals to invest regularly over a long period to build a retirement corpus. It offers market-linked returns and tax benefits, which makes it a popular choice for retirement planning.
Does the UCO Bank give a pension?

UCO Bank does not provide pensions directly; however, it facilitates the NPS, which allows subscribers to accumulate funds for retirement that can be converted into a pension upon maturity.
Is UCO Bank NPS good for employees?

Yes, the UCO Bank NPS is beneficial for employees as it offers a structured way to save for retirement with attractive tax benefits and the potential for higher returns through market investments.
Can NRIs invest in UCO Bank NPS?

Yes, Non-Resident Indians (NRIs) can invest in the UCO Bank NPS. They can open an account online or through the bank’s branches by providing necessary documents such as a PAN card and proof of residency.
What are the tax benefits of investing in UCO Bank NPS?

Investing in UCO Bank NPS offers significant tax benefits. Contributions are eligible for deductions of up to ₹1.5 lakhs under Section 80CCD(1), and an additional deduction of up to ₹50,000 is available under Section 80CCD(1B).

†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.
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^^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.