Bank of Maharashtra is a public sector bank which was registered under the provisions of the Indian Companies Act on 16th September 1935. Ever since its establishment, the bank has been instrumental in offering key banking facilities to its customers. As of today, the Bank of Maharashtra offers banking accounts, deposit accounts, loan schemes, small saving schemes and other banking solutions to individuals. The National Pension System (NPS), which is a pension scheme launched by the Government of India, is also offered by the Bank of Maharashtra.
The National Pension Scheme is a retirement oriented, long term saving scheme which allows an investor to create a retirement corpus through regular investments. Investors can earn market-linked returns on the investments which they make towards the NPS Scheme which allows them to maximize their investments and create an inflation adjusted corpus.
Before you open a Bank of Maharashtra NPS account, you should know its salient features so that you can understand how the scheme works. So, here are features of Bank of Maharashtra NPS –
To open an account of National Pension Scheme in Bank of Maharashtra, you have two options. These options are explained below –
Under this option, you can visit the branch of Bank of Maharashtra and apply to open an NPS account in your name. The bank is registered with PFRDA (Pension Fund Regulatory and Development Authority) to offer NPS account to subscribers. You can locate the nearest branch of the bank which serves as a Point of Presence Service Provider (POP-SP) at this link https://www.npscra.nsdl.co.in/pop-sp.php. Enter in your State and City and get the branch address of Bank of Maharashtra wherein you can open an NPS account offline. Visit the branch and avail the NPS registration form. Fill up the form providing all your details and submit the form along with your KYC documents. Also, deposit the contribution amount at the branch for completing the registration process. Bank of Maharashtra would, then, verify your documents and then open the NPS account in your name after successful verification.
Another easier alternative to investing in the National Pension Scheme in Bank of Maharashtra is to go for the online mode of opening the NPS account. Bank of Maharashtra allows online account opening to make it easier for its customers to invest in the NPS scheme. To subscribe to the Bank of Maharashtra NPS scheme, visit https://www.bankofmaharashtra.in/national_pension_system and under ‘eNPS New Registration’, choose ‘Online Registration’. A new page would open wherein you should choose ‘Registration’ and then provide your details to complete the online registration process. The contribution towards the NPS account should also be done online to open the account easily and instantly. For opening the NPS account online using ‘myNPS’ facility offered by the Bank of Maharashtra, you would need the following –
The online registration form can be signed digitally to complete the registration online. However, if you are unable to sign the form digitally, you should download and print the completed form, attach your coloured photograph, sign it and send it to NSDL to complete the registration process.
Opening the Bank of Maharashtra NPS account is easy and simple. However, you need to make a minimum contribution to the scheme to open the account. Moreover, minimum annual contributions are also needed to keep the account running. The contribution requirement is as follows –
To open the account you need to make a minimum contribution of Rs.500. Once the account is opened, a minimum deposit of Rs.1000 would be required every year into the account.
To open the account you need to make a minimum contribution of Rs.1000. Once the account is opened, a minimum deposit of Rs.250 should be made every financial year.
Opening an account of National Pension Scheme in Bank of Maharashtra is simple and the bank also allows you the online facility of contributing to the scheme every year even when the account is opened offline. So, if you are looking to build up a retirement corpus, start investing in the NPS scheme for availing tax benefits and build up a considerable corpus for your golden years.