Federal Bank is a commercial bank in India which has its headquarters at Kerala. The bank was founded in 1931 and since then has grown to 1284 branches spread across the country. Federal Bank offers every banking facility to its customers. If you want to invest in the National Pension Scheme, you can do so through the Federal Bank whether you are a customer of the bank or not.
The National Pension Scheme (NPS) is a defined contribution pension scheme which was introduced by the Government of India in 2004 and then opened to the public from 2009. The scheme helps you build a retirement corpus during your active working life and then avail pension payments after you retire. You can invest in the NPS scheme through any financial institution which has been authorized by the Pension Fund Regulatory and Development Authority (PFRDA). Federal Bank has been authorized by the PFRDA to offer the NPS scheme to interested individuals and so you can invest in the scheme through the bank.
The National Pension Scheme offered by Federal Bank has the following features –
If you want to invest in NPS, Federal Bank gives you two options to do so. The first one is the offline option wherein you can invest in Federal Bank NPS through the bank’s branch. The second one is the online mode wherein you are allowed to invest online. Let’s understand both these investment modes in details –
Federal Bank has designated 1069 branches for NPS investments. You can visit any of the nearest designated branches and open an NPS account in your name. The list of the designated branches can be found at the link https://www.federalbank.co.in/documents/10180/5918139/NPS+Empanneled+Branches/fdfce59f-083b-46d9-a040-03c70cdb614e. At the branch, you should avail the subscriber registration form and fill it up. The form would be different for the individual investor, NRI investor and corporate investor. The registration forms are also available online on the following links –
|For individual investors||https://www.federalbank.co.in/documents/10180/6698916/Registration+of+Subscriber-UOS-S1.pdf/79e73cfa-ce55-4c2a-a403-edcec87b949d?t=1446815001909|
|For NRI investors||https://www.federalbank.co.in/documents/10180/6698916/Subscriber+Registration+Form+-+NRI+%28SRF_NRI%29.pdf/c92a809d-4e64-49eb-92e9-04f1e97750a9?t=1446815578296|
|For corporate investors||https://www.federalbank.co.in/documents/10180/6698916/Form+for+Registration+of+Corporates+%28CHO-1%29.pdf/1b77067c-8217-487b-bdb8-15d2ddeee6e4?t=1446814950624|
Also, fill up the NPS Contribution Instruction Slip and submit the slip with the form. The slip can be downloaded online from the link https://www.federalbank.co.in/documents/10180/6698916/NCIS-Contribution+Form.pdf/06cabe6b-f360-4fa9-a2e3-d36d9480189a?t=1446814980074. Along with the registration form and contribution slip, submit your KYC documents and the amount of subscription required to open the Federal Bank NPS account. Once the application is done, the bank would verify the details and then open your account after successful verification.
Federal Bank is a technologically advanced bank and so it allows individuals the ease of investing in NPS online through its website. To invest online, visit the link https://www.federalbank.co.in/national-pension-system and click on ‘Open NPS Online’. Federal Bank allows online account opening through NSDL and so you would be redirected to NSDL’s website wherein you can register and proceed with online NPS account opening. Provide all your details in the online application form and upload your scanned documents. You can open an online NPS account either through PAN or through Aadhaar. Make the payment for the subscription amount online and your application would be submitted. After the bank verifies your details, your online NPS account would be opened at the earliest.
To open your Federal Bank NPS account, the following documents would be required –
To open either of the NPS accounts and to keep your investment active, the minimum contribution should be done every year, at least once, towards your NPS account. This minimum contribution is as follows –
After you start investing, you should consider investing in the NPS account every year, at least once. This long term investment would help you build up a considerable corpus for your retired life and also give you attractive pension incomes post-retirement. Moreover, your contributions, up to Rs.2 lakhs, would also be allowed as a deduction from your taxable income under Sections 80 CCD (1) and 80CCD (1B). So, you can invest in the Federal Bank NPS scheme for retirement planning and also save on taxes.