Punjab National Bank was founded in the year 1894 by Lal Lajpat Rai and it started its operations from April 1895. It is, therefore, one of the oldest banks of India which has grown over the years with a large customer base. The bank has also started offering online banking facilities to its customers for ease and convenience. The National Pension Scheme is one such banking facility which Punjab National Bank offers both online as well as offline.
The National Pension Scheme is a voluntary retirement saving scheme wherein you can accumulate a retirement corpus over your working life and receive guaranteed pensions after retirement. The NPS scheme is a defined contribution scheme wherein the pension amount depends on the amount that you invest. Your investments are allocated to market-linked funds to provide the best returns and grow an inflation-adjusted retirement fund.
Here are some important aspects of the NPS scheme –
Punjab National Bank is an authorized Point of Presence (POP) which offers NPS investments. You can invest in NPS in PNB either from any of the branch of the bank or through the online mode. Here is the detailed process of investing in Punjab National Bank NPS through both modes –
To invest in the National Pension Scheme, Punjab National Bank has various branches which you can visit to open the NPS account offline. All the branches of the bank serve as Point of Presence Service Providers (POP-SPs) allowing you to invest with ease. Just visit the nearest branch of the bank and fill up a subscriber registration form. Submit this form with your KYC documents, the minimum amount of contribution required to open the NPS account and the applicable bank charges. Once the application is done, the bank would process the application and your NPS account would be opened. You would be allotted a Permanent Retirement Account Number (PRAN) for your NPS investment which would be communicated to you by the bank.
Being a technologically advanced bank, Punjab National Bank also allows you the online facility of investing in NPS. To do so you should visit the link https://www.pnbindia.in/nps.html and click on ‘Subscriber Registration: Click Here’. A new page would open which is the registration page of NSDL with which the bank is tied-up for online NPS account opening. On the page, you should click on ‘Registration’. Proceed with providing all the necessary information on the online application page. You would need a mobile number and an email ID to invest in NPS online through this mode. Registration can be done in two ways – either using your Aadhaar or through your PAN Card. Choose the desired mode of registration and provide the scanned copy of your documents. Also, pay the contribution amount online as well as the applicable charges and your Punjab National Bank NPS account would be opened at the earliest.
To open a Punjab National Bank NPS account, the following documents should be submitted both on the offline and online modes –
If you invest in the NPS scheme, you would be eligible for the following tax benefits –
The NPS scheme, therefore, provides you with a tax-effective investment avenue to plan your retirement corpus. Regular investments and market-linked returns ensure that you build up a substantial corpus which can then give you guaranteed pensions in your golden years. Moreover, Punjab National Bank’s easy investment modes also help you invest without hassles. So, choose NPS investments for retirement planning and invest through Punjab National Bank for a smooth investment process.