Yes Bank is a private banking institution which was formed in the year 2004. The bank offers banking solutions to retail customers, MSMEs as well as corporates. Among the different types of banking products offered by Yes Bank, the NPS scheme is one such product that is available for retail as well as corporate customers of the bank.
The National Pension System, or NPS scheme, was launched by the Government to promote retirement savings among individuals. Initially, the scheme was targeted at Government employees only but later, in 2009, the scheme was made public to all. The NPS scheme is a defined contribution pension scheme that is market-linked in nature allowing you to accumulate a good corpus for your retirement with regular savings.
The Pension Fund Regulatory and Development Authority (PFRDA) administers the NPS scheme and appoints financial institutions which can allow individuals to invest in the scheme. Yes, Bank is one such bank that has been appointed by the PFRDA to offers NPS investments to individuals. You can, therefore, apply for NPS scheme in Yes Bank through the specified branches of the bank.
Yes Bank has designated branches that serve as POP-SPs (Point of Presence Service Providers) and through which you can open a Yes Bank NPS account. The list of these branches is available on the website of company at the link https://www.yesbank.in/personal-banking/yes-individual/wealth-management/national-pension-system-nps/list-of-authorised-yes-bank-branches.
To apply for the NPS scheme in Yes Bank, here are the steps which you should take –
To subscribe to the National Pension Scheme, Yes Bank has some eligibility criteria which you should fulfil. Only those individuals who fulfil the eligibility criteria would be allowed to open a Yes Bank NPS account. The required eligibility criteria are as follows –
The bank levies charges when you subscribe to the NPS scheme. Some charges are one-time charges while some are regular charges. The list of these charges is as follows –
|Type of charge||Amount|
|Registration charge levied by Yes Bank||Rs.200 payable one time when registering|
|Contribution processing charge levied by the bank||0.25% of the contribution amount every time the contribution is made. The minimum charge is Rs.20 and the maximum is Rs.25,000|
|Non-financial transaction processing charge levied by Yes Bank||Rs.20 for any non-financial transaction request made|
|Persistency charge levied by Yes Bank||Rs.50 every year|
Here are some of the investment details of Yes Bank NPS scheme which you should know about –
There are two types of Yes Bank NPS accounts. They are as follows –
There are two types of investment options for you to choose from. They are as follows –
There are eight pension fund managers and you can choose anyone for managing your investments. You can also change the selected pension fund manager over the investment period if you want.
Your investments would, then, grow with the growth in the financial markets and you can accumulate a corpus for your old age. On maturity, you can commute 60% of the corpus in a lump sum which is tax-free. The remaining corpus would be used to pay pensions at a guaranteed rate. There are different types of pension payment options and you can choose any one option to receive lifelong pensions.
The NPS scheme is, therefore, a beneficial scheme which helps you accumulate a retirement fund and also avail lifelong incomes. Yes, Bank allows NPS investments and you can invest in Yes Bank NPS scheme through the bank’s branches by following the aforementioned process.