SBI Scheme E - SBI Pension Scheme - Details and Steps

Updated on Aug 22, 2020

Overview

Launched by the Central Government of India, The National Pension Scheme is a social security scheme that offers market-linked returns to people who live off of pension. Although the National Pension Scheme was launched for the Central Government employees, it further expanded by the Pension Fund Regulatory and Development Authority (PFRDA) and is now available for all the citizens of the country. That being said, an employee working in the private sector or even a self-employed person can take advantage of this scheme. National Pension Scheme allows portability all around different parts of the country and jobs as well!

Features

  • Under the Point Of Presence-Service Provider (POP-SP), the National Pension Scheme Accounts can be opened.
  • State Bank Of India is one of the banks that allows you to open The National Pension Scheme (NPS) account.
  • The State Bank Of India (SBI) is a bank that takes the application form and all of the documents. It helps the subscribers to get registered with the central Record-keeping Agency (CRA) to get the Permanent Retirement Account Number (PRAN). 
  • To quote in all the transactions that will take place in the future, Permanent Retirement Account Number (PRAN) is required.
  • Under the National Pension Scheme (NPS) account, Tier l and Tier ll, are the two available options.

Eligibility Criteria

One should fall under the age limit of 18-60 years of age.

Documents Required

  • Address proof
  • Date Of Birth proof
  • Photo ID proof
  • Your Application Form

Account Details

Under Tier l category of National Pension Scheme (NPS) account

  • To open the account, a minimum amount of Rs.500 is required.
  • A minimum amount of Rs.500 is payable for every contribution to be made.
  • At the end of every financial year, Rs.6000 is the minimum amount that has to be there in the Account Balance.
  • It is compulsory to have at least one contribution in a year.

Under the Tier II category of the National Pension Scheme (NPS) account

  • To open the account, a minimum amount of Rs.1000 is required.
  • A minimum amount of Rs.250 is payable for every contribution to be made.
  • At the end of every financial year, Rs.2000 is the minimum amount that has to be there in the Account Balance.
  • It is compulsory to have at least one contribution in a year.
  • To be eligible to activate a Tier ll account, one has to open an active Tier l account. 
  • To open a composite account for Tier l and Tier ll, a minimum amount of Rs.1500 has to be contributed.
  • Along with the application form of the composite application or Tier ll application, it is compulsory to give a cancelled cheque.

Documents Required for Tier II category of the National Pension Scheme (NPS) account

  • Your Aadhaar Card and You PAN card, both of which should be linked with your State Bank Of India account.
  • Scanned Image Of Your Passport Size Photograph
  • Scanned Image Of Your Signature

Registration Process for SBI Scheme E

Step 1: Go to the official website.

Step 2: Click on the login button there.

Step 3: Then click on the ‘Customer’ button and you will be redirected to another page.

Step 4: Click on “new user”.

Step 5: Fill the details in the next page.

Step 6: Once done, you will find various Pension Funds on the screen, that are under the NPS list and you have to choose SBI Pension Fund Pvt. Limited. 

Step 7: Now, you'll have to choose the mode of investment- auto mode or active mode.

Step 8: Keeping in mind, in the occurrence of the investor's death, you'll have to give your nominee(s), and you'll have to provide their required details. 

Step 9: You will now be asked to upload certain documents that have been stated above.

Step 10: You will then have to make the necessary minimum contribution according to the Tier you have selected. In the case of Tier l, it is Rs.500, and in the case of Tier ll, it is Rs.1000. Once your payment is made, you will receive your Permanent Retirement Account Number (PRAN).

Step 11:Once you are done with all of these steps, the last step will be to print the form. You will have to paste your photograph on this form, you'll have to sign it and then you will have to mail it to the CRA office within 90 days.

Frequently Asked Questions

Q. What is the National Pension Scheme (NPS)?

The National Pension Scheme is a social security scheme that offers market-linked returns to people who live off of pension.

Q. Who launched the National Pension Scheme (NPS)?

The Central Government Of India launched The National Pension Scheme (NPS).

Q. Who can all avail the National Pension Scheme (NPS)?

Although the National Pension Scheme was launched for the Central Government employees, it further expanded by the Pension Fund Regulatory And Development Authority (PFRDA) and is now available for all the citizens of the country.

Q. What are the documents that are required to be eligible to open the National Pension Scheme (NPS) account?

Documents required in the order being eligible to open the NPS account, according to the standards of KYC.

  • Address proof
  • Date Of Birth Proof
  • Photo ID
  • Your Application Form

Q. What are the two options that are available under the National Pension Scheme (NPS) Account?

Under the National Pension Scheme (NPS) account, Tier l and Tier ll, are the two available options 


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WRITTEN BYVarsha Verma

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