This article offers a brief summary of the key aspects of the Union Bank Of India’s National Pension System schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
Union Bank Of India – National Pension System Features:
- Tier-I Account: This retirement and pension account allow withdrawals only upon meeting exit conditions set by the NPS.
- Individuals contribute their retirement savings into this account and can claim tax benefits against the contributions, following the prevailing Income Tax regulations.
- To open an NPS account, an initial amount of Rs. 500/- is required, with a minimum yearly contribution set at Rs. 1000/-.
- There’s no upper limit for the maximum contribution in this account.
- Tier-II Account: The Tier-II account serves as a voluntary investment platform, enabling individuals to withdraw their savings at their discretion.
- Unlike the Tier-I account, this isn’t designed for retirement purposes, and no tax benefits are applicable for contributions to this account.
- The minimum amount per contribution is Rs. 250/-, and there’s no upper limit for the maximum contribution in this account.
How to invest?
Click here to invest in the Union Bank Of India’s National Pension System schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.