{"id":2160,"date":"2018-03-12T11:07:07","date_gmt":"2018-03-12T05:37:07","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=2160"},"modified":"2018-03-12T11:07:07","modified_gmt":"2018-03-12T05:37:07","slug":"state-bank-patiala-sbp-new-pension-scheme","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/state-bank-patiala-sbp-new-pension-scheme\/","title":{"rendered":"State Bank of Patiala (SBP) New Pension Scheme"},"content":{"rendered":"<h2>Eligibility Criteria for New Pension Scheme<\/h2>\n<p>Individuals who wish to open a\u00a0<i>New Pension Scheme account with State Bank of Patiala<\/i>\u00a0need to satisfy the following eligibility criteria.<\/p>\n<p><strong>Basic Eligibility<\/strong><\/p>\n<ul>\n<li>An applicant should be an Indian citizen or an NRI<\/li>\n<li>The age of an applicant should be between 18 and 60 years<\/li>\n<\/ul>\n<h2>Eligibility for Tier 1 accounts<\/h2>\n<ul>\n<li>The minimum deposit to open an account is Rs 500 for Tier 1 accounts<\/li>\n<li>The minimum contribution is Rs 500 for additional deposits<\/li>\n<li>A minimum account balance of Rs 6,000 should be maintained at the end of a financial year<\/li>\n<li>At least one deposit should be made in a year<\/li>\n<\/ul>\n<h2>Eligibility for Tier 2 accounts<\/h2>\n<ul>\n<li>An individual should have a Tier 1 account before he\/she can open a Tier 2 account<\/li>\n<li>The minimum deposit to open an account is Rs 1,000<\/li>\n<li>The minimum contribution is Rs 250 for additional deposits<\/li>\n<li>A minimum account balance of Rs 2,000 should be maintained at the end of a financial year<\/li>\n<li>At least one deposit should be made in a year<\/li>\n<li>If an individual wishes to open a composite account for both Tier 1 and Tier 2, then the minimum deposit to open this account is Rs 1,500<\/li>\n<\/ul>\n<h2>Individuals who cannot open an account under New Pension Scheme<\/h2>\n<p>The following individuals are not permitted to open a\u00a0<b>State Bank of Patiala New Pension Scheme<\/b>\u00a0account.<\/p>\n<ul>\n<li>An undischarged insolvent<\/li>\n<li>Applicants who are of unsound mind<\/li>\n<li>Individuals who already hold an account under this scheme<\/li>\n<\/ul>\n<h2>Documents Required National Pension Scheme<\/h2>\n<p>Individuals who wish to open an account under the\u00a0New Pension Scheme\u00a0need to submit the following documents.<\/p>\n<ul>\n<li>An applicant should have a valid government approved photo ID card<\/li>\n<li>Proof of date of birth<\/li>\n<li>Valid address proof<\/li>\n<li>Duly filled application form<\/li>\n<li>Photographs<\/li>\n<li>A cancelled cheque is required for a composite\/tier 2 application<\/li>\n<\/ul>\n<h2>Features and Benefits of State Bank of Patiala New Pension Scheme<\/h2>\n<p>Some of the salient features and benefits of\u00a0<u>State Bank of Patiala New Pension Scheme<\/u>\u00a0are mentioned below.<\/p>\n<ul>\n<li><strong>Flexible<\/strong>\u00a0&#8211; This account offers an individual flexibility in maintaining it, with an option to increase contributions and frequency of deposits as per the financial conditions of a subscriber.<\/li>\n<li><strong>Easy opening<\/strong>\u00a0\u2013 This account can be easily opened and maintained by subscribers.<\/li>\n<li><strong>Portability\u00a0<\/strong>\u2013 NPS accounts are portable across locations and industries.<\/li>\n<li><strong>Government Regulation<\/strong>\u00a0\u2013 This scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), which falls under the ambit of government control, making it a transparent and safe scheme to invest in. Regular monitoring and performance reviews make it ideal for everyone.<\/li>\n<\/ul>\n<h2>How to Apply for State Bank of Patiala New Pension Scheme<\/h2>\n<p>Individuals who wish to open a New Pension Scheme account with State Bank of Patiala are expected to follow the following steps.<\/p>\n<ul>\n<li>Download\/obtain subscriber application form. This can be downloaded from the internet or could be availed from a branch.<\/li>\n<li>Fill the form and submit the relevant documents.<\/li>\n<li>Submit the\u00a0NPS\u00a0Contribution Instruction Slip with the form.<\/li>\n<li>Pay the initial subscription amount.<\/li>\n<\/ul>\n<h2>Fees and Charges for State Bank of Patiala New Pension Scheme<\/h2>\n<p>State Bank of Patiala charges the following towards maintenance of this account.<\/p>\n<ul>\n<li>Account opening fee of Rs 100 + service tax. This is charged towards registering a subscriber under this scheme.<\/li>\n<li>Initial and recurring subscription fee which is equivalent to 0.25% of the amount subscribed under the scheme. This is subject to a minimum of Rs 20 and maximum of Rs 2,500. Additional service tax will be charged in each case.<\/li>\n<li>In case of all other transactions, a fee of Rs 20 plus the service tax will be charged.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Eligibility Criteria for New Pension Scheme Individuals who wish to open a\u00a0New Pension Scheme account with State Bank of Patiala\u00a0need to satisfy the following eligibility criteria. Basic Eligibility An applicant should be an Indian citizen or an NRI The age of an applicant should be between 18 and 60 years Eligibility for Tier 1 accounts &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/state-bank-patiala-sbp-new-pension-scheme\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;State Bank of Patiala (SBP) New Pension Scheme&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2160","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>State Bank of Patiala (SBP) New Pension Scheme | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/state-bank-patiala-sbp-new-pension-scheme\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"State Bank of Patiala (SBP) New Pension Scheme | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\" \/>\r\n<meta property=\"og:description\" content=\"Eligibility Criteria for New Pension Scheme Individuals who wish to open a\u00a0New Pension Scheme account with State Bank of Patiala\u00a0need to satisfy the following eligibility criteria. 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