The National Pension System (NPS) is a defined contribution pension system introduced by the Government of India as a part of Pension Sector reforms, with an objective to provide social security to all citizens of India. It is administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA) . SBI is one of the banks where you can open an NPS account. Here are the key features of the SBI NPS account:

• A citizen of India, including NRIs between the age of 18-65 years can join NPS.
• Minimum contribution of Rs.1000 in the financial year.
• Unique Permanent Retirement Account Number (PRAN) with seamless portability across different jobs/locations.
• Tax Benefits: Individuals contribution up to Rs. 2 lakh is eligible for tax deduction under Section 80CCE of the Income Tax Act, 1961.
• Unmatched lowest cost of Investment (ranges up to 0.75% compared to MF/ULIP/Superannuation plans which ranges more than 2%).
• Customized Investment options with flexibility of switching over the schemes (Equity/Corporate Bonds/Govt. Securities) twice in the financial year as well as the Fund Manager once in the financial year.
• Online Access to your NPS account – 24 X 7 X 365 (Web & Tele) to CRA.
• NPS account can be opened by using Online or Offline platform like SBI – e-Services through the link available at www.onlinesbi.com, eNPS through the link available at www.npscra.nsdl.co.in / www.kcra.karvy.com, or by visiting any branch of State Bank of India.

To open an NPS account with SBI, you can visit any of the authorized branches that serve as POP-SPs. You can get the NPS registration form which you should fill up and submit to apply for the opening of the NPS account. The form is also available online, which you can download, print, fill up and then submit at the authorized SBI branch for opening the account. SBI would then verify your details and open the account in your name once the verification is done.