Open HDFC National Pension Scheme Account Online

In the year 1994, HDFC Bank was founded as an Indian private bank. Over the years, the bank has opened 7,945 branches and 18,183 ATMs all over the country. As of 2023, HDFC Bank is the world’s 5th largest private banking institution in terms of market capitalization. The bank is known for offering various financial services and facilities to its diverse customer base like the HDFC National Pension Scheme. 

In this blog, we will walk you through a comprehensive guide on the HDFC NPS scheme while highlighting all the associated details that you need to know. 

What Is the HDFC National Pension Scheme?

HDFC NPS is a type of retirement benefit scheme introduced by the Central Government of India. This scheme not only facilitates a stable income after retirement but also encourages the habit of savings among individuals. Every subscriber of the HDFC National Pension Scheme will be given a PRAN (Permanent Retirement Account Number). As a NPS scheme holder, you will get assured tax benefits and other amenities.

Eligibility Criteria for HDFC National Pension Scheme

In case you are looking for the eligibility criteria for the HDFC Bank national pension scheme, keep reading.

1. General Eligibility Criteria

1. The applicant must be an Indian citizen with an age between 18 to 60 years old. 
2. He/she must submit valid address, age and identity proof documents along with the duly filled application form. 
3. The applicant must contribute ₹1,500 while applying for both Tier I and Tier II altogether and submit a cancelled cheque (Applicable for Tier II/composite application/composite application with the application form).

2. Specific Eligibility Criteria (In case of Tier I)

1. The minimum contribution for account opening is ₹500.
2. You must have a minimum account balance of ₹6,000 at the end of every financial year.
3. It is mandatory to contribute towards your HDFC National Pension Scheme at least once a year.
4. The minimum contribution you have to make is ₹1,000 per annum.
5. The minimum subsequent contribution amount required is ₹500.

3. Specific Eligibility Criteria (In case of Tier II)

1. You have to make subsequent contributions of ₹250 towards your HDFC NPS pension scheme.
2.  The minimum contribution for account opening is ₹1,000.
3.  You must have a minimum account balance of ₹2,000 at the end of every financial year.
4. There is no fixed minimum number of contributions per annum stated by the HDFC bank.
5. You must have an existing Tier I account, to create a Tier II account with HDFC Bank.

Features of HDFC National Pension Scheme

Below are some of the salient features of the HDFC Bank NPS account:

1. HDFC Bank offers a flexible frequency and amount of contributions.
2. Their NPS is monitored and regulated by the PFRDA, ensuring transparency between the users and the bank.
3. HDFC bank allows their NPS account holders to change or select their investment pattern, POP (Point of Presence), and fund manager.
4. Despite changes in employment or state, your PRAN or NPS account will remain the same.
5. The bank allows you to transfer the Superannuation funds to your NPS account without any tax implementation.

Tax Benefits for HDFC National Pension Scheme

As an HDFC NPS account holder, you will get tax benefits on your investments and maturity. To explore more about it, keep reading.

1. Tax Benefits for Salaried Individual

1. Under Sec 80CCD (1B), you can claim tax exemption up to ₹50,000. This benefit is applicable above the limit of ₹1,50, 000.
2. You can invest up to 10% of your salary plus the clearance allowance and claim tax exemption on the total invested amount under section 80CCD (1).

2. Tax Benefits for Self-Employed Individuals

1. You can invest up to 20% of your gross annual income and claim tax exemption.
2. Under Sec 80CCD (1B), you can claim tax exemption up to ₹50,000. 

How to Invest in the HDFC Bank NPS Scheme?

You can open an NPS account with HDFC bank via both online and offline modes. Follow the below-mentioned steps to learn how to open an HDFC NPS account.

1. Online 

• Step 1: Go to the official website of HDFC Bank.
• Step 2: Click on the ‘Personal’ option.
• Step 3: Choose the ‘Invest’ option.
• Step 4: Scroll down and click on the ‘National Pension Scheme’.
• Step 5: Hit the ‘Apply Online’ button.
• Step 6: After selecting your preferred CRA (NSDL or K-Fintech), click on the ‘Apply Now’ option.
• Step 7: Specify whether you are a corporate or individual subscriber.
• Step 8: Select your preferred type of NPS (Tier I or Tier II).
• Step 9: Enter your PAN card number and generate the acknowledgement number.
• Step 10: Fill up the HDFC NPS form.
• Step 11: Upload the necessary documents and make the initial deposit.
• Step 12: After you get PRAN online, complete your OTP/e-sign authentication process online.

Note: It will take almost 15 to 20 minutes to receive a PRAN from the bank.

2. Offline

• Step 1: Go to your nearby authorised branch of HDFC Bank.
• Step 2: Collect the NPS registration form.
• Step 3: Carefully fill it up and submit it along with your KYC documents.

That’s it! After the bank officials verify your form and documents, they will open an HDFC NPS account instantly.

Documents Required for HDFC National Pension Scheme

Go through all the important documents you will need while opening an HDFC NPS account:

1. Address Proof

1. Rent Agreement
2. Passport
3. Utility Bills
4. Property Sale Deed

2. Identity Proof

1. Aadhaar Card
2. PAN Card
3. Voter’s ID Card
4. Driving Licence

3. Age Proof

1. Birth Certificate
2. Aadhaar Card
3. Voter’s ID Card

4. Other Documents

1. Coloured Passport-Size Photographs
2. NPS Application Form 

In case you are an existing HDFC NPS account holder, you would require minimal documentation to open a NPS account with this bank.

Things to Know About HDFC Bank NPS

Here are the important things you must be aware of before opening a National Pension Scheme account with the HDFC bank:

1. HDFC Bank offers two types of NPS accounts, one is Tier I and the other is Tier II.
2. The bank gives their customer two investment strategies, one is Active Choice and other is Auto Choice.
3. You have the choice to choose any pension fund manager.
4. A minimum deposit of ₹500 and ₹1000 has to be done for opening Tier and Tier II accounts respectively.
5. You can easily access your HDFC NPS account through their online banking portal.

Final Word

HDFC Bank is continuously incorporating unique and innovative technologies to ensure a user-friendly and fast banking experience in both online and offline modes. Now that you have a comprehensive idea about its National Pension Scheme and the other associated details, you can easily open an account today. 

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.