{"id":7460,"date":"2025-07-07T09:47:43","date_gmt":"2025-07-07T09:47:43","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?post_type=glossary&#038;p=7460"},"modified":"2025-07-07T09:48:43","modified_gmt":"2025-07-07T09:48:43","slug":"south-indian-bank-nps","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/south-indian-bank-nps\/","title":{"rendered":"South Indian Bank NPS"},"content":{"rendered":"<p>The <strong>National Pension System (NPS)<\/strong> is a government-backed retirement savings scheme designed to help individuals build a secure financial future. South Indian Bank, authorized by the <strong>Pension Fund Regulatory and Development Authority (PFRDA)<\/strong>, serves as a Point of Presence (PoP) for NPS, facilitating account opening and management for its customers.<\/p>\n\n\n\n<h2 id=\"eligibility-criteria\" class=\"wp-block-heading\">Eligibility Criteria<\/h2>\n\n\n\n<p>To open an NPS account with South Indian Bank, you must:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Be an Indian citizen (resident or non-resident) or an Overseas Citizen of India (OCI).<\/li>\n\n\n\n<li>Be between <strong>18 and 70 years<\/strong> of age at the time of application.<\/li>\n\n\n\n<li>Comply with the bank&#x2019;s <strong>Know Your Customer (KYC)<\/strong> norms.<\/li>\n<\/ul>\n\n\n\n<h2 id=\"key-features\" class=\"wp-block-heading\">Key Features<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Account Types<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Tier I<\/strong>: Mandatory retirement account with <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/tax\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>tax<\/a> benefits.<\/li>\n\n\n\n<li><strong>Tier II<\/strong>: Optional savings account offering flexibility in withdrawals.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Investment Choices<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Active Choice<\/strong>: Allocate investments across <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/equity\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>equity<\/a> (E), corporate <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/bonds\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>bonds<\/a> (C), and government securities (G) as per your preference.<\/li>\n\n\n\n<li><strong>Auto Choice<\/strong>: Investments are automatically allocated based on your age.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Tax Benefits<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Deductions up to &#x20B9;1.5 lakh under <strong><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/section-80c\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Section 80C<\/a>CD(1)<\/strong>.<\/li>\n\n\n\n<li>Additional deduction of &#x20B9;50,000 under <strong><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/section-80ccd1b\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Section 80CCD(1B)<\/a><\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Withdrawal Rules<\/strong>:\n<ul class=\"wp-block-list\">\n<li>At retirement (age 60), withdraw up to 60% of the corpus tax-free; the remaining 40% must be used to purchase an annuity.<\/li>\n\n\n\n<li>Premature exit before 60 years requires 80% of the corpus to be used for annuity purchase.<\/li>\n\n\n\n<li>Partial withdrawals up to 25% are allowed after 3 years for specific purposes like medical emergencies or higher education.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 id=\"how-to-open-an-nps-account-with-south-indian-bank\" class=\"wp-block-heading\">How to Open an NPS Account with South Indian Bank<\/h2>\n\n\n\n<p><strong>Offline Method<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Visit a designated South Indian Bank branch authorized for NPS services.<\/li>\n\n\n\n<li>Fill out the NPS registration form and submit necessary documents (proof of identity, address, age, and photographs).<\/li>\n\n\n\n<li>Make the initial contribution (minimum &#x20B9;500 for Tier I and &#x20B9;1,000 for Tier II) along with applicable charges.<\/li>\n\n\n\n<li>Upon verification, your NPS account will be activated.<\/li>\n<\/ol>\n\n\n\n<p><strong>Online Method<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Visit the <a href=\"https:\/\/www.southindianbank.com\/content\/personal-banking\/national-pension-system\/521\" rel=\"nofollow noopener\" target=\"_blank\"><\/a><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/south-indian-bank-nps\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">South Indian Bank NPS<\/a> portal.<\/li>\n\n\n\n<li>Click on &#x2018;Click here for Online NPS Registration&#x2019;.<\/li>\n\n\n\n<li>Complete the registration by providing required details and uploading scanned documents.<\/li>\n\n\n\n<li>Make the initial contribution and pay registration charges online.<\/li>\n\n\n\n<li>Your NPS account will be opened after successful verification.<\/li>\n<\/ol>\n\n\n\n<h2 id=\"required-documents\" class=\"wp-block-heading\">Required Documents<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Proof of Identity<\/strong>: <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/pan-card\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">PAN card<\/a>, Aadhaar card, passport, etc.<\/li>\n\n\n\n<li><strong>Proof of Address<\/strong>: Utility bills, bank passbook, <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/property-tax\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">property tax<\/a> receipt, etc.<\/li>\n\n\n\n<li><strong>Photographs<\/strong>: Recent passport-sized photos.<\/li>\n\n\n\n<li><strong>For Online Registration<\/strong>: Valid email ID, mobile number, and an active bank account. <\/li>\n<\/ul>\n\n\n\n<p>By enrolling in the NPS through South Indian Bank, you can take a significant step toward securing your financial future with a structured and flexible retirement plan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Pension System (NPS) is a government-backed retirement savings scheme designed to help individuals build a secure financial future. South Indian Bank, authorized by the Pension Fund Regulatory and Development Authority (PFRDA), serves as a Point of Presence (PoP) for NPS, facilitating account opening and management for its customers. Eligibility Criteria To open an [&#x2026;]<\/p>\n","protected":false},"author":9,"featured_media":0,"menu_order":0,"template":"","meta":{"footnotes":""},"class_list":["post-7460","glossary","type-glossary","status-publish","hentry"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/9"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7460\/revisions"}],"predecessor-version":[{"id":7461,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7460\/revisions\/7461"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=7460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}