How To Transfer Money To Nps Account From Hdfc Bank

Pension accounts maintained under the National Pension System (NPS) allow regular contributions from subscribers.

This creates a retirement corpus while providing tax benefits during the contributing tenure. There are several ways in which one can make contributions to NPS Tier I and Tier II accounts.

Minimum contribution

During account opening, subscribers have to contribute Rs 500 for Tier I (pension) account and Rs 1,000 for Tier II (investment) account. Each fiscal, the subscriber has to contribute a minimum of Rs 1,000 for Tier I and Rs 250 for a Tier II account.

Modes of contribution

The subscriber can contribute either using physical mode or online mode through eNPS.

Form

To use the physical mode, the subscriber must fill up a NPS contribution instruction slip. This can be obtained from the nearest POP-SP or the NPS website. Details such as subscriber's PRAN, name, contribution and payment mode need to be provided.

Visit to POP–SP

Duly filled up contribution slip must be submitted to any POP-SP. The subscriber can find the nearest POP-SP by clicking on https://npscra.nsdl.co.in/pop-sp.php.

Using eNPS

Subscribers can register on https://enps.nsdl.com. One needs to submit PRAN and date of birth for authentication. An OTP will be sent to the subscriber's registered number. Contribution can be made using Net banking, debit and credit card.

Charges

At the time of opening the account, the charges applicable are Rs 200. For all subsequent transactions, the charges are 0.25% of the contribution amount, subject to a minimum of Rs 25 and a maximum of Rs 25,000. In case contribution is made using eNPS, the charges would be 0.10% of the contribution amount, subject to a minimum of Rs 10 and a maximum of Rs 10,000.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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