Karnataka Bank has launched ‘National Pension System’ popularly known as NPS at its Corporate Office, Mangaluru on February 16, 2017. The bank has introduced this scheme at select branches initially and plans to introduce it in a phased manner at all of its branches.
NPS is introduced by Government of India with an intention to provide old age financial security by way of regular income in the form of Pension. Any individual between the age 18 years - 60 years can register his name with the bank branch to contribute and to get the pension benefit under this scheme. The Investor can avail of the exemption to the extent of Rs 50,000 under Section 80 CCD 1[b] even though he is contributing towards any other pension schemes.
Karnataka Bank operates as a private sector bank. It products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.