How to start SIP in NPS through SBI net banking?


Hi friends, in this blog we are going to discuss about ‘how to start SIP in NPS through SBI net banking. We know that in today’s time we can start SIP in NPS account. But main thing is that you have to create virtual Id before start a SIP. After creating NPS virtual account you need to add this account number to your internet banking as beneficiary. After that you can start SIP using any bank internet banking.


We have already written blog on how to create NPS virtual Id and how to add NPS virtualId as beneficiary in SBI. You should read that process before processing for start SIP.


If you set auto debit facility in NPS account then you need not transfer fund to NPS account again and again. The money will be automatically deposited to your NPS account and you may also get same day NAV.


How to start SIP in NPS through SBI net banking:

You can start SIP in NPS through SBI only when if you have created virtual Id of your NPS account and added the virtual account number in SBI as a beneficiary. After doing this two steps follow the following steps.


STEP 1: Go to SBI internet banking login page and login with your user name, password and captcha code shown on the login page.


STEP 2: After logged in to your account you will see an option ‘payments/transfer’ option on the upper bar of the page. Click on that option.


STEP 3: A list of different options will be displayed on the screen. Since NPS virtual account is an Axis bank account so we have to go through the option ‘Other Bank Transfer’ option. Click on this option now.


STEP 4: In this step you will see three payment options IMPS, NEFT and RTGS. Select the option NEFT here.


STEP 5: Now the NEFT transfer page will open. Here you will see the list of other bank beneficiaries. First of all you need to select your savings bank account number from which your money will be debited.


After select the account number you have to enter the transferable amount. Enter the amount how much you wish to deposit in your NPS account every month.


Now you are asked to select purpose of transfer. Select the option as deposit/ investment. And then you have to select your NPS account from the list of beneficiaries.


Now you will see three options under the schedule date. The options are pay now, schedule latter and standing instruction. To start auto debit facility we need to select standing instruction option. After selected the option standing instruction a new form will open.


Here you have to enter frequency as months, Schedule payment as every month, the number of payment as you wish. After selecting all the details enter the starting date of SIP.


After entering all the details accept the terms and conditions by tricking on the box before the ‘terms and conditions’ option. If you wish to read the terms and conditions then you can read by clicking on the option ‘Terms & Conditions’. After tricking on terms and conditions click on the ‘submit’ button.


STEP 6: A pop up window will be appeared saying that you should ensure sufficient balance at the time of schedule payment to avoid penalty. Click on the ‘OK’ button here.


STEP 7: In this new page the details of your standing instructions will be appeared. Check all the details again. If all is OK then click on ‘confirm’ button.


STEP 8: An OTP will be received on your registered mobile number. Enter the OTP and click on ‘confirm’ here.


Now the standing instruction is successfully set. From now money will be automatically deposited to your NPS account as selected on the above steps.


If you want to watch this process on video then you can watch the following video. In this video also we have discussed the all points thoroughly.

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