Great opportunity! Pensioners will get Rs 2 lakh pension every month after retirement, Know Details
New Delhi: Every salaried employee would want to accumulate a fund for his or her stable future, so that a good retirement life can be envisioned. There are numerous types of investments accessible for this purpose. The National Income System (NPS) is one of them.
NPS Pension: Savings Scheme
NPS is a voluntary Pension Scheme of Government of India managed by Pension Fund Regulatory and Development Authority (PFRDA).
NPS Pension: Great benefits
The National Pension System is a defined contribution retirement savings scheme administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA). The pension cum investment scheme provides old age security to Indian citizens. It brings an attractive long term saving avenue to effectively plan your retirement through safe and regulated market-based return.
NPS Pension: Scheme Details
Any individual citizen of India (both resident and Non-resident) in the age group of 18-70 years (as on the date of submission of NPS application) can join NPS. Although, opening multiple NPS accounts for an individual is not allowed under NPS, an Individual can have one account in NPS and another account in Atal Pension Yojna.
NPS Pension: Income tax exemption
An additional deduction for investment up to Rs 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1B). This is over and above the deduction of Rs 1.5 lakh available under section 80C of Income Tax Act 1961.
A monthly pension of Rs 2 lakh will be given
By depositing Rs 5000 every month in NPC for 40 years, you will get Rs 1.91 crore. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, the investor will get a monthly pension of Rs 63,768 from the annuity till the lifetime of the investor.
Rs 63,768 monthly pension in 20 years
If you invest Rs 5000 every month from 20 years till retirement then you will get a lump sum maturity amount of 1.91 crore to 1.27 crore. After this you can get a monthly pension of Rs 63,768 every month at 6% return on Rs 1.27 crore.
There are two types of NPS
There are two types of NPS, NPS Tier 1, and NPS Tier-2. The minimum investment in tier-1 is 500 rupees while in tier-2 it is 1000 rupees. However, there is no maximum investment limit. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, corporate debt and government bonds. If there is more exposure in equity, it also gets more returns. Please note that any investment should be done in consultation with your investment advisor.
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