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Finance - Want Money after Retirement? Here’s how National Pension Scheme will Help #India
Want money after retirement? Here’s how National Pension Scheme will help
National Pension Scheme or NPS is a government funding scheme who are looking to invest for their retirement days. Click here to know all about the NPS scheme.
The National Pension Scheme or NPS is a government-sponsored social security scheme available to all Indians seeking a low-risk investment mode for their retirement days. According to the scheme, an investor makes deposits in the NPS account regularly. Upon retirement, the investor can withdraw a part of the accrued funds. The rest is doled out to the investor as monthly pension.
The NPS had been initially launched by the Pension Fund Regulatory and Development Authority (PFRDA) for government employees but is now available to all Indians, including NRIs on a voluntary basis. It is primarily a long-term investment plan for those planning to secure their future. As the name suggests, investments mature when the account holder is 60 years old.
The NPS scheme is available to everyone, including salaried employees and those working in the unorganised sector. NPS accounts are of two types—Tier I and Tier II. The Tier I account is the default pension account created for everyone opting for the NPS scheme. One has to open the Tier I account with a minimum of Rs500. This account offers a tax benefit to the account holder. A Tier II account has to be created by the investor voluntarily with a payment of Rs250 only. This account does not offer tax benefits.
Investments in the scheme up to Rs 2 lakh are eligible for tax deductions. While investments up to Rs1.5 lakh are eligible for deductions under section 80(C) of Income Tax Act, an additional contribution of Rs50,000 can be claimed as NPS tax benefit.
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