Rs. 75 per year for contributions between Rs. 3,000 to Rs. 6,000.
Rs. 100 per year for contributions above Rs. 6,000.
(Applicable only for NPS citizens)
|Credit cards||Percentage (%) of transaction value||0.75%|
|Internet Banking||The flat rate in INR||0|
Any Indian citizen can open the NPS account .
The minimum age eligibility for opening the NPS account is 18 years whereas the maximum age limit for opening the NPS account is 65 years.
The applicant should be KYC compliant.
The applicant should both have any pre-existing NPS account.
There are two types of accounts that NPS offers:
It is a basic pension account with limitations on withdrawal
Before attaining 60 years of age, only 25% of the contribution can be withdrawn while the rest 75% has to be necessarily used for buying the annuity from a life insurer. An annuity is a series of payments made at fixed intervals of time. Annuity plans necessitate the insurer to pay the insured income at regular intervals until his death or till maturity of the plan.
After attaining the age of retirement also (60 years), close to 60% contribution can be withdrawn and the rest 40% again has to be used to purchase the annuity from approved life insurers.
It is a voluntary savings option from which a person can withdraw money limitless.
The individual/organization that takes decisions regarding any portfolio of investment (mostly a mutual fund, pension fund, or insurance fund), as per the stated goals of the fund. It is necessary to opt for a fund manager while opening the account.
The money is managed by seven fund managers appointed by the PFRDA. Following are the pension funds registered under the National Pension Scheme.
LIC Pension Fund Ltd.
SBI Pension Fund Pvt. Ltd.
UTI Retirement Solutions Ltd.
ICICI Prudential Pension Fund Management Co. Ltd.
HDFC Pension Management Co. Ltd
Kotak Mahindra Pension Fund Ltd.
Aditya Birla Sunlife Pension Management Ltd.
Tata Pension Management Ltd.
Max Life Pension Fund Management Ltd.
Axis Pension Fund Management Ltd.
Features of NPS Tier-1 and NPS Tier-2 account
|In the case of Government funds, the contribution from the employee's side is 10% basic salary + dearness allowance with the same contribution from the employer.||The contribution is Rs. 1,000 at the time of account opening or a minimum contribution of Rs. 250 per month can also be chosen. Also, it is necessary to maintain a minimum balance of Rs. 2,000 at the end of the financial year.|
|But in the non-government fund, the investor pays Rs.6000; with a choice of paying at least Rs. 500 per installment||-|
|In a Government fund, the default investment is made mostly in Corporate and Government bonds||The investment is a mix of equity, corporate bonds, government funds, FDs, liquid funds, etc.|
|In a non-Government fund, the default investment is in stocks, corporate bonds, government funds, FDs, liquid funds, etc.||-|
Trending in pension plan Family Pension Scheme Corporate National Pension Scheme How To Get a Monthly Pension of Rs 10,000? National Social Assistance Programme (NSAP) Pradhan Mantri Kisan Samman Nidhi (PM KISAN) Life Annuity Plan Jeevan Pramaan RajSSP Viklang Pension Yojana Vridha Pension Elabharthi Top 15 Pension Plans in India NPS Tier 2 Account Advantages and Disadvantages NPS Calculator for Government Employees Post Office NPS Calculator 2023 NPS Interest Rate 2023 Employee Pension Scheme (EPS) NPS Calculator 2023
As National Pension Scheme allows individuals to make systematic investments, liquidity is never an issue. To enjoy liquidity benefits, the subscriber needs to have any of the below-mentioned accounts along with a unique Permanent Retirement Account Number (PRAN).
Functions as a pension account
Withdrawn are subject to specific restrictions
The account can be opened with a minimum deposit of 500 rupees
Functions as voluntary account
Offers liquidity of funds through investments and withdrawals
Account can be opened with a minimum deposit of 250 rupees
Tier-I account needs to be active to open a Tier-II account
Let us look at the table to understand Tier-I and Tier-II account of the National Pension Scheme better
|Eligibility||Any Indian citizen between 18 & 65 years of age||Members of Tier I only|
|Lock-in||Till the age of 60 years||Nil|
|Minimum number of contributions in the year||1||Nil, you can choose not to make any contribution in a year|
|Minimum contribution for account opening||Rs 500||Rs 1,000|
|The minimum amount for subsequent contribution||Rs 500||Rs 250|
|Minimum number of annual contributions||Rs. 6,000||Not mandatory|
|Fund management charge||Same as Tier-II||Same as Tier-I|
|Available asset classes||Same for both|
|Equity (E): Predominant investment in Equity market instruments. Maximum 75%|
|Corporate Debt (C): Scheme invests in Bonds issued by Public Sector Undertakings (PSUs), Public Financial Institutions (PFIs), Infrastructure Companies and Money Market Instruments|
|Government Securities (G): Scheme invests in Securities issued by Central Government, State Governments and Money Market Instruments|
|Alternative Investment Funds (A): In this asset class, investments are being made in instruments like CMBS, REITS, AIFs, etc.|
|Tax benefits on the contribution||For Tier-I investments, tax is deductible within the total ceiling of 1.5 lakh under Section 80CCD (1)||No tax benefit|
|Allowed up to Rs.50,000 as deductions towards Tier-I contributions under 80CCD 1(B)|
|Taxation on withdrawal||At maturity, the entire corpus is tax-exempt||The entire corpus can be withdrawn, which is added to income and taxed as per the tax slab one falls in|
This table gives you a wide idea as to how Tier-I and Tier-II account for National Pension Scheme works. Study the table carefully and make an informed decision.
*Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product by an insurer or any other financial product.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
|E||Index-based Stocks||Carry market risk like any large-cap equity fund||3.79%|
|C||Bonds issued by State Govt, PSUs and Private Firms||Going by the quality of companies, the risk would be low.||8.66%|
|G||Bonds issued by Central Govt.||Lacks default risk but volatility can't be avoided in long term bonds.||5.92%|
Depending on how open the investor is to risk, the corpus can be divided among these three fund classes. Exposure to equity cannot be more than 50%. However if the allocation is not specified, the exposure to various classes, especially equity is decided on the basis of age.
The above figure also tells us about the average performance of National Pension Scheme funds in different classes.
The investment mix according to the age of the investor:
|Up to 35 Years||50% Equity and 50% Debt|
|40 Years||40% Equity and 60% Debt|
|45 Years||30% Equity and 70% Debt|
|50 Years||20% Equity and 80% Debt|
|55 Years||10% Equity and 90% Debt|
So with increasing age, the investment corpus gets more inclined towards Debt
Non-Residential Indians (NRIs) can also open a National Pension Scheme account and can make full use of the benefits they carry. The NPS is a retirement savings scheme launched by the Government of India with an objective to secure the life of an individual financially after retirement. The eligibility criteria for NRIs who want to open an NPS account are.
The individual should age between 18 years -60 years.
The individual must complete the KYC norms.
OCIs and PIOs are not eligible.
The contribution towards the national pension scheme should come either from an NRE or NRO account.
The investment portfolio of the NPS account is highly diversified and offers the flexibility to the investors to choose the ratio of funds that should be allotted across different investment options.
Investment can be made in different assets such as corporate bonds, equity, and government securities.
As per the risk appetite of the investor, up to 85% of the fund can be diverted to the corporate bond or equity or government securities.
NPS offers two types of investment options for NRIs:
Active Choice - the NRI investors can decide the ratio of investment and asset classes.
Auto Choice - Based on the age of the investor, the investment is done on behalf of the NRI investor.
Every subscriber is given PRAN card with 12-digit unique identification number.
The Pension Fund Regulatory and Development Authority of India regulates the operations of the National Pension Scheme. PFRDA offers both online and offline process to open an NPS account. The individuals can register and obtain the subscription for the NPS scheme through the online platform of eNPS or the offline process. Let's take a look at how to open an NPS account.
An individual can now open an NPS account in a simple and hassle-free way. To open an NPS account online, it is important to link the account to the PAN, Aadhaar, and mobile number. Let’s take a look at the steps to open the NPS account online.
Go to the website of enps.nsdl.com.
Choose the type of subscribers from the available option' corporate subscriber' and 'individual subscriber'.
Choose the appropriate residential status. The option includes “ India Citizens” and “NRI”.
Select for either Tier I account type or both the accounts as it is mandatory for long-term savings.
Enter the PAN details and choose a suitable POP or bank.
Click on the registration and choose the option of ‘register with Aadhaar’.
Enter the Aadhaar number and click on the option of ‘generate OTP (One Time Password)’.
An OTP will be sent to the registered mobile number.
Enter the OTP along with personal information, bank details, and nomination details.
Once the application form is successfully submitted, the Permanent Retirement Allotment Number (PRAN) will be allotted to the applicant.
Once the individual submits the e-signature and photograph and OTP will be sent to the registered mobile number.
Enter the OTP to verify the signature and make payment.
Once directed to the payment gateway, process to make payment of the required charges via net banking.
Once the payment is done successfully, the permanent retirement account number will be generated
To open the NPS account manually or offline, the individual will require finding Point of The individual will require collecting the subscriber form from the nearest PoP and submitting it along with the completed KYC papers. Once the individual makes the initial investment, the point of presence will send you a Permanent Retirement Account Number (PRAN). The PRAN number and password in the sealed welcome kit will help the individual to operate the account. The offline process to open the NPS account includes one-time registration fees of Rs.125.
While this is the process of registration for the National Pension Scheme for all subscribers, the NRIs need to complete a few additional steps to complete the process.
Choose the status of the bank account i.e. repatriable or non- repatriable.
Provide the details of the NRE or NRO bank account along with a scanned copy of the passport.
Choose an appropriate communication address i.e either overseas address or permanent address.
Once the permanent retirement account number (PRAN) is allotted the applicant will need to proceed further for the authentication.
For the e-sign option, the applicant will need to choose the option of e-sign from the E-sign/ print & courier page.
Authenticate with OTP sent on the registered mobile number. Note that the number should be linked with your Aadhaar Card.
After Aadhaar authentication, the registration form is successfully signed.
It is important to note that a service charge is applicable for NRIs for E-signing the registration form.
Besides NPS, the other popular tax saving investment instruments available in the market U/S 80C are Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), and tax-saving fixed deposits (FDs). Let’s take a look at the comparison between NPS and other tax-saving instruments.
|NPS||9%-12%||Till retirement||Market-related risk|
|ELSS||12%-15%||3 years||Market-related risk|
|PPF||7.1% (Guaranteed)||15 years||Risk-free|
The NPS can earn higher returns as compared to PPF and FDs, however, it is not as tax-effective on maturity as compared to other investment options. For example, the subscribers can withdraw 60% of the accumulated fund from the NPS account on maturity. However, out of this 60%, 20% is taxable. The taxability on NPS scheme withdrawals is subject to change.
Any individual aged between 18 years and 60 years can open the National Pension Scheme Account.
National Pension Scheme is best suited for individuals who are unable to decide their asset allocations or do not have time to manage their investment.
An NPS is a completely government-backed scheme and any person who wants to plan their early retirement and does not wish to take high-risks should undoubtedly go for it.
A salaried person who wants to take the best advantage of 80C deductions, should consider National Pension Scheme.
A person planning to retire should go for NPS scheme. The following person can buy National Pension Scheme
Any India residing citizen can open the NPS account
The minimum age eligibility for opening the NPS account is 18 years whereas the maximum age limit is 65 years
The applicant should be KYC compliant
The applicant should not have any pre-existing NPS account
National Pension Scheme calculator allows the subscriber to compute the provisional lump-sum and pension amount.
At the time of retirement based on the monthly contributions, a subscriber can expect:
The annuity purchased
The expected rate of returns on investments
As per National Pension Scheme rules, any individual aged between 18 years and 60 years can open the National Pension Scheme Account, and hence can use NPS Calculator .
To use the National Pension Scheme calculator, you have to follow these simple steps:
Step 1: Enter the amount to be invested every month
Step 2: Enter your present age
Step 3: Use the slider to select the expected rate of return
Step 4: Get results within seconds
Note that, National Pension Scheme calculator illustrates tentative pension amounts and does not guarantee exact numbers.
Expected Return on Investment
Percentage of Corpus Allocated for Pension
Expected Return from Pension
National Pension Scheme offers a current interest rate of 9% - 12% depending on the subscribers and type of scheme.
National Pension System offers different options of investment to the subscribers and also provides them the option to choose the fund managers as per their choice. Depending on the scheme chosen by the investors NPS offers an interest rate of up to 9%-12% as compared to other investment instruments.
The withdrawal of the accumulated fund from the NPS account is allowed at the age of 60. However, NPS also offers the facility of premature withdrawals in certain conditions. Let’s take a look at the withdrawal process of NPS.
In the case of maturity of the scheme in 60 years, the subscribers can withdraw 60% of the accumulated corpus from the NPS account, whereas, the rest 40% of the accumulated amount is used to purchase the annuity. The subscribers will need to provide the withdrawal details and bank account to the aggregator to Upload the information to the CRA system for execution.
As a pension scheme, it is compulsory to invest in NPS until 60 years of age. However, partial withdrawals are applicable after completion of 3 years from the date of opening the account. The subscribers can withdraw up to 25% of the total contribution made. Premature withdrawal is only applicable in case of specific circumstances like sponsoring a child’s education, purchasing a house, or in case of any medical emergency. The subscribers can make a withdrawal up to 3 times in the intervals of 5 years in the entire tenure. These rules are only applicable to the Tier I account and not on the Tier II accounts.
In case of the demise of the subscribers, the entire accumulated corpus is transferred to the beneficiary or the legal heirs. The beneficiary or the legal heir will have to contact the aggregator with the required documents like identity proof of the beneficiary, death certificate, etc. for the withdrawal of the fund.
The following is the list of different forms available for different categories of withdrawal requests.
|This form can be used by government employees, who want to make withdrawal post-retirement.|
|This form can be used by corporate employees and other citizens who want to make a withdrawal on superannuation|
|Applicable for subscribers who are part of the Swavalamban sector and want to make a withdrawal on the superannuation|
|This form can be used by government employees, who want to make a withdrawal before retirement.|
|This form can be used by corporate employees and other citizens who want to make a withdrawal before superannuation|
|Applicable for subscribers who are part of the Swavalamban sector and want to make a withdrawal before superannuation|
|This form can be used by the beneficiary/legal heir of the government employees, who was an NPS subscriber. The nominee can fill the form to claim the accumulated amount in the account of the subscriber.|
|This form can be used by the beneficiary/legal heir of the corporate employees and other citizens who were an NPS subscriber. The nominee can fill the form to claim the accumulated amount in the account of the subscriber.|
|Applicable for the beneficiary/legal heir of subscribers who were part of the Swavalamban sector. The nominee can fill the form to claim the accumulated amount in the account of the subscriber.|
Q: can i have two nps accounts, q: how can a subscriber contribute to nps, q: can a subscriber make contributions in his / her nps account before receipt of the pran card, q: who is eligible for national pension scheme, q: what is the lock-in period for the national pension scheme (nps), q: how can i join the national pension scheme.
Q: what are the tax benefits of the national pension scheme, q: how can i pay nps online.
Q: which scheme of nps is the best.
Best Performing Tier-I Returns under Scheme E – 2023
|HDFC Pension Fund||25.92%||17.97%||17.14%|
|ICICI Prudential Pension Fund||26.34%||17.49%||16.11%|
|Kotak Mahindra Pension Fund||27.25%||17.85%||16.52%|
|LIC Pension Fund||27.78%||15.96%||14.79%|
|SBI Pension Fund||24.15%||15.98%||15.39%|
|UTI Retirement Solutions||25.54%||16.15%||15.88%|
Best Performing Tier-II Returns under Scheme E – 2023
|HDFC Pension Fund||25.76%||17.90%||17.09%|
|ICICI Pension Fund||26.29%||17.58%||16.21%|
|Kotak Mahindra Pension Fund||27.15%||17.59%||16.38%|
|LIC Pension Fund||27.78%||15.84%||14.52%|
|SBI Pension Fund||24.08%||16.06%||15.47%|
|UTI Retirement Solutions||26.26%||16.50%||16.20%|
Q: what is nps interest rate, q: is nps tax-free on maturity.
25 Apr 2023
12 Apr 2023
06 Apr 2023
03 Apr 2023
Follow us on
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurgaon - 122001, Haryana Tel no. : 0124-4218302 Email ID: [email protected]
Policybazaar is registered as a Direct Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2023 policybazaar.com. All Rights Reserved.
Invest ₹6,000/ month
& Get Tax free Pension of ₹60,000*/ month
On clicking on Invest Now, you will be redirected to 3rd Party page/ gateway owned / operated by an independent party i.e Smallcase Technologies Pvt. Ltd. (“Smallcase”) over which UTI Mutual Fund has no control/influence ("3rd Party Gateway"). Any link you access/click to or from the 3rd Party Gateway will be solely at your own risk and consequences. Any use of the 3rd Party Gateway will be subject to and any information you provide and will be governed by the terms of the 3rd Party Gateway, including those relating to confidentiality, data privacy and security.
UTI Mutual Fund is not the owner or operator of the 3rd Party Gateway in any manner or responsible or liable for the goods and services offered by the 3rd Party Gateway or for anything in connection with such 3rd Party Gateway. UTI Mutual Fund does not endorse or approve and makes no warranties, representations or undertakings relating to the content of the 3rd Party Gateway.
UTI Mutual Fund disclaims any liability whatsoever, for any loss, damage and any other consequence resulting directly or indirectly from or relating to your access to the 3rd Party Gateway or any information that you may provide or any transaction conducted on or via the 3rd Party Gateway or the failure of any information, goods or services posted or offered, as the case may be, at the 3rd Party Gateway or any error, omission or misrepresentation on or due to the 3rd Party Gateway or any computer virus arising from or system or any other failure associated with the 3rd Party Gateway.
By clicking "Proceed", you will be confirming that you have read and agreed to the terms herein.
“Shukriya” (“Thank You”)
The people working in the Financial Services sector at all levels, from the Ministry down to the last village level Business Correspondent, have helped transform this sector over the past 75 years. During Covid, this sector did not shut down. The people in Financial Services were as much front-line workers as any other sector, in the fight against Covid. The people of this sector deserve our collective gratitude. This music/video is addressed to them, and captures this sentiment.
For registration under NPS you may contact the nearest UTI branch office or Click to download the application form and Contribution deposit slip.
Common Application Form
Additional Contribution Slip
National Pension System (NPS) is a ‘Government of India’ initiative with an objective of Development of a sustainable and efficient voluntary defined contribution Pension System in India. It is regulated by Pension Fund Regulatory and Development Authority (PFRDA).
NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under NPS, the individual contributes to his retirement account and also his employer can also co-contribute (under Corporate tie-up) for the social security/welfare of the individual. NPS is designed on Defined Contribution basis wherein the subscriber contributes to his / her account. The savings create a Retirement Corpus (Pension Wealth) through the baskets of investments i.e. Equity (E), Corporate Bonds (C) Govt. Securities (G) and Alternate Assets (A) commonly known as E, C ,G and A.
NPS can be joined by any citizen of India, whether Resident or Non-Resident between 18-65 years of age. There are two models under which an Individual can register himself in NPS and take the benefits of the scheme.
The tax rebate applicable in above points (i) and (ii) are over and above the existing standard deductions under IT Sec 80CCE limit of 1.5 Lakhs.
Click here to receive more details on this .
Types of NPS Account: Tier-I account: All the tax benefits discussed in above points are over and above the existing standard deductions under IT Sec 80 CCE limit of 1.5 Lakhs and are only available under the NPS Tier 1 account.
Tier-II account: This is a voluntary savings facility. The applicant will be free to withdraw his savings from this account whenever he wishes to. This is a not a retirement account and the applicant cannot claim any tax benefits against contributions to this account.
NPS gives you the undernoted unique advantages which will help you built the best possible retirement corpus:-
i) Employer’s Contribution: Deductible up to 10% of salary (Basic + DA) as additional deduction under section 80CCD(2). It has no upper cap on the amount
ii) Employee’s Contribution: Opportunity of extra tax savings under Sec 80 CCD (1B) up to Rs.50,000/-
The tax rebate applicable in above points (i) and (ii) are over and above the existing standard deductions under IT Sec 80CCE limit of 1.5 lakhs
The process for enrolling in NPS is very simple. If you are an individual between 18 years to 65 years you can register either by downloading the forms available under the section ‘ Invest in NPS’ and submit it to the nearest UTI Branch office
The registration form is also readily available at all the UTI branch offices. You may visit the nearest UTI branch for additional information on NPS.
You will be required to undergo the following steps:
A.Fill up the NPS Application form with Black INK and deposit it along with the Additional Contribution Slip form to the nearest UTI Branch office
B. Documents to be attached along with the NPS Application Form (i) One colour photograph to be pasted on the Application Form (ii) Proof of Address (AADHAAR Card/ Bank passbook/ Voter ID/ Passport etc.) (iii) Identity Proof (PAN Card/ Driving License/ Passport) (iv) Contribution cheque drawn in favour of "UTI AMC Collection Account - NPS Trust"
NPS is superior to other perceived Retirement plans because of the following reasons:
The additional tax benefits which can be availed in addition to the existing standard Income Tax deduction u/s 80CCE. The tax rebate under u/s 80CCD(1B) and under u/s 80 CCD(2) are over and above the 1.5 lakhs limit under u/s 80 CCE
NPS is having the lowest expense ratio as compared to any other retirement plan
The only available retirement plan which has the flexibility of :
a.Choosing the Asset allocation between Equity, Corporate Bonds, Government Security and Asset class
b.Choosing Pension Fund Managers (PFM) as per the performance and the services offered from the current list of 8 PFMs
iv. The biggest feature of NPS being its prime objective of creating a corpus for Retirement which remains intact even after retirement. The annualized returns on the corpus yields the returns which are paid as monthly pension
v . NPS is not only tax efficient during the working age but also even after retirement
NPS is a long term retirement savings scheme which builds up the pension wealth through effective investments of the subscriber contributions over the term of the subscriber’s continuation in the scheme. The greater the value of the contributions made, greater the investments achieved, the longer the term over which the fund accumulates and the lower the charges deducted, the larger would be the eventual benefit of the accumulated pension wealth likely to be. The subscriber can exit from NPS and withdraw the accumulated pension wealth in the following manner and no other exits or withdrawals are permitted:
For subscribers joining between 18-60 years:
For subscribers joining between 60-65 years: The exit conditions for subscribers joining the NPS beyond the age of 60 years in the NPS –Private Sector will be as under:
The subscribers would be able to purchase the annuities directly from the empanelled Annuity Service Providers (ASP) as per their choice of annuity that is available in the market/with the ASPs.
Tax free partial withdrawals are allowed after vesting age which is up to 25% of self contribution. One can withdraw for 3 times during entire tenure for meeting specific financial needs (children education / marriage / purchase of house/medical treatment/skill development).
The Pension to be earned at retirement will depend on your invested amount, years of investment done, interest earned on the corpus and the percent of Annuity availed on the corpus. Click on the Pension Calculator to know your pension amount.
Read More > >
If you have any feedback / suggestion / complaint / query, please Click here For further clarification and assistance, please contact any of our branch offices across India or email us at [email protected] You can also visit the website of PFRDA and NPS Trust. For any grievances email us at [email protected]
|Online Services Available|
|1||Mobile Number||6||Nominee Details|
|2||Landline Number||7||Updation of PAN|
|3||Email ID||8||FATCA Details|
|4||Address Details||9||Scheme Preference / Fund Manager Change|
|5||Bank Details||10||Exit / Withdrawal (with Submission of Form to POP SP)|
National Pension Scheme (NPS), a government-sponsored pension scheme, was launched in January 2004 for government employees. It was opened to all sections in 2009. A subscriber can contribute regularly in a pension account during her working life, withdraw a part of the corpus in a lumpsum and use the remaining corpus to buy an annuity to secure a regular income after retirement.
By trailing returns.
What is national pension system (nps) ›, who can join nps ›, can a non resident indian (nri) join nps ›, how do i join nps ›, how can i find pops near me ›, what are the documents needed for opening an nps account ›, what is a permanent retirement account number (pran) ›, what are tier-i and tier-ii accounts ›, can i have more than one nps account ›, what is the minimum contribution in nps ›, what will happen if i don't make the minimum contribution ›, will the government also contribute to my nps account ›, who manages the money invested in nps ›, what are the investment choices available in nps ›.
Can i change my investment choices ›, can i change my scheme and pension fund managers ›, can i have different pension fund managers and investment option for tier i and tier ii account ›, what are the tax benefits available for nps ›.
Can i defer withdrawing the lumpsum amount at 60 ›, what if i want to take the money out before i am 60 ›, what happens to the money if i discontinue the scheme ›, what happens if the subscriber dies before 60 years ›, how do i withdraw the money from nps ›, what are the documents to be submitted along with withdrawal forms ›.
Who are the annuity service providers ›.
All about nps.
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Ppf to nps: 7 tax-saving schemes for retail investors to opt for before march 31.
The current fiscal year ends on March 31, providing the last chance to save tax. Section 80C allows you to claim up to Rs 1.5 lakh deductions in the Old Tax Regime. So, explore these investment options under the old tax regime to save taxes.PPF to NPS: 7 tax-saving schemes for retail investors to opt for before March 31
The National Pension System (NPS) is a defined contribution, voluntary retirement savings plan. Subscribers to the National Pension Plan (NPS) are entitled for tax breaks.
Tax planning: use your perks, nps cut tax by rs 1.4 lakh, charges of nps services: check details, use nps, perks to reduce income tax by rs 34,000; here's how.
Income Tax optimiser: Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
The last date to complete tax savings for current financial year is March 31, 2023. If an individual opts for old tax regime in FY 2022-23, then ensure that you have made specified investments under section 80C to save tax. Here are 9 tax saving investment options for FY 2022-23.
StockHolding is the recipient of the best POP (Point of Presence) award in various categories and it provides a 360-degree insight into people looking to begin their NPS journey.
See NPS if I have to put the non-government sector, during the last financial year that 2022-23, we crossed the landmark of 10 lakhs which is the corporate sector.
Who can you add as a nominee for your nps account.
NPS subscribers should keep in mind that they should only nominate certain individuals to their NPS account. If you name the wrong nominee, the election may be null and void.
Nps scorecard: 10 fund managers & how they help you save on taxes.
National Pension System (NPS) helps you to save tax in several ways. There are only ten NPS fund managers at present and the table below compares their performance. The data has been provided exclusively to ET.
In the month of April, a salaried employee is required to communicate about the preferred tax regime option to their employers. As Budget 2023, has announced many changes under the income tax laws. This makes it important for salaried employees to analyse both the income tax regime and then communicate the same to the employer.
Minister of Finance and Corporate Affairs Nirmala Sitharaman in a fireside chat with Bodhisatva Ganguli, Editorial Director of The Economic Times, at the ET Awards for Corporate Excellence 2023, said returning to the old pension scheme (OPS) “is probably going to be extremely impossible” because of the long-term burden of this move on the finances of those states that want to shift from the new pension scheme (NPS).ET Awards 2022: Returning to Old Pension Scheme is almost impossible, says FM Sitharaman
Nps rule change from april 1, 2023: you will have to mandatorily upload these documents for withdrawal from nps.
In order to speed up and simplify annuity payments after leaving the National Pension System, the Pension Fund Regulatory and Development Authority (PFRDA) has demanded that subscribers upload specific papers as of April 1, 2023. (NPS).
While net additions to the Employees' Provident Fund Organisation increased, new subscriptions to the Employees' State Insurance Corporation and National Pension Scheme declined.
Data Sources: Mutual Funds, ETFs, and NPS data are sourced from Value Research
Call us @ 08069405205
National Pension Scheme
What to study?
For Prelims: Key features, objectives of the scheme.
For Mains: Significance of the scheme and its role in ensuring financial security of the citizens.
Context : Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enrol in National Pension Scheme (NPS) at par with Non-Resident Indians.
What is National Pension System (NPS)?
Who can join NPS?
Sources: the Hindu.
Fixed Deposits Open FD
Domestic Fixed Deposits
(1Yr 11 days to 1Yr 24 days)
Less than 2Cr
2Cr to Less than 5Cr
(2Yr < 30Mts)
Loan Against Property (Floating)
Foreign Currency Exchange Rate
Banking is now at your fingertips with Axis Mobile! Give a missed call to 8422992272 to receive the download link for Axis Mobile via SMS
and 100% on road funding for 7 years with Axis Bank Car Loans.
with Axis Bank Home Loan and get 12 EMIs* waived off. *T&C apply
with interest rates starting at 10.25% p.a. *T&C Apply
and 100% on road funding for 8 years with Axis Bank Car Loans.
with interest rates starting at 10.25% p.a. *T&C apply
Secure income for your old age with this investment tool that offers market-based returns
Nsdl e-governance infrastructure limited.
Are you a subscriber interested in undergoing online training on NPS/APY, if so please Click here
National Pension System (formerly known as National Pension Scheme) is an investment cum pension scheme initiated by Government of India to provide old age security and pension to all citizens of India. It is an investment tool that provides market –based returns. Since it offers exposure to both debt and equity instruments, NPS offers attractive returns over the long term. Other advantages of NPS include additional tax benefits and the option to invest, check scheme details and transfer funds online. Axis Bank has been appointed by PFRDA to acts as one of the Points of Presence (POP) for NPS.
There are two models available under NPS :
Choice of investment models, two account options, dual benefit for investors.
Ensure income security in your old age.
This model is applicable to all Citizens of India and NRIs falling between the age group of 18 years to 70 years. Under NPS, two types of accounts are available to the subscriber - Tier I and Tier II. The contributions in Tier I account are savings for retirement and are non-withdrawable. Tier II account is a voluntary saving account.
The scheme features are common as in All Citizen Model. The differentiating features are as listed below:
To know more please, Click here For Contribution .
To know more please click here For Scheme Preference
To know more please, Click Here To know more about Scheme Preference
Tier 1 - The applicant shall contribute his/her savings for retirement into this restricted withdrawable account. This is the retirement account and applicant can claim tax benefits against the contributions made subject to the Income Tax rules in force.
Tier 2 – Opening of this account is optional for investment purpose. The subscriber has the flexibility to can withdraw from this account as per their requirements
**Failing minimum investment criteria leads to freezing of PRAN account as per the guidelines of PFRDA
|Particulars||Tier I||Tier II|
|Minimum Contribution required at the time of Account opening||Rs. 500||Rs. 1000|
|Minimum Subsequent Contribution Amount required||Rs. 500||Rs. 250|
|Minimum Contribution required per year||Rs. 1000||NIL|
|Minimum number of contribution required in a year||1||NIL|
NPS offers Subscribers two approaches to invest their money:
|Asset Class||Description of Fund|
|E||Investments in predominantly equity market instruments|
|C||Investment in fixed income instruments other than government securities|
|G||Investments in Government Securities|
|A||Alternate Investment Funds|
At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.
This is to inform you that by clicking on the "Accept" button, you will be accessing a website operated by a third party namely . Such links are provided only for the convenience of the client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com
This is to inform you that by clicking on the hyper-link/ok, you will be accessing a website operated by a third party namely Such links are provided only for the convenience of the Client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com
Cover arranged by Axis Bank for its customers under Digit Illness Group Insurance Policy (UIN GODHLGP20142V011920). Participation to group insurance is voluntary.
Please select one of the below options to proceed
What you need to know.
Plan for your retirement now, so you can enjoy your life later. Build a secure financial future with the national pension scheme, which ensures your money is invested safely and with reasonable market returns.
NPS is a Defined Contribution-based Investment Scheme launched by the Government of India for all Indian citizens (including NRI) in the age group of 18–60 years. Upon joining, an NPS Account is opened for the subscriber, and a unique Permanent Retirement Account Number (PRAN) is issued by the Government of India to each subscriber. Subscriber contributes to the NPS Account periodically until the age of 60 years and uses the accumulations (Pension Wealth) at retirement for getting a Pension. The scheme is regulated by Pension Fund Regulatory & Development Authority (PFRDA).
Tax exemptions on your contribution will apply as per NPS rules.
You can check the value of your investment on a daily basis.
It’s simple to join —all you need to do is open an account.
Your account is always yours and goes with you if you change jobs.
You can contribute up to 10% of your basic salary to your national pension scheme account. You can also contribute an additional INR 50,000 into your account to help your pension grow faster.
|Age 59 or younger, with at least 10 years of investing in plan||20% withdrawn as a lump sum |
80% as an annuity
|Age 60||60% withdrawn as a lump sum or as equal payments between ages 60 and 70 |
40% as an annuity
|Upon death||100% lump sum payable to your loved ones|
This page is only accessible within the PayPal firewall.
E.On is a diverse business with a long history of mergers and acquisitions. In the UK, most staff belong to one of three pension plans: career average and final salary arrangements that are closed to new staff, and an open defined contribution (DC) plan.
Ant Donaldson, senior specialist, employee benefits at E.On, says harmonising pensions was helped by the fact that the whole industry is part of the national Electricity Supply Pension Scheme (ESPS), a final salary scheme. “Whenever there is a merger or acquisition involving ESPS members, they are generally moved from one section of the ESPS to another,” he says.
Eight years ago, E.On closed membership of ESPS to new joiners and set up its own career average pension scheme. This was subsequently closed to new members two years ago, when E.On launched a contract-based DC scheme.
There have been some acquisitions that fell outside ESPS. “We have allowed schemes to run on where we felt this was the most sensible course of action,” says Donaldson. “Where appropriate, we have offered members of those schemes the choice to move to whichever of our main three plans was open at the time.”
Read more case studies
Jelf employee benefits research: employers unaware of removal of the default retirement age’s impact on pensions, case study: ice engineers dc pension membership rise, news alanysis: rising cost of workplace depression, case study: bae systems reshapes bonus scheme, glaxosmithkline plant employees strike after rejecting 6% pay deal, 4most employee trust makes significant payout to invested staff, liverpool and knowsley councils commit to real living wage for care workers, exclusive: 33% of staff motivated by gift card rewards.
Spouse entitlements.I note that very little has been done to. bring in line these payments. My wife will receive 57.5% of my pension,and yet another wife is only in receipt of 50%of her late husbands pension.Both men were in the employ of EEBoard for well over 35years Yet nothing has changed,Surely something could still be done to rectify the situation by now.
Threaded commenting powered by interconnect/it code.
Regulated by PFRDA, the National Pension Scheme matures at the age of 60 years and can be extended up to 70 years. Moreover, in the National Pension Scheme, the contribution made by the employer and the employee
National Pension Scheme (NPS), a defined contribution scheme, addresses the need for greater participation in pension plans /retirement savings ... This means any citizen of India can participate in the National Pension Scheme
National Pension System (NPS) is a ‘Government of India' initiative with an objective of Development of a sustainable and efficient voluntary defined contribution Pension System in India
Context: Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enrol in National Pension Scheme (NPS) at par with Non-Resident Indians
Axis Bank's National Pension Scheme (NPS) is the best pension cum investment scheme for retirement planning initiated by the Government of India
Build a secure financial future with the national pension scheme, which ensures your money is invested safely and with reasonable market returns. What is the national pension scheme?
Ant Donaldson, senior specialist, employee benefits at E.On, says harmonising pensions was helped by the fact that the whole industry is part of the national Electricity Supply Pension Scheme (ESPS), a final salary scheme