In this government scheme, you will get pension every month after retirement. Also, you can take 60 percent of the total amount as a lump sum.
Savings and right investment are a means of safe living for the common middle class. Among the many options for retirement, the government-initiated National Pension System is a great option for those who want to adopt a different option from the traditional way of investment. Such people can start saving in NPS with very small amount and can also earn big profits over time.
In this government scheme, you will get pension every month after retirement. Also, you can take 60 percent of the total amount as a lump sum. Under this scheme, if you save 74 rupees daily, then at the age of 60 years, you can create a fund of 1 crore rupees.
Such a fund will become 1 crore rupees
Monthly Investment in NPS – Rs 2220
Total
Contribution in 40 Years – Rs 10.65 Lakh Estimated Return on Investment –
Total Amount on 9% Maturity – Rs 1.02 Crore
Total Tax Saving – Rs 3.21 Lakh
60 percent can withdraw money
In the National Pension System, you cannot withdraw the entire money in one go, but you can withdraw only 60 percent of it. That is, you can withdraw 61.59 lakh rupees from a fund of 1 crore rupees. The remaining 40 percent will have to be put in the annuity plan, so that you get pension every month.
After investing Rs 41 lakh in annuity plan, after the age of 60, you will get more than Rs 27,000 as pension every month.
How to open e-NPS account like this
One can log on to the official website of any bank to open an NPS account. Click on the New Registration link on the online Subscriber Registration page. Enter your virtual ID number and get the OTP on the registered number. Generate an acceptance number and fill in personal information. After filling the information, obtain the PRAN number and log in.
Explain that the National Pension System was started in January 2004 for government employees. It was opened to all categories of people in 2009. Any person can contribute regularly to the pension account during his working life.
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