Everyone wants a relaxed life after retirement. Now how can we even imagine resting without money? Therefore, after retirement, you should have a lot of money, for this you should start preparing quickly and properly. After retirement, you should have a significant amount, so you should start investing today. You can invest in multiple options to make a big fund for retirement life. One of these is the National Pension Scheme (NPS). NPS can make you a millionaire at the time of retirement. The good thing is that you will not have to deposit any hefty amount in it. You can also become a millionaire by depositing a small amount every month.
Become a millionaire on retirement
If you want to become a millionaire on retirement, then you have to invest Rs 2220 in NPS on a monthly basis. That is, if you look at the daily basis, then you have to deposit 74 rupees daily. In this way, you will invest a total of Rs 10.65 lakh in 40 years. Now consider the estimated return at 9 percent. In this way, you will get a total of Rs 1.02 crore on maturity. Also you will have tax saving. During this time, you will be able to save tax of Rs 3.21 lakh.
You will get pension
You will not be able to withdraw Rs 1.02 crore simultaneously. Keep in mind that out of this, you will be allowed to withdraw 60 percent of the money simultaneously. The remaining 40% of the money will be deposited in the annuity plan, from which you will get pension. In this way, you will be able to withdraw Rs 61.59 lakh simultaneously, while Rs 41 lakh will go in annuity plan. With this, you will get a pension of Rs 27000 every month after retirement.
How to open NPS account
You do not have to travel anywhere to open an NPS account. Rather, you can open an NPS account right from your home in the current crisis environment. To open an NPS account, go to the official website of any bank. Go to the New Registration link on the online Subscriber Registration page there. Then enter the virtual ID number, from which you will get the OTP on the registered number. Then generate an enrollment number and after this enter your personal details. After this, obtain the PRAN number and log in.
How to get returns
For your information, let us know that NPS is a market linked scheme. The return on it depends on the equity market. Here the returns can also be low. There is no possibility of getting a fixed or similar return.
Double tax rebate
An additional tax exemption of Rs 50000 can be taken in NPS above Rs 1.5 lakh. You get an additional tax exemption of Rs 50000 for contribution to NPS under Section U / S 80 CCD 1 (B) of Income Tax Law. In this way, you get tax rebate on annual investment of up to Rs 2 lakh in NPS.
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