NPS is a scheme under which money is arranged for your old age. After investing 5 thousand rupees every month for 30 years, after 60 years, you will get a lump sum of 68 lakh rupees.
Everyone wishes that their old age is cut easily. In old age, they do not have to face the financial crisis. But in the absence of better planning, his dream remains a dream. If you too are planning for your better tomorrow, then the government bank Punjab National Bank (PNB) can help you. PNB is giving people the facility to open National Pension System account. NPS is a scheme under which money is arranged for your old age.
NPS is a low cost product. There is a tax exemption under the Income Tax Act 80C & 80CCD (1B). Please tell that the National Pension System was started in January 2004 for government employees. It was opened to all categories of people in 2009.
PNB tweeted that invest in NPS and live a comfortable life after retirement. The bank said, it gets attractive market linked returns here. This is the pension funds and investment option. There is an additional tax rebate of Rs 50,000 under section 80CCD (1B) on investment. This section 80C is exempt from Rs 1.50 lakhs.
How to open e-NPS account
To open an NPS account, first log in to the official website of PNB. 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. The minimum age limit for investing in NPS is 18 years. While the maximum age is 60 years.
You will get one time 68 million rupees
Monthly investment in NPS – Rs. 5,000 –
Total contribution in 30 years – Rs. 18 lakhs
, Estimated return on investment – 10%
of total amount on maturity – Rs. 1.13 crores Purchase
of annuity – 40%
Estimated annuity rate – 8%
tax free withdrawal – Maturity amount.
Pension at the age of 60% – Rs 30,391 a month
Lump sum cash – Rs 68.37 lakh
Here calculus has been done on purchasing annuity with 40 percent amount on NPS calculator. It is necessary to buy a 40 percent annuity.