The central government is preparing for major changes in the pension related scheme soon. With this, crores of subscribers will get a big benefit.
If you have invested money in the National Pension System as an economic arrangement for your old age, then this news is very important. Because the central government is preparing to introduce new rules. According to media reports, retired employees will be allowed to withdraw their entire contribution (the entire amount deposited by the employee). Let us tell you that it was started in January 2004 for government employees but in 2009 it was opened to all people.
Through this scheme, any man / woman can secure his old age by depositing some amount every month during his working age.On completion of 60 years of age, he can withdraw a portion of the amount collected at one time and from the remaining amount, he can get income regularly as pension. With an investment of only 5 thousand every month from NPS, you can arrange a pension of 20 thousand in old age.
Any citizen of India, who is between 18 and 65 years of age, can take part in this scheme after some necessary procedures.
The responsibility of investing the amount deposited in the NPS is given by the PFRDA to the registered pension fund managers. They invest your investments in equity, government securities and non-government securities, as well as fixed income instruments.
Which rules are going to change now?
It has been told in media reports that PFRDA-Pension Fund Regulatory and Development Authority is preparing to change the NPS rules so that the subscribers can get more benefits.
It is being told that a person retiring soon will be able to withdraw all the money from his pension fund. Suppose if someone has a deposit of Rs 5 lakh, then he can withdraw the entire amount after retirement. At present, this limit is 2 lakh rupees.
Know about NPS scheme
Opening of the National Pension System (NPS) account is now easier. You can open an account by going to any government and private bank.
The government has made point of presence (PoPs) across the country. NPS account can be opened in these. Almost all the government and private banks in the country have been made POPs.
You can also access the Point of Presence https://www.npscra.nsdl.co.in/pop-sp.php through the website of the pension regulator PFRDA. An account can also be opened in the nearest branch of any bank.
For opening an account, 1. Proof of address, proof of identity, birth certificate or tenth grade certificate, Subscriber registration form is required.
There are two types of accounts in this scheme. Tier-1 and Tier-2. It is mandatory to open a Tier-1 account. Whatever amount you are depositing in this account, you cannot withdraw it before retirement.
You can withdraw the amount only when you go out of the scheme. At the same time, any Tier-1 account holder can open a Tier-2 account. In it, he can deposit and withdraw money at his own will. This account is not compulsory for everyone. It depends on your wish.
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