NPS Pension News: Currently, the annual return on the amount invested in NPS is between 9 percent to 12 percent. Additionally, you can claim tax benefits of up to Rs 2 lakh annually under Section 80 CCD(1) and 80 CCD 1(B) of the Income Tax Act, 1961.
NPS Pension News: Dealing with expenses during your retirement years can be challenging if you have not saved. However, effective retirement planning can help you build an adequate retirement corpus. To make this, you will have to consider investing in various options including pension plans.
One of the most popular government-backed pension schemes for retirement benefits is the National Pension System (NPS). The scheme is managed by the Pension Fund Regulatory and Development Authority (PFRDA) and apart from pension facility, it also provides tax benefits.
What is National Pension System (NPS)?
National Pension System (NPS) is a voluntary savings scheme available to all Indian citizens. This scheme, launched in 2004, was available only to government employees. However, later it was extended to all citizens between the age of 18 to 70 years.
The amount invested in NPS currently gives annual returns between 9 percent to 12 percent. Additionally, you can claim tax benefits of up to Rs 2 lakh annually under Section 80 CCD(1) and 80 CCD 1(B) of the Income Tax Act, 1961.
How to get 50 thousand pension every month?
According to the NPS calculator, if a person contributes Rs 6,531 per month to NPS from the age of 25 to 60 years, then he will get a pension of Rs 50,005 per month after 60 years. By 60 years, a person will invest up to Rs 27,43,020 and his fund will accumulate up to Rs 2,50,02,476. In this the person will get a benefit of Rs 2,22,59,456.
