Nation Pension Scheme | Invest in NPS | Retirement Planning
National Pension System (NPS) is a voluntary pension cum investment scheme available for employees who work in the public, private, and unorganised sectors (excluding the Armed Forces). This pension scheme allows people to invest money regularly during their employment tenure and avail retirement benefits. The Government of India introduced NPS in 2004 with the intent to provide old age security to all citizens of India.
NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). After retirement, subscribers can take out a certain percentage of the corpus. As an NPS account holder, you will receive the remaining amount as a monthly pension post your retirement.
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NPS is a voluntary savings scheme that allows you to make a defined contribution without any compulsion, persuasion, or legal obligation.
NPS has a great variety of investment options to choose from as per your financial needs and requirements.
You can access your account from any place, at any time. NPS is significantly effective even when you change employers.
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NPS allows a subscriber of 60 years to withdraw 60% of the total saving capital in the form of lump-sum tax-free. You will have to buy an annuity using the remaining 40% to get a pension income regularly.
The National Payment Scheme is available for every citizen in India who is between 18-65 years old.
A subscriber before 60 years old can take only 20% as a lump-sum withdrawal of the total saving capital, but it is possible only after completing ten years. You will not have to provide any tax on 20%. With the remaining 80%, you will have to regularly buy an annuity to get a pension income. This is commonly called premature exit.