NPS | What is NPS?

NPS (National Pension System)

Introduction

           NPS is a Voluntary Contribution Scheme for Retirement, which is introduced by Government of India in 1st January 2004, Initially it is developed only for Government Employees.

     From 1st May 2009, It is available to all citizens. Which is regulated by PFRDA (Pension Fund Regulatory and Development Authority). 

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Eligibility - Who can join

• Any person like Indian Citizen, Non-Resident Indians and OCI (Overseas Citizen of India)
• Between the age of 18 years to 70 years.

Objectives

• Provide income on towards their contribution for their retirement.
• Reasonable market based return over a long period of time.
• Make everyone independent on their retirement.

Benefits

• A Subscriber can claim tax benefit under Sec 80 CCD(1)  with in the overall ceiling of Rs. 1.5 Lac under Sec 80 CCE.
• An additional deduction for investment up to Rs.50,000 in NPS( Tier-I) under Sub section 80CCD (1).