Introduced by the Government of India, National Pension Scheme (NPS) is the solution to a secured life, post-retirement. This scheme functions as an investment and pension plan by providing income along with market-based returns which proves to be helpful, especially during old age. This national pension scheme was implemented on May 1, 2009, and individual subscribers are allotted with an exclusive Permanent Retirement Account Number (PRAN). At Finserv Markets, we understand that securing your future is important and hence bring to you an NPS scheme that promises 100% transparency and a host of tax benefits that can be availed.
Why choose Finserv Markets?
Features and Benefits
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Tax Benefits
NPS tax benefits under section 80CCD (1B) of the Income Tax Act offers subscribers an additional deduction of Rs. 50,000/-.
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Flexibility of Choice
Enjoy a host of investment options and fund managers, allowing subscribers the flexibility of choosing both. Subscribers can also switch between investment plans and fund managers.
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Portability & Online Tracking Facility
An NPS account can be operated from anywhere. With online accessibility, subscribers can change jobs and even move from one city to another and yet manage/track their NPS.
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Regulated Investments
NPS Contribution is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
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Flexibility of Investment Distribution
You can choose Auto or Active choice options for investment distribution. If ‘Active’ choice is selected, the percentage distribution among government securities, corporate bonds and equities must be mentioned.
How To Apply?
NPS Eligibility Criteria
- You must be a resident Indian citizen
- You must be between the ages of 18 to 65 years
Manage all your queries here
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What is NPS?
National Pension Scheme or NPS refers to a scheme that functions as an investment as well as a pension plan. Initiated by the Government of India, this scheme caters to the citizens of the country with the objective of providing security and pension during old age. This scheme is regulated and managed by the Pension Fund Regulatory and Development Authority (PFRDA) and was implemented on May 1, 2009.
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Can anyone subscribe to an NPS?
As a citizen of India, irrespective of whether you reside in the country or are an NRI, you can subscribe to an NPS. However, there are certain conditions - 1. As a subscriber, you must fall into the age bracket of 18 – 65 as on the date you submit the application for NPS subscription 2. You must comply with the KYC regulations specified in the NPS Subscriber Registration Form.
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How does the NPS Scheme work?
Upon joining, subscribers are allotted a Permanent Retirement Account Number (PRAN). All contributions from the subscriber towards this NPS scheme is made directly through the employer that he/she works for. At retirement or during exit of the scheme, this corpus of funds is made available to the subscriber. However, the subscriber must re-direct some amount from this corpus to be invested into Annuity. This serve as a monthly pension which is provided to the subscriber, post retirement.
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Please list the types of NPS Accounts made available to a subscriber.
Tier I - 1. This type of NPS account is also referred to as Pension account and all investments related to tax savings happens through this account 2. Withdrawal is restricted here 3. The minimum annual contribution towards this NPS account is Rs. 1,000. It is mandatory for a subscriber to open a Tier I NPS account. Tier II 1. This type of NPS a count is also known as Investment account 2. The subscriber can withdraw from this NPS account as and when he/she needs
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Please state the entry and exit age for NPS.
The minimum entry age is 18 years while the maximum is 65 years. As for exit age, the minimum age is 10 years after opening an NPS account while the maximum is 70 years.
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Can I open more than one account under the NPS scheme?
No. A subscriber is only allowed one NPS account.
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Are there any NPS fee’s and charges that I must pay?
Apart from the amount that you decide to invest, there are minimum charges to be paid when opening an account under National Pension Scheme. These include transaction charges, advisory charges and applicable GST. Do keep in mind that these charges are calculated basis the amount you invest.
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