If you think that even after the age of 60, your salary should be around Rs 50,000 and you should get a good amount in cash, then National Pension Scheme (NPS) would be beneficial for you.
If you are looking for a good income even after retirement, if you think that even after the age of 60, your salary should be around Rs 50,000 and you get a good amount in cash, then National Pension Scheme is for you. – NPS) would be beneficial. You can start this National Pension Scheme in your own name or in the name of your partner. The scheme provides cash and monthly pension on completion of 60 years of age. That means you don’t have to depend on anyone even after sixty years. You will have your own means of earning.
How much can be invested?
You can invest in the National Pension Scheme at your convenience. You can start investing in it from Rs.1000, you will get the amount invested in it at the age of 65. If you invest Rs 5,000 per month in the name of your partner or in your own name from the age of 30, you will get Rs 1.12 crore in your account at the age of 60 with a return of 10 per cent. In which you will be given a lump sum of Rs 45 lakh cash. Apart from that you will get Rs 45000 per month for life. It also includes tax benefits. Under Section 80C of the Income Tax Act, in addition to Rs 1.5 lakh, you will get a tax benefit of Rs 50,000 .
Who can join NPS?
Any salaried person between the ages of 18 to 60 can join NPS. There are two types of accounts in NPS: Tier-I and Tier-II. Tier-I is a retirement account, which must be opened by every government employee. So Tier-II is a voluntary account, in which any salaried person can start investing on his behalf and withdraw money at any time.