Want to get Rs 50,000 under the National Pension Scheme? See how

NPS Calculator: Indian citizens who contribute to the country’s workforce are looking for several schemes that will help them save money and generate returns without much risk. This is especially true for those who want a stable future after retirement, for whom several forms of investments are available to them in the private and public sectors. The National Income System (NPS) is one of the most popular retirement plans. NPS is a retirement savings option where individuals can contribute a monthly amount to draw regular income after retirement.

Launched initially for state employees only, the Center has now extended the system to those working in the private sector and to any citizen who wishes to opt in voluntarily. The NPS is offered jointly by the Pension Funds Regulatory and Development Authority (PFRDA) and the Government of India, and acts as a stable savings for retirement.

NPS Eligibility

A National Pension Scheme account can be opened by:

– An Indian citizen whether resident or non-resident

– The candidate must be between the ages of 18 and 70 on the date of submission of his application and

– The applicant must comply with the KYC standards prescribed by the program

NPS calculator: how to use it

– To use the NPS calculator, first go to the link: https://www.npstrust.org.in/content/pension-calculator

– Next, enter your date of birth

– Now enter your monthly contribution amount and the age up to which you wish to contribute

– Enter your expected return on investment and annuity yield

Once all of this is done, you will be able to see your monthly pension, annuity value, and lump sum value on the right side of your computer system.

NPS scheme: How to get a pension of Rs 50,000

If a person joins the NPS at the age of 25 and starts contributing Rs 6,500 per month. The total contribution will be Rs 27.30 lakh till the time of retirement. Considering the expected annual return of 10%, the total investment will reach Rs 2.46 crore. Now, if the NPS subscriber converts 40% of the corpus into an annuity, the value will be Rs 99.53 lakh. Assuming an annuity rate of 10%, the monthly pension can be Rs 49,768. Not only that, the NPS subscriber will get a lump sum of around Rs 1.50 crore.

Benefits of NPS or National Pension Scheme

Low cost: The NPS is considered the cheapest pension plan in the world. Administrative fees and fund management fees are also the lowest.

Simple: All you have to do is open an account with any of the POPs operated by all post offices across India and get a Permanent Retirement Account Number (PRAN)

Flexible: The applicant can choose their own investment option and pension fund or select the automatic choice to obtain better returns.

Portable: The applicant can manage an account from anywhere in the country and can pay dues through any of the POP-SPs, regardless of the POP-SP branch the applicant is registered with, even if they change city, employment, etc. and also contribute via eNPS. The account can be moved to any other sector like government sector, business model in case the subscriber gets the job.

Read all the latest IPL 2022 news, breaking news and live updates here.

Eleanor C. William