DSP Pension Fund Managers Private Limited<\/td> NA<\/td> NA<\/td> 5.55%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<\/span>Eligibility for NPS<\/span><\/h2>\n\n\n\nThere are 4 kinds of eligibility criteria under the NPS model.<\/p>\n\n\n\n
\nAll Citizen Model \u2013<\/strong> All Indian citizens, whether they are residents or not, as well as foreign nationals between the ages of 18 and 70, are eligible to subscribe to the NPS under this model. However, individuals of Indian descent and Hindu Undivided Families are not eligible.<\/li>\n\n\n\nCentral Government –<\/strong> The central government employees who have joined their services after 1 Jan 2004 except for the armed forces need to mandatorily join NPS.<\/li>\n\n\n\nState Government \u2013<\/strong> Employees of state government and union territories are covered under NPS.<\/li>\n\n\n\nCorporate Model \u2013<\/strong> The corporates established under the Companies Act 2013, cooperative societies, partnership firms, trusts, etc. if registered with PFRDA, then they are eligible to open your NPS account.<\/li>\n<\/ol>\n\n\n\n<\/span>Why is NPS a good retirement choice?<\/span><\/h2>\n\n\n\n\nBacked by the Government of India:<\/strong> The NPS is a government savings scheme. NPS is a market-linked investment product specifically focused on retirement solutions and comes with a lock-in of 60 years of an individual\u2019s age.<\/li>\n\n\n\nCost Effective:<\/strong> It is one of the lowest-cost retirement products.<\/li>\n\n\n\nWell-regulated and Transparent:<\/strong> NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), which protects investors.<\/li>\n\n\n\nRisk & Safety:<\/strong> NPS is market-linked and a bit risky, but PFRDA strictly regulates it, so there is almost no chance of malpractice. <\/li>\n\n\n\nReturns:<\/strong> NPS can give up to 9% -12%.<\/li>\n\n\n\nTax Benefits:<\/strong> NPS provides a total tax benefit of up to Rs. 2 lakhs under Section 80C and Section 80CCD.<\/li>\n\n\n\nFlexible Investment alternatives:<\/strong> A saving option where individuals can decide the contribution amount and when to contribute.<\/li>\n\n\n\nDisciplined Saving Approach:<\/strong> It\u2019s a systematic saving plan to fund retirement expenses, promote financial discipline, and prepare people for retirement.<\/li>\n\n\n\nProfessional Fund Management:<\/strong> Professional fund managers with sound investing knowledge handle the pooled investments.<\/li>\n<\/ul>\n\n\n\n<\/span>How to Check the Balance in an NPS Account?<\/span><\/h2>\n\n\n\nFirst, a subscriber must go to the CRA website and enter their login information, such as their assigned ID and PRAN number, to access their NPS account. After logging in, go to the holding option under the transact section.<\/p>\n\n\n\n
In addition, the government-launched UMANG (Unified Mobile Application for New-age Governance) platform, which makes it easier for you to monitor your NPS contribution.<\/p>\n\n\n\n
<\/span>Conclusion<\/span><\/h2>\n\n\n\nNational Pension System or NPS is an option for people who want to plan their retirement and are searching for peace of mind throughout their retirement years by having the security of a regular income governed by government agencies. The ability to invest in NPS every month gives you the freedom to build up a sizeable sum by the time you retire.<\/p>\n\n\n\n
However, as we always advise, before making any investing decisions, research thoroughly and consult with your financial advisor.<\/p>\n\n\n\n
<\/span>Frequently Asked Questions (FAQs)<\/span><\/h2>\n\n\nDo I earn fixed returns on NPS?<\/h3> No, returns under NPS are based on market links.<\/p>
Who Is Not Eligible For NPS?<\/h3> Hindu undivided families and persons of Indian origin are not eligible to subscribe to NPS. NPS is an individual pension account and cannot be opened on behalf of a third person.<\/p>
What is the rate of return of NPS?<\/h3> The rate of return in NPS is market-linked. The past trends have been in the range of 9% to 12% per annum.<\/p>
What is the NPS lock-in period for the Tier I Account?<\/h3> The lock-in period is three years for National Pension System (NPS) Tier I Account.<\/p>
Can I invest in NPS without a job?<\/h3> Yes. Individuals who are self-employed or unemployed can invest in NPS. The National Pension System is open for all Indian Citizens who fall between the age bracket of 18 and 70 years of age.<\/p>
What are the disadvantages of NPS?<\/h3> One of the principal negative aspects of the National Pension Scheme (NPS) is the compulsory necessity to use a portion of the corpus to buy an annuity when one retires. It restricts subscriber\u2019s freedom to manage their retirement assets.<\/p>
Can I change my pension fund manager in NPS?<\/h3> Yes, you can change your pension fund manager once in a financial year.<\/p>
What is a PRAN in NPS?<\/h3> PRAN or Permanent Retirement Account Number is a 12-digit number that is allocated to every person enrolled in the NPS.<\/p><\/ul><\/div>","protected":false},"excerpt":{"rendered":"
The National Pension System, or NPS, is an effort of the Indian government that aims to give Indian citizens retirement benefits. It encourages people to invest regularly during their working term for retirement. Earlier, it was called the National Pension Scheme. In this scheme, you invest a lumpsum or fixed amount of money every month. […]<\/p>\n","protected":false},"author":3,"featured_media":5287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"is_paper_insight":false,"paper_insight_image":0,"paper_insight_pdf":0,"paper_insight_ppt":0,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-5282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"acf":{"freelancer":"Akash Gupta"},"yoast_head":"\n
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