NPS CalculatorAfter retirement, most of the people are worried about their monthly expenses. Everyone wants to live in tension free old age without any financial constraints. For this, it is necessary that like salary, it should remain a source of regular income. For this it is necessary that retirement planning should be started during the job itself. So that, at the time of retirement, a large fund can be created and regular pension can come. For this the National Pension System can be a best option. Let’s know about this scheme and its complete maths ..
If you invest at the age of 21
If the average age of the investor is 21 years and he invests Rs 4,500 monthly, then he will invest 39 years from the age of 21 to 60 years. That is, he will invest Rs 54000 annually and in 39 years, Rs 21.06 lakh will be invested in the scheme. If there is a return of 10 percent, then on maturity it will be Rs 2.59 crore. That is, on retirement, you will get a pension of Rs 51,848 per month. It has been calculated according to an estimate.
1.56 crore will be available on retirement
In NPS, if you take 40 percent annuity and the annuity rate is 6 percent annually, then after retirement you will get Rs 1.56 crore together. Then 1.04 crore will go into annuity. Now from this annuity amount, you will get a pension of Rs 51,848 every month. The higher the annuity amount, the higher will be your pension.
NPS: Recent Changes in National Pension System Rules that you need to know
You can open NPS online
1 Click on the link Enps.nsdl.com/eNPS or Nps.karvy.com to open eNPS.
2 Click on New Registration and fill your details and mobile number. Your mobile number will be verified with OTP. Fill the bank account details.
3 Select your portfolio and fund.
4 Enter the name of the nominee.
5 You will have to give a canceled check of the account for which you have filled the details. You have to upload canceled cheque, photograph and signature.
6 You have to make your investment in NPS.
7 After making the payment, your Permanent Retirement Account Number will be generated. You will also get a payment receipt.
8 After making the investment, go to the ‘e-sign/print registration form’ page. Here you can register with PAN and Netbanking. This will do your KYC (Know your customer). While registering, keep in mind that it should match with the details given in your bank account. At present 22 banks are providing the facility of taking NPS online. Their information will be available on the website of NSDL.
Tax exemption is available on NPS
At present, tax exemption is available on NPS under sections 80 CCD (1), 80 CCD (1B) and 80 CCD (2) of income tax. Apart from section 80C i.e. Rs 1.50 lakh on NPS, you can take a further deduction of Rs 50,000. That is, by investing in NPS, you can take advantage of the exemption of Rs 2 lakh.
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