One lakh rupees per month... This government scheme will make you rich after retirement! Save like this
Through this scheme, you can get a pension of Rs 1 lakh or more after retirement.
After retirement, pension is the only source of income. However, sometimes the pension amount is also insufficient for quality living. In such a situation, it is important to do proper planning for it ahead of time. If you also want to increase your pension amount, then the government's NPS scheme can be beneficial for you. Through this scheme, you can get a pension of Rs 1 lakh or more after retirement. Today, through this news, we are going to give you complete information about the government's NPS scheme.
The Government of India started this scheme in 2004. After 2009, people working in the private sector were also included in it. As is clear from its name, this is a pension scheme, in which you make savings for your retirement. The biggest feature of this scheme is tax benefits and market based returns on the contribution of both the employee and the employer.
There are two types of accounts in this scheme, Tier-1 and Tier-2. Opening an account under Tier-1 is mandatory and you will not be able to withdraw the amount deposited in it before time i.e. till your retirement. On the other hand, Tier-2 account can be opened by any Tier-1 account holder. In this, you can deposit money as per your wish and withdraw it whenever you want.
Since the NPS account is portable, it can be operated from anywhere in the country. After retirement, you will be able to close your account and withdraw 60 percent of the deposit amount, while the remaining 40 percent money has to be used to buy an annuity plan. Under this, you give a lump sum amount to the insurance company and in return you get pension every month.
Any Indian citizen between 18 and 60 years of age can avail the benefits of the NPS scheme. However, if you are 40 years old and want a pension of Rs 1 lakh every month till the age of 60, then you will have to deposit Rs 20,000 every month in the NPS account. You can increase your investment by 10 percent every year.