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NPS
(National Pension System)
National Pension System (NPS) is a ‘Government of India’ initiative with an objective of Development of a sustainable and efficient voluntary defined contribution Pension System in India. It is regulated by Pension Fund Regulatory and Development Authority (PFRDA).
NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under NPS, the individual contributes to his retirement account and also his employer can also co-contribute (under Corporate tie-up) for the social security/welfare of the individual. NPS is designed on Defined Contribution basis wherein the subscriber contributes to his / her account. The savings create a Retirement Corpus (Pension Wealth) through the baskets of investments i.e. Equity (E), Corporate Bonds (C) Govt. Securities (G) and Alternate Assets (A) commonly known as E, C ,G and A.
Features of National Pension Scheme
Here are the specific features and benefits of investing in the National Pension Scheme:
- Options for liquidity: With NPS, you can make contributions with two types of accounts - Tier I and Tier II. Each of these offers distinct benefits and can serve a variety of liquidity purposes.
- The flexibility of investment: NPS also allows you to choose the amount of control you exercise over your investments. You can select auto-choice to let a fund manager manage your investments or actively select the asset classes in which to direct your investments.
- Partial withdrawal: While an NPS is geared towards saving money for retirement, you can also withdraw a part of your NPS amount, should there ever be a requirement.
- Tax benefits: One of the most significant advantages an NPS investment offers is that it allows you to make the most of various tax deductions under the Income Tax Act, 1961.
National Pension Scheme can be a great way to grow your retirement savings, but it may not be very convenient for short-term investments.
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