INSUBCONTINENT EXCLUSIVE:
NPS investment return varies from investor to investor, depending on a number of factorsNPS or National Pension System, a retirement savings
NPS offers two kinds of accounts: tier 1 and tier 2
The tier 1 account is non-withdrawable till the person reaches the age of 60
The Tier II NPS account works like a savings account where the subscriber is free to withdraw the money as and whenever required
NPS allows partial withdrawal before the subscriber attains retirement in special cases, for reasons such as critical illness or children's
The investor contributes to his or her own retirement account, and so does the employer in favour of the employee
The subscriber contributes to the account without any defined benefit, and the amount of return depends on the overall corpus and income
by the government.( All you need to know about SBI deposit schemes)The minimum contribution required for a tier 1 NPS account is Rs 1,000
per financial year, where each contribution is required to be of a minimum Rs 500, according to NSDL
At least one contribution is mandatory every year in a tier 1 NPS account
minimum balance, according to NSDL.4
The government has agreed to chip in a higher 14 per cent of the basic salary of an individual as its contribution to the National Pension
System, news agency Press Trust of India reported citing a top source
The move is expected to benefit over 36 lakh central government employees.5
50,000 in an NPS Tier 1 account under Section 80CCD (1B), over and above the deduction of Rs 1.5 lakh under Section 80C
The Tier 2 account, however, does not allow any income tax benefit, according to NSDL.For the latest News Live Updates on Election Results
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