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Home»NEWS»If you invest in NPS, you will be able to withdraw your money soon, but you will have to fulfill this condition
NEWS

If you invest in NPS, you will be able to withdraw your money soon, but you will have to fulfill this condition

Bhagyashree SoniBy Bhagyashree SoniApril 16, 2021No Comments2 Mins Read
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If you invest in NPS, you will be able to withdraw your money soon, but you will have to fulfill this condition
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NPS: Soon you will be able to withdraw the entire amount from NPS at the time of maturity, if your corpus is less than 5 lakh rupees.

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The pension scheme is big news for those investing in the National Pension System (NPS). Soon you will be able to withdraw the entire amount from NPS at the time of maturity, if your corpus is less than 5 lakh rupees. The Pension Funds Regulatory and Development Authority (PFRDA) has proposed to increase the current limit to benefit small subscribers.

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Currently, if your corpus is more than Rs 2 lakh on maturity, you can withdraw 60 percent of the corpus which is tax free under Section 10 (12A) of the Income Tax Act. The remaining 40 per cent becomes annuities, which you get as pension amount every month.

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In addition, PFRDA has proposed to increase the maximum entry age for NPS from 65 to 70. The regulator has also proposed that customers joining after the age of 60 years will be allowed to continue their NPS accounts till the age of 75 years.

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The pension regulator has also suggested to prepare a minimum guaranteed pension product. This will come under the purview of NPS. At present, how much will be the pension under the National Pension System depends on how much has been deposited in the pension fund and how has the performance of this fund been. It is believed that request for such a product will be put forward within the next 15-20 days.

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Currently, NPS gives you two investment options to choose from – Active and Auto Options. Under the active option, you can save regularly through various asset classes such as equity (E), corporate debt (C) and government bonds (G). You also have the facility to choose the fund ratio to be invested between E, C & G.

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Please tell that under PFRDA NPS and Atal Pension Yojana (APY), it manages assets worth Rs 5.78 lakh crore. Its number of subscribers as on 31 March 2021 is 4.24. The regulator expects a 30 per cent jump in AUM this year.

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Bhagyashree Soni
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Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

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