• About Us
  • Add Post
  • Contact
  • Contribute For Us
  • Homepage
  • Our Authors
  • Privacy Policy
What's Hot

Manchester United footballer Mason Greenwood has tried rape and assault prices dropped

February 2, 2023

OSCE PC assembly raises difficulty of terrorist assault on Azerbaijani embassy in Iran (PHOTO)

February 2, 2023

Six Nations: Manu Tuilagi dropped by England head coach Steve Borthwick for Scotland opener

February 2, 2023
What's Hot

Manchester United footballer Mason Greenwood has tried rape and assault prices dropped

February 2, 2023

OSCE PC assembly raises difficulty of terrorist assault on Azerbaijani embassy in Iran (PHOTO)

February 2, 2023

Six Nations: Manu Tuilagi dropped by England head coach Steve Borthwick for Scotland opener

February 2, 2023
Facebook Twitter Instagram
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors
Facebook Twitter LinkedIn
BusinessLendBusinessLend
  • NEWS
  • BUSINESS
  • AUTO
  • TECH
  • MONEY
  • STARTUP
  • SUCCESS STORIES
  • OTHER
    • Press Release
    • OPINION
Subscribe
BusinessLendBusinessLend
Home»NEWS»The big news about the pension scheme NPS has increased… These charges have increased
NEWS

The big news about the pension scheme NPS has increased… These charges have increased

Bhagyashree SoniBy Bhagyashree SoniApril 5, 2021Updated:April 5, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
NPS investment management fees increased but not a problem
Share
Facebook Twitter LinkedIn Pinterest Email

The pension regulator has increased the existing Investment Management Fees (Pension Management Fees) charged by pension funds in the National Pension System-NPS. The changes came into effect from 1 April. Let us tell you that NPS is a long-turn retirement product. It is managed by the Pension Fund Regulatory and Development Authority (PFRDA). The management charge of NPS was earlier just 0.01 percent. Which has now increased to 0.09 percent.

What is the new decision of the government

In the notification issued by PFRDA, it is stated that the Investment Management Fees (IMF) recovered by the pension fund, which is charged on all pension fund schemes, will be on the total AUM of the pension fund under all schemes. In addition, pension fund charges will continue.

Nps Charges

According to the new slab, the maximum charge on the fund of the scheme with AUM up to 10,000 crore will be 0.09 per cent. At the same time, charges of 0.06 per cent on AUM ranging from 10,001 to 50,000 crores. 50,001 to 1,50,000 crores to 0.05 per cent, and AUM fur charges of 1,50,000 crores will be 0.03 per cent.

Let’s know about the charges…

To open NPS account offline, you have to go to Points of Presence (POP), which also includes select banks appointed by PFRDA.

Most banks and insurance companies have their own POPs. POPs do all the work associated with NPS.

In this, information about all the things like registration of user, change in scheme, details of account information is available.

These charges are taken from the investor at the time of registration. The rest of the contribution can be given by some percentage of the first contribution – either online or offline.

Both contribute some part of the POP as well. Such as changing an address or mobile number. If you have been with the same POP for more than 6 months, then you will also have to pay a new fee under ‘Persistence’.

Your NPS money is managed by different fund managers. The fee paid for managing this money is called investment management fee.

Stock Holding Corporation of India (SCHIL) has been appointed as the custodian of this asset, to which this fee goes.

NPS Trust Fees PFRDA has established the NPS Trust under the Indian Trust Act 1882. Its Board of Trustees only administers the schemes according to Indian law. The responsibility of a trustee is to oversee the fund of NPS. The trustees’ account is with Axis Bank.

You can save tax under section 80 CCD (2) even after using section 80 CCD (1) and section 80 CCD (1B).

As per the current rules, the company’s contract is exempted in the NPS account of the employee. You can claim maximum deduction up to 10% of salary. Maximum 14 percent deduction is available in the case of central government employees.

Suppose the annual basic salary is 8 lakh rupees. Your company contributes Rs 80,000 to a Tier-1 NPS account. In that case, you can claim deduction of 10% of your basic salary i.e. Rs 80,000.

Also read- PPF, National Savings Certificate and Kisan Vikas Patra Know where your money will double first

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Bhagyashree Soni
  • Facebook

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.

Related Posts

OSCE PC assembly raises difficulty of terrorist assault on Azerbaijani embassy in Iran (PHOTO)

February 2, 2023

US ambassador to OSCE calls on Iran to convict these answerable for assault on Azerbaijani Embassy (PHOTO)

February 2, 2023
Add A Comment

Comments are closed.

Advertisement
Editors Picks

Mazda revives rotary engine in MX-30 plug-in hybrid

January 13, 2023

According to CS Global Partners Second Citizenship is the New 'must-have' for Worldly Gen Zs

September 26, 2022

Chief of Azerbaijani Army’s General Staff continues visiting liberated lands on holidays’ eve (VIDEO)

December 30, 2022

Pep Guardiola reveals fears for Man City towards Manchester United

January 12, 2023
Advertisement
Latest Posts

Manchester United footballer Mason Greenwood has tried rape and assault prices dropped

February 2, 2023

OSCE PC assembly raises difficulty of terrorist assault on Azerbaijani embassy in Iran (PHOTO)

February 2, 2023

Six Nations: Manu Tuilagi dropped by England head coach Steve Borthwick for Scotland opener

February 2, 2023

Business Lend is a platform which brings executives officers, entrepreneurs, and venture capitalist together from different sectors. We keep on connecting with our users with the help of our monthly edition carving our way slowly towards the highest readership.

Facebook Twitter Instagram LinkedIn
Must Read
  • Manchester United footballer Mason Greenwood has tried rape and assault prices dropped February 2, 2023
  • OSCE PC assembly raises difficulty of terrorist assault on Azerbaijani embassy in Iran (PHOTO) February 2, 2023
  • Six Nations: Manu Tuilagi dropped by England head coach Steve Borthwick for Scotland opener February 2, 2023

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 BusinessLend. Designed by ThemeSphere.
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors

Type above and press Enter to search. Press Esc to cancel.