Retirement planning should begin from the time you step into your first job so that maximum pension benefit can be received at the time of retirement.
If you work in a private company and do not have a pension benefit then the National Pension System (NPS) can prove to be a beneficial option for investment. By investing in this scheme, you can make a big corpus for retirement so that the pension keeps coming regularly. Here we are giving you complete information about this scheme.
Invest from the start of the job
Retirement planning should begin from the time you step into your first job so that maximum pension benefit can be received at the time of retirement. If one invests Rs 4,500 every month in NPS from the age of 21, then till the age of 60, he will be able to invest for 39 years.
Read | NPS scheme: Four reasons for investing in National Pension System
That is, at the rate of Rs 54,000 annually, his investment in 39 years will be Rs 21.06 lakh. If an average return of 10% is given in NPS, then on maturity, he will get Rs 2.59 crore. Accordingly, on retirement at the age of 60, a pension of Rs 51,848 will be received every month.
This calculation has been done on an estimate. By the way, on an average, 8 to 12% returns are available in National Pension System (NPS).
How much to take annuity?
In National Pension System, if you take an annuity of 40% and the annual rate of annuity is 6%, after retirement you will get a lump sum of Rs 1.56 crore. The remaining Rs 1.04 crore will go towards annuity. Pension will be given every month from this annuity. The higher the annuity amount, the higher will be the pension.
How to open NPS account
You can open NPS account online. For this, open Enps.nsdl.com/eNPS or Nps.karvy.com.
Once the page is opened, click on New Registration and fill all the details including your mobile number.
Now your mobile number will be verified with OTP. After that fill the bank account details.
Select your portfolio and fund.
Fill in the requested information.
You will have to upload the canceled check of the bank account whose details you have filled, your photo and signature.
After this, invest as much as you want in NPS.
After making the payment, your Permanent Retirement Account Number will be generated. Payment receipt will also be available.
After investing, go to the e-sign/print registration form page. Here you can register with PAN and Netbanking. With this your KYC (Know your customer) will be done.
While registering, keep in mind that the details you have given in the bank account should match with that.
22 banks are currently offering the facility of online NPS. Their complete information will be found on the website of NSDL.
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