5 min read
Updated on May 05, 2023
NPS is a pension saving scheme with defined contributions and is designed to offer systematic savings over a long period of time. National Pension System scheme is governed by Pension Fund Regulatory and Development Authority (PFRDA) of India.
The scheme inspires working individuals to invest regularly in a pension account, to allow them to withdraw a certain amount of accumulated sum once they are retired. The remaining sum is offered as a monthly pension to the retiree.
In this post, we will discuss the pros and cons and other NPS scheme details to help you understand the plan better.
Here are some pros of National Pension System accounts as mentioned below for you to see if the account suits your appetite.
Even self-employed account holders can claim tax exemption similar to that of salaried people under section 80CCD (1B) and under section 80C. They can also invest over 20% of their gross annual income to claim tax exemption under section 80CCD (1).
There are some disadvantages of National Pension System scheme as mentioned below:
It is important to choose a good NPS fund manager for investment in your NPS account. Below are the NPS fund managers which can be considered for best NPS funds:
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Yes, NPS does make for a good retirement savings scheme and worth investing. Though, it may not be the best scheme to invest in if you aim to save for some specific purposes like children's education, marriage etc. However, for other needs, a PPF serves as the best scheme of investment.
Yes, you can invest in both NPS and PPF.
Any Indian citizen in the age group of 18-60 years can open an NPS account.
Normal exit is allowed after completion of 3 years of NPS scheme.
If you do not wish to continue your NPS account or defer your withdrawal, you can exit from NPS anytime.
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