Axis Bank NPS Calculator

Axis Bank NPS Calculator helps you estimate your retirement corpus and monthly pension based on your contributions made in the Axis Bank NPS, investment choices, and desired retirement age.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Pension Funds
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3,062 Cr
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Axis NPS Calculator

Your Age

18 Years 59 Years
Enter Your Age

Monthly Investment

₹500 ₹10L
Enter Investment Per Month

Expected Return on Investment

5% 15%
Expected Return on Investment

Percentage of Corpus Allocated for Pension

40% 100%
Enter Corpus Percentage

Expected Return from Pension

5% 15%
Enter Annuity Return
₹0
Your Monthly Pension
₹0
Your Monthly Pension
Your Pension Calculation
Your Pension Calculation
Total Investment
Returns Earned
Maturity Amount
Maturity Amount split (Lumpsum & Pension)
60%
Lumpsum Amount
At the age of 60 Yrs
40%
Pension Wealth
At the age of 60 Yrs

What is Axis Bank NPS?

Axis Bank NPS is a service offered by Axis Bank that allows you to open and manage a National Pension System (NPS) account. NPS is a government-backed pension scheme designed to provide financial security after retirement. It offers market-linked returns and allows flexible contributions, making it a viable option for long-term retirement planning. 

NPS Axis Bank works upon 2 main models:

  • All citizens model – It includes all the Indian Citizens

  • Corporate sector model – It includes employees of corporate entities only

By choosing NPS in Axis Bank, you benefit from their user-friendly online platform, extensive branch network, and expert guidance, ensuring a smooth and secure investment experience.

What is the Axis Bank NPS Calculator?

Axis Bank NPS Calculator helps in estimating retirement lump sum amount. It ensures easy planning by projecting future payouts based on individual contributions. With minimal input, it empowers users to align deposits with their retirement goals, promoting informed and hassle-free financial decisions.\

Here is the compound interest formula used in the NPS calculator axis bank to compute the NPS amount:

The Compound Interest NPS calculator axis bank works based on the following formula
FV = P (1 + r/n) ^ nt
Terms used in NPS calculator axis bank
FV
Final Value
P
Principal Sum
r
Rate of interest per annum
n
Total number of times the interest compounds
t
Tenure

For example,

Ramesh is 34 years old, and his monthly NPS contribution to Axis Bank NPS is Rs.3,000. Assuming that the Rate of Interest (ROI) is 10% annually, he wants to add the pension amount for the remaining 26 years of his retirement. Using the NPS Calculator:

The total principal amount invested till the age of retirement - Rs.9.36L (approximately)

The total sum to be received at the time of maturity - Rs.44.7L (approximately)

Axis Banks NPS Calculator Requirements

Some of the important details required while calculation of NPS in Axis Banks are as follows:

  • Age

  • Monthly Investment

  • Expected Rate of Return

  • Percentage of Amount Allocated for Pension

  • Expected Return on Annuity

What is the Eligibility Criteria for NPS in Axis Bank?

The following is the eligibility criteria for NPS Axis Bank:

  • Minimum age: 18, Maximum age: 70

  • Indian residents are eligible for Axis Bank NPS

  • KYC required for NPS in Axis Bank application

  • One person, one NPS account

  • NRIs can open an NPS Axis Bank account under the All Citizens Model.

The Process to Invest in Axis Bank NPS Account

Axis Bank is one of the leading private sector banks that offer an individual to buy the National Pension Scheme for both all citizens sector and corporate citizen sectors. Follow these steps to start Investing in Axis Bank NPS:

  • Choose your model: All Citizens or Corporate Sector.

  • Open an account: Online through the Axis Bank website or visit a branch.

  • KYC Verification: Submit PAN, Aadhaar, etc.

  • Select Pension Fund Manager: Choose from LIC Pension Fund, UTI Retirement Solutions, or SBI Pension Funds.

  • Choose investment allocation: E (Equity), C (Corporate Debt), and G (Government Bonds) funds.

  • Start contributing: Minimum Rs. 500 per month/quarter/half-yearly/yearly.

  • Maintain minimum balance: Rs. 1,000 annually.

What are the Benefits of an Axis Bank NPS Account?

Following are the benefits of NPS Axis Bank:

  1. Flexible Contributions:

    -Choose contribution amount and frequency.

    -Tier II account offers liquidity with no exit load.

  2. Investment Options:

    -Diversified investment choices – equity, debt, and government funds.

    -Professional fund management for optimal returns.

  3. Systematic Savings:

    -Promotes disciplined, long-term savings for retirement.

    -Ideal for those seeking a pension and regular income post-retirement.

  4. Portable and Transferable:

    -Easily transferable across jobs and locations.

    -Nationwide acceptance for seamless mobility.

  5. Regulated and Secure:

    -Regulated by Pension Fund Regulatory and Development Authority (PFRDA).

    -Secure online access and regular statements.

  6. Annuity Options:

    -Mandatory annuity purchase ensures regular income post-retirement.

    -Various annuity options to suit individual preferences.

  7. Tax-Efficient Withdrawals:

    -Partial withdrawals are allowed for specific purposes.

    -Lump sum withdrawal at retirement with tax benefits.

  8. Low-Cost Structure:

    -Cost-effective due to competitive fund management charges.

    -Transparency in charges for informed decision-making.

  9. Tax Benefit:

    Income Tax Act 1961 Tax Benefits
    U/S 80CCD (1) 1.5 lakh of tax is deductible within the total ceiling under Tier-I investment
    U/S 80CCD 1(B) Up to Rs.50,000 is allowed as deductions towards Tier-I investment
    U/S 80CCD (2) For Tier-I investment, deductions up to 14% for the Central government and 10% for the rest are eligible

    **Tax benefit is subject to changes in tax laws. Standard T&C apply.

  10. Withdrawal Benefit

    • If the amount is withdrawn before 60 years of age

      20% of the total corpus shall be received

      80% shall be annuitized compulsorily

    • If the amount is withdrawn at 60 years or later

      60% of the total corpus shall be received

      40% shall be annuitized compulsorily

Conclusion

The Axis Bank calculator helps in strategic financial planning, optimizing contributions, and maximizing returns. Axis Bank NPS ensures a secure and tailored approach to retirement savings, empowering individuals to achieve their financial goals efficiently.

FAQ's

  • What happens to 40% of the NPS amount?

    40% of your NPS amount must be used to purchase an annuity, providing a regular income after retirement.
  • How to calculate using an NPS calculator?

    Use online NPS calculators. These tools estimate your retirement corpus and monthly pension based on your contributions, investment choices, and desired retirement age.
  • How is NPS calculated on salary?

    • The default NPS contribution on your salary is 10% of your basic salary and dearness allowance.

    • You can choose to contribute a higher or lower amount.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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