Every individual requires old age security and financial stability once they are not able to earn money for themselves or their family. National Pension Scheme is one such full-proof investment plus savings scheme launched by the Government of India that offers pensions to all enrolled Indian citizens.Read more
Get Tax Free Pension For Life
Flexibility to withdraw fund value any time
Guaranteed Tax SavingsUnder Sec 80 C & 10(10D)
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
Investment Per Month
Expected Return on Investment
Percentage of Corpus to be allocated for Purchase of Annuity
Expected returns from the Annuity
National Pension Scheme offered by Axis Bank is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA) and is, therefore, a completely reliable government plan.
Let us know more about the National Pension System focusing on the NPS calculator, benefits, and more offered by the Axis Bank.
National Pension System or popularly known as National Pension Scheme offers attractive returns to citizens of India after retirement. PFRDA (Pension Fund Regulatory and Development Authority) has Axis Bank as one of their POP (Point of Presence) for the National Pension System. NPS works upon 2 main models:
All citizens model – It includes all the citizens of India
Corporate sector model – It includes employees of corporate entities only
All the banks offering National Pension Scheme provide a calculator that helps in the calculation of the lump sum amount that an individual can expect at the age of their retirement as per their contribution made to date. The main advantage of using an Axis NPS calculator is that an individual will always be aware of the amount they will receive at the end which can help them make deposits keeping in mind their retirement goals and needs.
An easy-to-use and hassle-free tool, Axis National Pension Scheme Calculator calculates the lump sum amount to be received just by entering a few basic details related to the scheme. Here is the compound interest formula to compute the NPS amount:
FV = P (1 + r/n) ^ nt
FV = Final Value
P = Principal Sum
r = Rate of interest per annum
n = Total number of times the interest compounds
t = Tenure
Suppose Ramesh is 34 years old and his monthly NPS contribution to Axis Bank is Rs.3,000. Assuming that the Rate of Interest (ROI) is 10% annually, he needs to add the pension amount for the remaining 26 years of his retirement. As per the NPS formula,
The total principal amount invested till the age of retirement will be around Rs.9.36 lakh (approximately)
The total sum to be received at the time of maturity will be around Rs.44.35 lakh (approximately)
Some of the important details required while calculation of Axis Bank NPS are as follows:
Current Age of the Axis Bank National Pension Scheme holder
Investment type to be made (that is, monthly or yearly)
Amount to be invested
Choice of NPS option (Auto or Active choice)
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. Here is the process of how Axis Bank works while you invest in an Axis Bank NPS account:
Visit the https://enps.nsdl.com/eNPS/NationalPensionSystem.html page
Follow the guidelines for the registration process
Choose the suitable option for registration
Enter all the required details like,
Email ID, etc
Fill in the OTP (One Time Password) sent on your registered mobile number
Select the type of investment account as per your suitability
Select the investment strategy whether Auto or Active choice
Enter the nominee details
Once the registration process is complete, now you can access the Axis NPS Account
PRAN (Permanent Retirement Account Number) is generated after the registration process is completed
The following is the eligibility criteria for this government-backed scheme:
Citizens of India residing here can open an NPS account
The minimum age criteria for opening a National Pension Scheme account is 18 years
The maximum age criteria for opening a National Pension Scheme account is 70 years
KYC Compliance is compulsory before applying for an NPS account
The applicant is not allowed to own more than 1 NPS account
NPS is very fruitful in the long run and hence every Indian citizen should invest in the full proof government-backed scheme for safeguarding their financial future.
Here are some of the top benefits offered under the National Pension Scheme:
Liquidity can never be an issue under the National Pension Scheme as contributors contribute systematically. To avail of the liquidity benefit, all the investors need to do is to have any of the below-mentioned accounts. Also, with the following account, a unique Permanent Retirement Account Number (PRAN) is compulsory while attaining the liquidity benefits
This account works as a pension account
Withdrawn can be made but are subject to specific restrictions
A minimum deposit of 500 rupees is required for opening this account
This account works as a voluntary account
Liquidity is provided through withdrawals and investments
A minimum deposit of 250 rupees is required for opening this account
To open a Tier-II account Tier-I account needs to be active
National Pension Scheme unlike any other pension plan available, provides seamless portability when it comes to transitions. If a person switches from one job to another or moves from one location in India to another, the transfer of the NPS Account will be carried smoothly online without any hassles or burdens. As it is a PFRDA (Pension Fund Regulatory and Development Authority) regulated scheme, transparency is guaranteed.
NPS is very flexible in terms of choices. To avail flexibility benefit, NPS offers the following choices under the scheme:
A default option if investors are confused between choices
Allocation of assets is directly related to the age of the investor
As it is auto choice, the proportion cannot be decided by the investor
Assets can be allocated between
Allocation can be made in different classes according to the investors will
Under the equity choice, a maximum of 75% can be allocated
Investors can switch between investment options and fund managers as and when required
Income Tax Act 1961
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 central government and 10% for the rest are eligible
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
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
Payments under the National Pension Scheme can only be made in Indian Rupees
National Pension Scheme is a great scheme that offers fixed income after retirement. The main aim behind NPS is to create a financial corpus for individuals after their retirement so that they can lead a happy and financially settled life.
Axis Bank NPS Calculator helps in knowing the contributions made under the scheme to date and planning your new investment accordingly so that the investor has a corpus as per their future needs. It is important to keep all the future aspects in mind before making any kind of investment.
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