NPS Calculator - ICICI

The NPS Calculator by ICICI is a powerful tool designed to simplify your financial planning. Whether you are a seasoned investor or just getting started, this user-friendly calculator empowers you to effortlessly compute and optimize your National Pension System (NPS) contributions. Unlock the potential of your retirement savings with ICICI's NPS Calculator.

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
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ICICI 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 the ICICI NPS Scheme?

The Pension Fund Regulatory and Development Authority (PFRDA) regulates the National Pension Scheme (NPS) as the best investment option to create a corpus for post-retirement life. 

The ICICI NPS Scheme is a retirement savings plan offered by ICICI Bank. It is part of the National Pension System (NPS), which aims to help you build a corpus for your retirement years. With the ICICI NPS Scheme, you can contribute regularly and benefit from potential market returns, ensuring a secure financial future.

What is the ICICI NPS Calculator?

ICICI National Pension Scheme calculator helps in the calculation of the lump sum amount that you can expect at your retirement age as per your contributions. This estimation can help you to make deposits keeping in mind your retirement goals and needs.

The ICICI NPS Calculator is an easy-to-use and hassle-free tool to calculate the lump sum amount to be received on maturity. You need to enter a few of the basic details related to the scheme:

  • Your current age

  • Investment frequency (monthly, half-yearly, or yearly)

  • Investment amount

  • NPS options (Auto or Active choice)

Working of NPS Calculator - ICICI

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

This compound interest formula is essential for computing the maturity amount in the ICICI NPS account.

Illustration of Calculation from NPS Calculator - ICICI

Let us understand the use of ICICI NPS Calculator from the example mentioned below.

If you invest in an ICICI NPS account with the following details-

  • Age of Investment: 30 years

  • Monthly investment: Rs. 10,000

  • Expected Rate of Return: 10% p.a.

The maturity age for your NPS account is 60 years.

  • Investment Tenure: 30 years

  • Yearly Investment: Rs. 10,000 × 12 × 30 = Rs. 36 lakhs

Using the compound interest formula:

  • A = P (1 + r/n) ^ nt

  • A = 36,00,000 (1 + 0.10) ^ 30

  • Resulting in a Maturity Amount, A = Rs. 2,26,04,879

  • Interest Earned = Rs. 1.90 crores

  • Minimum Annuity Investment = Rs. 90.41 lakhs

Steps to Use ICICI NPS Calculator

Step 1- Open the NPS calculator by ICICI.

Step 2- Enter the following details in the calculator:

  • Investment type (monthly or yearly)

  • Investment amount

  • Entry age

  • Expected rate of return

Step 3- The calculator displays your estimated monthly pension and maturity amount.

Benefits of NPS Calculator - ICICI

ICICI NPS Calculator is a popular computation tool that provides you with several advantages, such as follows:

  • Seamless registration process

  • Effortless handling of financial and non-financial transactions

  • Dedicated team for NPS clients in major cities

  • Call centre and email support for NPS-related queries

Eligibility Criteria for NPS Calculator - ICICI

To open an NPS account with ICICI and avail of the benefits of the pension plan calculator, individuals must meet the following eligibility criteria:

  • Resident Citizens of India

  • Non-Resident Indian (NRI)

  • Minimum age of 18 years

  • Maximum age of 70 years

  • Mandatory KYC compliance

  • Up to 1 NPS account per individual

Tax Benefits of NPS Scheme- ICICI

Under the Old Tax Regime in FY 2023-24 (AY 2024-25), the following tax benefits are available for NPS contributors:

  • u/S 80CCD (1): Tax deduction of up to 10% of salary towards NPS contributions

  • u/S 80CCD (1B): Additional deduction of ₹50,000 on Tier-I investment

  • u/S 80CCD (2): Employers can claim a tax deduction on contributions towards employees' NPS accounts

  • u/ Section 10(12B): Up to 25% of the amount withdrawn from the NPS Tier I account is exempt from tax

  • Maturity Amount: Up to 40% of the accumulated corpus can be withdrawn tax-free

In The End!

The ICICI NPS calculator offers a convenient and efficient way for you to assess your National Pension System (NPS) contributions. With user-friendly features and accurate calculations, the NPS calculator of ICICI simplifies the process of planning for retirement. You can make informed decisions about your financial future by utilizing this tool, ensuring a smooth and well-managed approach to retirement savings with ICICI.

FAQ's

  • Is ICICI Bank safe for NPS?

    Yes, ICICI Bank is safe for NPS. Here's why:
    • Regulated by PFRDA

    • Transparent investment norms

    • Allows you to invest in equity, debt, and government securities

    • Government guarantee

    • ICICI Bank is a large and reputable financial institution with a long track record

  • How much pension will I get from NPS?

    The amount of pension you receive depends on several factors, including:
    • Your total NPS corpus

    • Your age at retirement

    • The percentage of the corpus used for annuity purchase

    • The annuity rate

  • What happens to 40% of the NPS amount?

    When you retire or choose to withdraw your NPS corpus, 40% of the accumulated amount must be used to purchase an annuity plan. This annuity plan provides you with a guaranteed monthly pension income for life, ensuring a regular source of income after retirement.
  • How to generate Rs 50,000 pension per month from NPS?

    Generating a Rs. 50,000 pension per month from NPS requires a well-planned investment strategy and disciplined contributions. Here are some steps you can take:
    • The earlier you start contributing to NPS, the more time your money has to grow through compounding

    • Choose the right asset allocation

    • Increase contributions regularly

    • Utilize the NPS Calculator to set realistic goals and track your progress towards achieving them

*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
+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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