NPS or National Pension Scheme is a scheme launched by the Government of India for all the sectors of society. The Pension Fund Regulatory and Development Authority (PFRDA) regulates and administers the National Pension Scheme and hence it is completely a reliable government-backed plan.Read more
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Let us know more about the National Pension System focusing on the NPS calculator, benefits, and more offered by the ICICI Bank.
The PFRDA (Pension Fund Regulatory and Development Authority) has come up with a scheme that offers benefits to all the Indian residents once they cross their retirement age, known as National Pension Scheme. Any individual aged between 18 years and 60 years can open the National Pension Scheme Account. An eNPS account can also be opened if you have Pan Card or Aadhar Card.
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 ICICI NPS calculator is that an individual will always be aware of the amount they will receive at the end. This estimation can help them make deposits keeping in mind their retirement goals and needs.
An easy-to-use and hassle-free tool, ICICI National Pension Scheme Calculator calculates the lump sum amount to be received just by entering a few basic details related to the scheme. Some of the important details required while calculation of ICICI NPS are as follows:
ICICI is one of the leading private sector banks that offer an individual to buy the National Pension Scheme for both retail and corporate sectors. Here is the process of how ICICI bank works while you invest in an ICICI bank NPS account:
The following is the eligibility criteria for this government-backed scheme:
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.
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:
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
Deposit benefits under the National Pension Scheme are:
If the amount is withdrawn before 60 years of age
If the amount is withdrawn at 60 years or later
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.
ICICI 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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