What is NPS?
- Individual savings are pooled in to a pension fund.
- Invested by PFRDA regulated professional fund managers.
- Fund managers invest in diversified portfolios comprising of government bonds, bills, corporate debentures and shares.
- These contributions will grow and earn for the individual.
Advantages:
- Flexible
- Simple
- Regulated
- Tax savings
- Transparent cost structure
- Portable
"Deduction up to ₹.50,000 u/s 80 CCD(1B)"
Structure: 2-Tier Structure
Investment under NPS:
Minimum amount per contribution is ₹.500 and the minimum contribution in a financial year is ₹.6000. “No maximum limit”
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Minimum amount per contribution is ₹.500 and the minimum contribution in a financial year is ₹.6000. “No maximum limit”
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Funds managed on the pattern of a lifecycle
Exit from NPS:
On reaching the superannuation age of 60 years
- The subscriber has to use at least 40 percent of the accumulated corpus to buy an annuity.
- The remaining funds can be withdrawn as a lump sum either at once or in a phased manner before 70 years.
Exit before turning 60 years
- An option to withdraw 20 percent of the accumulated savings
- Compulsorily buy an annuity with the remaining 80 percent
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