National Pension Scheme: Open NPS Account, Calculator नेशनल पेंशन स्कीम

National Pension Scheme Application Form | National Pension Scheme Benefits | NPS Account Opening Form | नेशनल पेंशन स्कीम के लाभ | National Pension Scheme Interest Rate

The National Pension Scheme is a social security scheme that was originally created by the Central Government to provide pensions to elderly people in order to support their old age. Given below are some important specifications regarding the नेशनल पेंशन स्कीम and today we will also share with you all the step-by-step procedures through which you will be easily able to open an NPS account. We will also share with you all the detailed formulas through which you will be able to check out the NPS pension calculator and calculate your pension accordingly. 

National Pension Scheme (NPS)

The National pension system is a pretty efficient investment scheme that is available for people who are retiring soon but want to have a perfect old age without relying on anyone other than themselves. There are a lot of tax benefits available for the people who will open their account under the national pension scheme and you will be eligible for all of the benefits once you have opened the account and made the contribution. This National Pension Scheme is highly beneficial for elderly people who are not able to continue their life without relying on anybody else. You can open an account under the national pension scheme as per your suitability. 

National Pension Scheme
Read More :- LIC Pension Bima Yojana 2021

Details Of नेशनल पेंशन स्कीम

NameNational Pension Scheme
Launched byCentral Government
ObjectivesProviding pension
BeneficiariesElderly people
Official SiteClick Here

Benefits Of NPS Scheme

The national pension scheme provides retirement benefits to organized as well as unorganized sector workers. The people who are not able to work in a government-based organization or a very specific private organization can also get the benefit of the national pension scheme if their age is below the age of 60 years. You can apply for the national pension scheme account and it can be opened if you have a pan card or an Aadhar card. The subscriber will also enjoy liquidity benefits and flexibility. There are certain tax benefits also involved in this scheme. You can also easily calculate your pension by using the online National Pension Scheme Calculator. 

Also Read: SBI Pension Seva Portal

Features Of National Pension Scheme

There are a lot of interesting features available under the national pension scheme and some of them are listed below:-

  • You will have to pay Rupees 500 in order to register for the NPS account.
  • You will have to contribute at least Rupees 500 towards the scheme.
  • If you have opened a Tier 1 account then you will have to invest Rupees 1000 in a financial year.
  • You will have to make at least one contribution in one financial year.
  • You can make the payment in the form of a demand draft, cheque or cash.
  • People who are not eligible for this scheme can easily invest in this scheme 
  • You will have to pay Rupees 500 in order to register for the NPS account.
  • You will have to contribute at least Rupees 500 towards the scheme.
  • If you have opened a Tier 1 account then you will have to invest Rupees 1000 in a financial year.
  • You will have to make at least one contribution in one financial year.
  • You can make the payment in the form of a demand draft, cheque or cash.
  • People who are not eligible for this scheme can easily invest in this scheme 
  • You can easily change your fund manager in this scheme if you are not satisfied with the services.
  • There are a lot of tax benefits available under NPS.
  • You can easily change your fund manager in this scheme if you are not satisfied with the services.

Eligibility Criteria

The applicant must follow the following eligibility criteria before applying for this scheme:-

  • The applicant must be a permanent and legal resident of India.
  • He/She must be above the age of 18 years and the applicant must be below the age of 65 years.
  • The applicant must have completed KYC.
Also Check: Saral Pension Yojana

Documents Required

The following documents must be submitted by the candidates before applying for this prestigious scheme:-

  • One colour photograph to be pasted on the Application Form
  • Proof of Address (AADHAAR Card/ Bank passbook/ Voter ID/ Passport etc.)
  • Identity Proof (PAN Card/ Driving License/ Passport)
  • Contribution cheque that is drawn in favour of “UTI AMC Collection Account – NPS Trust”

Types Of Accounts

There are two types of accounts available for the people to be opened in the national pension scheme and the various specifications related to these accounts are given below:-

CategoryTier-I accountTier-II account
Maximum contributionNo limit to the amount of contributionNo limit to the amount of contribution that is made towards the account
Minimum contributionRs.500 or Rs.1,000 in a year must be made towards the accountRs.250 must be made towards the account
Tax deductionsSubscribers are eligible for a tax deduction of up to Rs.2 lakh.Subscribers are not eligible for tax deductions under the account.
Withdrawals that are allowedSubscribers cannot withdraw the investments made towards the account until they retire.Subscribers will be able to withdraw the contributions made towards the account.
StatusIt is a mandatory account for subscribers who register for an NPS account.Subscribers can open the account on a voluntary basis.
Read More: Vidhwa Pension Yojana 

Withdrawal Specifications

You can withdraw from this scheme by following the following withdrawal procedure and the withdrawal details:-

  • Exit rule and early withdrawal under NPS: It is vital that subscribers make investments towards the scheme until they reach 60 years of age as NPS is a pension scheme. However, under certain circumstances, subscribers can withdraw up to 25% of the invested amount if they have invested towards the account for 3 years. Given below are the different cases under which early withdrawal is allowed:
    • In case the children of the subscriber are getting married
    • For higher studies
    • For buying or building a house
    • In case of medical treatment of the subscriber or his/her family members
  • NPS Withdrawal is possible a maximum of 3 times under the scheme and there must be a minimum gap of at least 5 years between withdrawals. The early withdrawal process is applicable to only Tier-I accounts. Under Tier-II accounts, the entire investment can be withdrawn.
  • Withdrawal after attaining the age of 60: The entire investment made towards the scheme cannot be withdrawn once the subscriber reaches the age of 60 years old. It is mandatory that subscribers retain at least 40% of the investment in order to receive a pension. The pension is given to subscribers from an insurance firm that is registered under the PFRDA. The remaining 60% can be withdrawn and no tax needs to be paid on it.

National Pension Scheme Calculator

If you want to calculate your pension under the national pension scheme then you will have to follow the simple procedure given below:-

National Pension Scheme
  • The pension calculator will open on your screen where you will have to enter your date of birth.
  • You will have to enter the amount that you are contributing and the total years of your contribution.
  • You will have to enter the expectation of your return on investment and the amount that you are purchasing an annuity for.
  • Enter the expected annuity rate and the monthly pension will open on your screen. 
  • You can easily study the pie chart and the graph displayed on the screen. 

Offline Application Procedure

If you want to open your NPS account offline then you will have to follow the simple procedure given below:-

  • You will first have to find a POP that is the Point Of Presence.
  • Now, you will have to collect the subscriber form from your nearest point of presence and you will have to submit it along with all of the KYC papers and personal details related to the information asked in the form. 
  • Now you will have to make your initial investment which will be starting from Rupees 500 or Rupees 10000 as per the category of account that you have selected.
  • Finally, you will be provided with a Permanent Retirement Account Number
  • You will have to submit the registration fees of Rupees 125 to successfully register yourself for the national pension scheme.

National Pension Scheme Online Application Procedure

To register yourself for the scheme online you will have to follow the simple procedure given below:-

NPS Apply Online
  • The home page will open on your screen where you will have to link your bank account number to your PAN Card, Aadhar Card and mobile number.
  • Now you will have to verify your mobile number by entering the OTP.
  • You will be successfully provided with a permanent retirement account number and that will be used for your NPS Login procedure.
  • You can visit the official login page for the National pension scheme
  • The home page will open on your screen where you will have to click on the option called Click Here to generate a password if you are a first time user
  • A new page will open on your screen where you will have to enter your PRAN, date of birth and captcha code.
  • You will now have to click on the option called Submit and OTP will be sent to your registered mobile number.
  • Enter the OTP and your password will be confirmed.
  • You will now have to log in again using your credentials and you will be successfully eligible for this pension scheme.