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Title: Plan your retirement with NPS
Speaker info: Chitra Grace Marion (Content and Research at MyWay Wealth)
What is NPS?
National Pension Scheme is a defined contribution-based Pension Scheme launched by Government of India. NPS is regulated by Pension Fund Regulatory Authority of India (PFRDA). It is a voluntary scheme for old age security.

Why should I invest in NPS?
1. Tax benefits:
Additional investment up to Rs. 50,000, is deductible from taxable income under section 80CCE over and above 1.5 lakh deduction which we get under NPS below.
2. Returns:
You can expect a return of 9% from NPS. Returns are totally dependent on the investment choice you do.
3. Source of regular income:
NPS will help you take care of your monthly expenses when you need it most.

Who can invest in NPS?
A citizen of India, whether resident or non-resident can join NPS between the age group of 18 to 60 years. A pre-existing pension account holders can also apply under this scheme for fresh registration.

Types of Account under National Pension Scheme:
1. Tier I Account:
A Tier I account is mandatory to open in order to join NPS. The account has limitations on withdrawal. The subscriber needs to make a minimum contribution of INR 1,000/year. Taxation benefits can be availed on money deposited in this account.

2. Tier II Account:
This account is optional and can be opened at any point of time – at the time of opening Tier I account or later. Tier I account is compulsory for opening Tier II account.

How to open an NPS Account?
In today’s digital world where everything is available online, we are a new-age app that makes it easy to invest in mutual funds. You can directly invest through our app and it’s just a few clicks away.

Withdrawing money from NPS:
After 60 years of age, up to 60% can be redeemed lumpsum out of which 40% is tax-free; the balance will be converted for pension payout.
If you want to exit before 60 years of age, then only 20% of the corpus can be withdrawn and balance to be invested for pension payout.
In case of death the subscriber, a nominee is allowed to withdraw 100% of NPS.
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