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National Pension System (NPS): Encouraging Long-Term Planning

National Pension System (NPS): Encouraging Long-Term Planning

National Pension System (NPS): Encouraging Long-Term Planning

The Pension Fund Regulatory Development Authority (PFRDA) has recently announced that subscribers of the National Pension System (NPS) can now buy several annuity schemes from the same provider if they allocate over Rs 10 lakh towards annuity corpus. This means that they can invest Rs 5 lakh in each annuity scheme, offering them a wider range of choices.

About National Pension System (NPS)

Advantages of the National Pension System

Models under the National Pension System

There are different models of NPS to cater to various categories of people, which include:

Mobile App of National Pension System

The NPS mobile app allows subscribers to view their account details online. By logging in with their user ID (PRAN) and password, subscribers can access their latest account information as available on the CRA website. The app also allows subscribers to update their contact details and password easily.

The app offers the following features:

FAQs

What is the national pension system?

National Pension System (NPS) is a retirement savings scheme introduced by the Government of India. It is a defined contribution pension system where the retirement benefits depend on the amount of contributions made by the subscriber and the investment returns generated from it. The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and provides pension options to subscribers from various sectors such as government, private, and unorganized. The System aims to provide a sustainable and long-term retirement savings platform to individuals.

Is NPS monthly or yearly?

The National Pension System is a retirement-oriented investment scheme in India where contributions are made regularly by the subscriber during their working life and the accumulated savings are utilized for their retirement income. The frequency of contributions can be either monthly, quarterly, or half-yearly, as chosen by the subscriber. However, the income from the NPS account is generally received monthly after the age of retirement.

Author

  • Shubham Mittal is a renowned current affairs writer and expert in government exam preparation, inspiring readers with insightful articles and guiding aspirants with his expertise.

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