NPS Calculator Is The Formula For Getting Rs 50,000 Pension!
NPS Calculator: Indian citizens who contribute to the country’s workforce look for several schemes, which will help them save money and provide returns without having much risk. This holds especially true for those who want a stable future after their retirement, for the purpose of which several forms of investments are accessible to them across private and government sectors. The National Income System (NPS) is one of the most popular retirement schemes. NPS is a retirement saving option where individuals can contribute a monthly amount to withdraw regular income after retirement.
Launched initially for only government employees, the Centre has now extended the scheme for those working in private sectors and every citizen who wants to voluntarily opt for it. The NPS is jointly offered by the Pension Fund Regulatory and Development Authority (PFRDA) and the government of India and acts as stable savings against one’s retirement.
A National Pension Scheme account can be opened by:
– A citizen of India, whether resident or non-resident
– The applicant should be between 18 to 70 years of age as of the date of submission of his/her application and
– The applicant should comply with KYC norms prescribed by the scheme
NPS Calculator: How to Use It?
– To use the NPS calculator, first go to the link: https://www.npstrust.org.in/content/pension-calculator
– Next, enter your date of birth
– Now, enter your amount of monthly contributions and the age till which you would like to contribute
– Enter your expected return on investment and annuity return
After all, this is done, you will be able to view your monthly pension, annuity value, and lump sum value on the right side of your computer scheme and know the importance of national income.
NPS Scheme: How to Get Rs 50,000 Pension?
National Income Formula
If a person joins the NPS at the age of 25 and starts contributing Rs 6,500 a month. The total contribution will be Rs 27.30 lakh till the time of retirement. Given the expected 10 percent return annually, the total investment will grow to Rs 2.46 crore. Now, if the NPS subscriber converts 40 percent of the corpus into an annuity, the value will be Rs 99.53 lakh. Assuming the annuity rate of 10 percent, the monthly pension can be Rs 49,768. Not only this, the NPS subscriber will get a lumpsum amount of about Rs 1.50 crore.