Thursday, March 28th, 2024

Tier 1 and 2 accounts of NPS have different benefits, these benefits are available along with retirement benefits


Pension Scheme: Regular income after retirement meets the needs of the people. There are many schemes for regular income, which give you the benefit of pension scheme every month. If you are also planning to invest in these pension schemes, then National Pension System (NPS) can be a good option for you. Two types of accounts Tier 1 and Tier 2 are opened in the NPS scheme. This is a tax saving scheme and it is operated by PFRDA.

Under the National Pension System, any citizen of 18 to 60 years can invest. All taxes are covered under Tier 1 account or individual account, while no tax benefits are available in Tier 2. You can open Tier 2 account only after opening Tier 1. There is no limit on withdrawal and investment in NPS Tier 2. If you are also investing in it, then know what are the features and benefits of both?

PressWire18 provides latest news, bollywood news, breaking news hollywood, top tech news, business standard news, indian economy news, world economy news, travel news, mumbai news, latest news mumbai loksabha election 2024, video viral news, delhi news, Only at Only at Presswire18.com

Documents for NPS Account
Many documents are required for investing in the National Pension Scheme. You should have a recent photograph, PAN card, address certificate, bank account passbook. Apart from this, NRI will have to provide passport, photograph, PAN card, proof of address in India and proof of bank account. On the other hand, for the foreign citizen of India ie OCI, photo, PAN card, address proof, bank account passbook etc. have to be given. With the help of these documents you can apply for NPS Tier 1. However, apart from these documents, PRAN is also required to open Tier 2 account.

What is PRAN
PRAN is given to the subscriber on opening the NPS Tier 1 account. This is a Permanent Unique Identification Number. Change of job, industries or location will not affect it.

News Reels

Features of NPS Tier 1 and Tier 2
If an investor invests under the National Pension System, then a minimum investment of Rs 500 under Tier 1 and Rs 1000 under Tier 2 will have to be made. Tax exemption of Rs 2 lakh can also be claimed under this scheme. In NPS account you can deactivate the account and close the account at any time. In this, 60 percent of the amount is returned after 60 years, while it is necessary to buy 40 percent of the annuity amount on investment.

read this also

NPS Scheme: Open NPS account sitting at home, you will get huge amount on retirement along with these benefits

RVNL Share Price: Share of this government company rocketed on the first day of the week, 370% jump in a year

New Delhi: There was a huge jump in the shares of Rail Vikas Nigam Limited (RVNL) today. The company’s stock rose 7.32 per cent to Rs 146.65 in early trade on the first day...

Jewar Airport will open by the end of 2024, UP will get five new airports in the next one-two months – Presswire18 English

Photo: CANVA Jewar airport will be operational by the end of this year. The Central Government informed the Parliament on Thursday that five new airports will be opened in Uttar Pradesh in the next...

Paytm gets third party app license, these banks including SBI, Axis Bank will take Paytm payment – News

Photo:FILE Paytm Paytm Become Third Party App: Fintech app Paytm on Thursday got approval from the National Payments Corporation of India (NPCI) to participate in the UPI system as a third party application provider (TPAP)...