Are you taking advantage of the National Pension System ? Have you also invested money in NPS? If yes, then from April 1, 2023, there is going to be a big change in the rules of NPS.
According to the new rules, you will be required to provide some documents. If a subscriber does not submit the required documents then he will not be able to withdraw his money from NPS.
PFRDA i.e. Pension Fund Regulatory and Development Authority ordered all the nodal officers to compulsorily upload the documents of the subscribers. If there is any mistake in these documents, then the money of the NPS subscriber will stop.
Let us tell you that according to the government circular, the NPS subscriber will have to submit documents, which include NPS exit / withdrawal form, ID and address proof, bank account proof, copy of PAN card. Also, before maturity from NPS, you can withdraw money for higher education of children, their marriage, construction or purchase of house and treatment of serious diseases. On the other hand, an investor in NPS can withdraw money only 3 times during the entire tenure.
Let us tell you that people from the age of 18 to 60 years can invest in NPS. This is a scheme launched by the Central Government in which investors can invest in both equity and debt. Apart from this, you can select the option of 75% equity investment in it. Whereas, after the completion of the tenure of the scheme, you can withdraw 60% of the total deposit amount. You can keep 40% of the money as an annuity, so that after 60 years you will get pension.
Actually, NPS is an investment plan for the long term. By investing in it, you can create a huge fund on retirement. Not only this, people investing in this scheme get a benefit of Rs 50 thousand under 80-CCD (1B) of income tax and Rs 1.5 lakh under 80-C.
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