Are you planning to invest a small amount each month and get a huge amount at the end? Good news for you though. A scheme is available for you. You can get a huge amount with Rs.1000 per month.
The Central Government offers a wide range of schemes. The National Pension Scheme NPS is one of them. PFRDA will be responsible for the management of the scheme. Private sector employees, including government employees, can join the scheme. Previously the scheme was available only to government employees. The scheme has been available to all since 2009.
You can get large sums of money at once through the NPS scheme and also take pension every month. An account can be opened in your name or in the name of your spouse. Recently PFRDA brought in new Rules. The video made the KYC facility available. Currently banks and mutual funds follow the video KYC approach.
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You can invest up to Rs.1,000 per month in NPS scheme. This way you can continue to invest until you are 60 years old. However, up to 60% of the money in the NPS account can be withdrawn at the end. An annuity plan with the remaining 40% is required. Through this comes the pension.
Now let us know what are the benefits of joining this scheme. If you join the scheme at the age of 25 and invest Rs.1,000 per month, you will get over Rs.38 lakhs at maturity. Here we consider 10 per cent of the annual revenue. Rs 22 lakh comes to hand at once after 60 years. He gets a pension of about Rs 10,000 every month. Here we have considered 8% of the return on the annuity plan.
This scheme is suitable for those who plan to invest money for long term goals. The pension comes in every month along with a huge amount at once. This makes it one of the best retirement schemes. The money you get also depends on the total amount you invest each month.
