The Government of India decided to roll out the Voluntary National Pension System (NPS) for all citizens from 01 May 2009. PFRDA is identified as Nodal Authority to manage NPS operations. PFRDA appointed Department of Posts as one of the Point Of Presence (POP). Department of Posts is providing services through POP Service Providers (POP SPs). All Head Post Offices in India are identified as POP SPs.
With the inputs given by you, you will get the corpus that will be accumulated by you at the time of your retirement.
National Pension System (NPS) is a government sponsored pension scheme. It is a contribution based scheme where the amount of pension to be received by you in the future depends on the amount of corpus accumulated at the time of scheme’s maturity.
The NPS calculator will show you the amount of corpus that will be accumulated by you at the time of maturity and approximate amount of monthly pension to be received by you.
The amount of corpus accumulated by the time you retire will depend on your investment amount and returns generated.
Who can use NPS calculator?
NPS calculator can be used by anyone who is eligible to invest in the scheme. As per the NPS rules, any Indian citizen between the ages of 18 years and 60 years can invest in the scheme. The person will require complying with know-your-customer (KYC) norms to start the investing in the scheme.
How to use this calculator
To know how much corpus will be accumulated by you, the calculator will require the following details:
a) Your current age and the age you wish to retire
b) Amount that will be invested by you every month
c) Returns that you expect to earn from your NPS investment
d) Annuity period, i.e., number of years over which you wish to receive the monthly pension in the post retirement years. You are required to mention this number in years.
e) The percentage of pension wealth invested in the annuity plan means the percent of accumulated corpus you will use to buy a pension plan. This cannot be below 40 percent if you withdraw at 60 years or more. If you withdraw before 60 years, it cannot be below 80 percent.
f) Expected rate of interest on the annuity investment is the returns that you expect to earn from your annuity (pension) during the post-retirement period.
A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.
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