INSUBCONTINENT EXCLUSIVE:
Authors: TheIndianSubcontinent News AgencyThere is an additional tax benefit up to Rs 50,000 for investment in National Pension System
(NPS)National Pension System (NPS) refers to a contributory pension system whereby contributions from subscribers along with matching
contributions from respective governments as an employer, are collected and accumulated in an individual pension account
As a subscriber under NPS you are provided with an individual pension account identified by Permanent Retirement Account Number (PRAN) which
is unique and portable across locations and employments
The Pension Fund Regulatory and Development Authority (PFRDA) is the nodal authority to manage NPS operations.India Post also offers the
facility of opening NPS accounts, among the many savings schemes that it offers.If you're opening an NPS account with India Post, this is
what you must know:Services offered by India post for NPS subscribersIndia Post allows subscribers to open new NPS (all citizens model)
account, facilitates subsequent contributions, all types of service requests and exit / claim withdrawal requests, it stated on its website,
Tier I is a pension account and is mandatory
Tier II is a savings account and is optional.Income Tax benefits offered by NPSThere is an additional tax benefit up to Rs 50,000 for
accumulates over a period of time until retirement and grows with a compounding effect.
