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Those who deposit 5 thousand rupees every month will get 1,11,98,471 rupees. The government NPS scheme is providing a platform to become a millionaire easily.

by Amit Tripathi
August 30, 2024
Those who deposit 5 thousand rupees every month will get 1,11,98,471 rupees. The government NPS scheme is providing a platform to become a millionaire easily.

The easiest way to secure your wife’s future is to open a New Pension System (National Pension Scheme) account in her name. You can deposit money every month or yearly as per your convenience. An NPS account can be opened for just ₹1,000 and this account matures at the age of 60. If desired, it can be continued till the age of 65 under the new rules.

Monthly investment of ₹5000 will create a fund of ₹1.14 crore

Suppose your wife is 30 years old and you invest ₹5000 every month in her NPS account. If she gets 10% annual return on this investment, then at the age of 60, she will have a total of ₹1.12 crore in her account. From this, she can withdraw around ₹45 lakh and she will start getting a pension of around ₹45,000 every month. She will continue to get this pension throughout her life.

What will be the lump sum amount and how much pension

Age: 30 years
Total investment period: 30 years
Monthly contribution: ₹5,000
Estimated Return: 10%
Total Pension Fund: ₹1,11,98,471
Withdrawal amount on maturity: ₹44,79,388
Amount to buy annuity plan: ₹67,19,083
Estimated Annuity Rate: 8%
Monthly Pension: ₹44,793

Fund managers manage the account

NPS is a social security scheme of the Central Government. The money invested in it is managed by professional fund managers. The Central Government gives them this responsibility, so that your investment remains completely safe. However, the returns under this scheme are not guaranteed. According to financial planners, NPS has given an average annual return of 10 to 11 percent since its inception.

Additional tax exemption is available

National Pension Scheme (NPS) also offers tax benefits, such as tax exemption of up to ₹ 2 lakh and tax exemption on withdrawal of 60% of the amount. NPS is a scheme in which after the limit of ₹ 1.5 lakh is exhausted, an additional investment of ₹ 50 thousand is also tax exempted. Due to this additional exemption, you can save tax of up to ₹ 2 lakh every year in NPS.

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