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National Pension System: PFRDA board increases age limit for investing in NPS

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Earlier the age bracket for opening an NPS account was 18 to 60 years, which was later elevated to 65years.

The board of the Pension Fund Regulatory and Improvement Authority (PFRDA) has authorised growing the age restrict for becoming a member of the Nationwide Pension System (NPS) from 65 years to 70 years with no cap on the utmost funding restrict offered the sources are declared.

This may allow tax financial savings with contributions to the NPS to be made as much as 75 years of age. The yearly funding quantity is versatile with the bottom funding quantity being Rs 8,000 each year, Supratim Bandopadhyay, chairman, PFRDA, mentioned at a session of the MCC Chambers.

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Earlier the age bracket for opening an NPS account was 18 to 60 years, which was later elevated to 65years.

In India the pension schemes are fragmented and whole contribution below varied pension schemes has been lower than Rs 30 lakh crore with solely 12.64 crore beneficiaries. The entire deposits in varied pension funds make solely 14% of India’s GDP. All different international locations having pension schemes, save Russia, are properly forward of India with the pension funds of the Netherlands making the best at 191% of its GDP. Russian pension funds make solely 6% of its GDP, Bandopadhyay mentioned.

NPS, that invests primarily in 4 asset courses, has bought the best return from fairness – 12.45%, adopted by company bonds 10.07%, central authorities bonds 10% and state authorities bonds 9.89%. Funding in authorities securities has yielded 9.64%. All these have been for a interval of 11 years, Bandopadhyay mentioned.

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