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Money-Wise: Big changes on NPS in India Budget. How to make best investment in this pension scheme?

July 12, 2024
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Money-Wise: Big changes on NPS in India Budget. How to make best investment in this pension scheme?
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As per the media report, all central government employees are likely to get 50 per cent of their last drawn pay as pension under NPS

In the Indian government’s Budget 2024, the National Pension Scheme (NPS) is expected to be an important investment instrument in which significant changes are likely to be announced. 

The taxpayers have been demanding some changes in the NPS which can make this investment more beneficial for them and give them more returns in the longer period.

The NPS holds importance for the taxpayers as investing in this instrument gives them additional income tax deductions under Sec 80CCD(1B).  

The taxpayers are now demanding that NPS should be aligned with other government savings instruments like EPF, which work more or less like a retirement scheme.

There have also been demands to increase the tax deduction limit under Sec 80CCD(1B) from Rs 50,000 ($598.68) to Rs 1,00,000 ($1197.35) and raise the tax-free withdrawal limit from 60 per cent to 80 per cent upon maturity.

Amid these demands, media reports have suggested that all central government employees who are registered under NPS are likely to get 50 per cent of their last drawn pay as pension.

So, is this investment instrument under section 80(C) of income tax deductions a lucrative option?

Understand NPS and its impact on our personal pockets

The National Pension Scheme can be best defined as a retirement plan or long-term saving plan with comparatively less but secured return on investment. 

This scheme is open to employees who are in private, public and even unorganised sectors. However, it does not have an enrolment policy for people in the armed forces.

In this scheme, people are expected to invest some money in the pension account at regular intervals during their employment years. 

Throughout this period, the account holder is free to partially withdraw 25 per cent of his contributions three times throughout the tenure of the account, after the account has completed three years. However, there needs to be a gap of five years between the partial withdrawals, unless it is being made to meet medical expenses.

Upon retirement, the account holder can withdraw a certain percentage of the corpus and the rest gets converted as a monthly pension.

Watch: Tesla stock surges 38%

This scheme has so far delivered nine per cent to 12 per cent annualised returns, which can be called a decent interest rate. However, it may vary depending on the pension fund chosen.

So, NPS is a good investment plan for those who wish to create a corpus for their retirement and also avail tax benefits on the same. A tax deduction can be claimed on investments made in NPS under Section 80CCD(1), Section 80CCD(1B), and Section 80CCD(2). 

Under section 80CCD(1), a person can claim a tax deduction of Rs 1,50,000 ($1796.03) every year and an additional deduction of up to Rs 50,000 ($598.68) under section 80CCD(1B). It should be noted that Section 80CCD(1), Section 80CCD(1B) and Section 80CCD(2) are not included in the popular Section 80C.

However, this is not a scheme for those who wish to multiply wealth and make bigger gains on the investments in a shorter duration of time.  

author

Prisha

Prisha is a digital journalist at WION and she majorly covers international politics. She loves to dive into features and explore different cultures and histories

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