NPS Account: What is NPS, Benefits and How to Apply

The National Pension System (NPS) is a special retirement plan crafted by the Indian government. It’s designed to secure a steady income for all its members after they retire. The Pension Fund Regulatory and Development Authority (PFRDA) is the organization in charge of managing NPS.

NPS Account What is NPS, Benefits

Major Benefits of Investing in NPS

1. 100% Secure As Regulated by Government Body

NPS is overseen by PFRDA (Pension Fund Regulatory and Development Authority) under the Ministry of Finance, Government of India. They make sure everything follows clear rules. NPS Trust keeps an eye on things and makes sure everyone sticks to the guidelines.

2. Apply Voluntarily

Anyone in India can join this program if they want to. You get to put money into your NPS account whenever you feel like it.

3. Flexible Investment

You get to choose or switch your Point of Presence (POP), investment style, and fund manager. This way, you can make sure your returns match what suits you best, whether it’s from stocks, corporate bonds, government securities, or other assets, each handled by a different fund manager.

4. Tax Benefits

If you invest up to Rs. 50,000 in your NPS Tier I account, you get an extra deduction. This special benefit, under subsection 80CCD (1B), is on top of the Rs. 1.5 lakh deduction you already get under section 80C of the Income Tax Act.

5. Low-Cost Investment Scheme

NPS shines as an investment choice with extremely low costs. Making it the best scheme as an efficient and budget-friendly option.

Also read:

Retirement Planning: How to Get ₹1 Lakh Pension Monthly With NPS

How to Apply For NPS via the Bankbazaar Website?

  • First, visit the official website of Bankbazaar.
  • On the homepage, click on the ‘Investments’ option and then on ‘National Pension Scheme’.
  • On the new page, click on the Create New Account option.
  • Enter your details such as name, DOB, mobile number, etc.
  • Now verify your mobile number by clicking on the ‘Verify’ option.
  • Then click ‘Continue’.
  • After this, you will be redirected to the official website of the National Pension Scheme or NPS, saying a success message.

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Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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