NPS Full Form In English
It is a government-backed voluntary retirement savings scheme launched in India in 2004, initially for government employees, and later extended to all citizens in 2009. The aim of NPS is to provide financial security and stable income after retirement. It allows individuals to contribute regularly in a pension account during their working life, and upon retirement, they can withdraw a part of the corpus as a lump sum while the remaining is used to buy an annuity for a monthly pension. The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
NPS Full Form In Hindi
यह भारत सरकार द्वारा शुरू की गई एक स्वैच्छिक सेवानिवृत्ति बचत योजना है। इसे सबसे पहले 2004 में सरकारी कर्मचारियों के लिए शुरू किया गया था और बाद में 2009 से सभी नागरिकों के लिए खोल दिया गया। इस योजना का उद्देश्य लोगों को रिटायरमेंट के बाद वित्तीय सुरक्षा और स्थायी आय प्रदान करना है। कामकाजी जीवन के दौरान व्यक्ति नियमित रूप से इस योजना में निवेश करता है और सेवानिवृत्ति के बाद कुछ राशि एकमुश्त निकाल सकता है तथा शेष राशि से मासिक पेंशन प्राप्त करता है। इसका संचालन पेंशन फंड नियामक और विकास प्राधिकरण (PFRDA) करता है।
Read More: MLT Full Form In English And Hindi
Frequently Asked Questions
What is the eligibility to join NPS?
Any Indian citizen between the age of 18 to 70 years can join NPS.
Can NRIs invest in NPS?
Yes, Non Resident Indians are also allowed to open an NPS account.
Is investment in NPS tax free?
NPS provides tax benefits under section 80C and 80CCD of the Income Tax Act.
What are the types of NPS accounts?
There are mainly two types of accounts, Tier I which is mandatory, and Tier II which is optional.
Can I withdraw money from NPS before retirement?
Partial withdrawal is allowed after three years for specific purposes like education, marriage, or medical treatment.
Who regulates the NPS scheme?
The Pension Fund Regulatory and Development Authority (PFRDA) regulates NPS.
Conclusion
The National Pension System (NPS) is a reliable and secure retirement savings plan that encourages individuals to invest regularly during their working years. It not only ensures financial stability after retirement but also offers attractive tax benefits. Since it is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), it is considered safe and trustworthy. NPS is a practical choice for anyone seeking long-term financial planning and a steady pension income.
