National Pension Scheme (NPS) Eligibility & Tax Benefit 2023

National Pension Scheme Eligibility

– The National Pension Scheme is a government-sponsored pension program to provide financial security during retirement. – To be eligible for NPS, you must be an Indian citizen between 18 and 70 years old.

Age Criteria

– Minimum Age: You can join NPS at the age of 18. – Maximum Age: The upper age limit for enrolling in NPS is 70 years.

Voluntary Eligibility

– NPS is open to all Indian citizens, including salaried employees, self-employed individuals, and non-resident Indians (NRIs). – Individuals with an existing pension or a member of any other statutory social security scheme cannot join NPS.

Corporate NPS

– Corporate employees can also avail the benefits of NPS through their employers. – Employers may contribute to their employees' NPS accounts as part of their Employee Provident Fund (EPF) or Employee Pension Scheme (EPS).

Tax Benefits

– Contributions up to ₹1.5 lakhs are eligible for deduction under Section 80C of the Income Tax Act. – An additional tax benefit of ₹50,000 is available under Section 80CCD(1B). – The maturity amount is tax-exempt up to 60% of the corpus.

Join NPS Today!

– Secure your retirement with the National Pension Scheme. – Avail tax benefits and flexible investment options to build a strong financial future.