The PFRDA has sent a proposal to the Narendra Modi government that senior citizens should also be given this big opportunity to invest in the New Pension Scheme (NPS) so that they can secure their old age and invest.
New Delhi: Retirees will soon be able to invest in NPS till the age of 70. Actually the pension regulator PFRDA has proposed to be eligible for pension even at the age of 70 years. PFRDA has sent a proposal to the Modi government that Senior Citizen should also be given an opportunity to invest in the New Pension Scheme (NPS) so that they can secure their old age.
Account opening age
The PFRDA has sought its permission from the government. According to the pension regulator, if the maximum age for opening an NPS account is increased from the current 65 years to 70 years, it is possible.
NPS account after 60 years
The PFRDA has also proposed that if a person opens an NPS account after 60 years, then he should be allowed to operate the account till the age of 75 years and get returns. Right now the maximum return can be received on the NPS account till the age of 70 years.
15 thousand people opened NPS account
According to the statistics, in 3.5 years 15 thousand people above 60 years of age have opened NPS account. For this reason, it is proposed to increase the maximum age limit for joining the scheme by 5 years.
PFRDA Scheme
NPS is also preparing to bring minimum guarantee products. On the suggestion of the Pension Advisory Committee of PFRDA, the customers will give the option of minimum garranty return.
Minimum Floating Guarantee Plan
Minimum floating guarantee product offers will be available in NPS. But they will have to pay more for this for minimum guarantee than normal NPS. There will be no option to withdraw money withdrawl for 5 to 10 years.
What is pension?
In NPS, pension is fixed on a fund prepared for 60 years. At the same time, pension in the Atal Pension Yojana (APY) is fixed between Rs 1,000 and Rs 5,000. How much pension will be made, it will also depend on the amount you deposit every month.
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