Which NPS tier you should choose?
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National Pension System (NPS) is a pension cum investment scheme launched by Government of India to provide old age security to Citizens of India.
It brings an attractive long term saving avenue to effectively plan your retirement through safe and regulated market-based return.
Upon maturity, individual gets a lump sum amount along with regular income for a stress-free retirement
What are Tier 1 & Tier 2 accounts in NPS?
Under NPS account, there are two type of accounts - Tier I & II.
Tier I account is mandatory for investing in NPS and all the tax-saving benefits are applicable on this account type.
However, it is a restricted and conditional withdrawable retirement account which can be withdrawn only upon meeting the exit conditions prescribed under NPS.
Tier-II account is optional in nature and is available as an add-on to any Tier-1 account holder.
Subscribers are free to withdraw their savings from this account whenever they wish, however, there are no tax benefits on investing in Tier II account
You need to deposit atleast ₹1000 every year to keep your NPS acc active.
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