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NPS Calculator for Banks / Central / State Govt., RBI / PSU Employees

Please note - NPS contribution is raised from existing 10% to 14% for Govt. Employees / RBI employees And PSU Banks employees (as per 11 BPS / Officer salary revision join note dated 11.11.20). The Employee contribution towards NPS will remain unchanged at 10 percent

It auto compute employer's contribution 10% / 14% to calculate Retirement Wealth and Monthly Pension with NPS Return including on your contribution in TIER II A/c also

This calculator is quite useful to the employees of PSU Banks, Govt. (Central / State) and Corporate Sectors who are are covered under NPS. Bankers i.e.the employees of Banks and other PSU covered under NPS scheme are governed under the Corporate Sector NPS Scheme.

The detailed estimated yearwise calculations of return and NPS wealth provided here on your your contribution in TIER 1 and TIER 2 account may help in your future and retirement planning by increase of contributions in Tier II account or start of fresh contributions in Tier II account.

How to use Calculator - Enter your NPS contribution from Salary (Salary Linked NPS A/c is TIER I where your employer is contributing matching contribution to this NPS a/c) ↦ Enter estimated rate of growth of yearly increase in your (baisc pay + DA) for the future period contributions. ↦ Enter expected rate of return on NPS, percentage of Annuity to be purchased and expected return on Annuity.

Employee's Total Contribution in Year Employer's Matching Contribution in Year Tier II A/c Contribution in a Year Total Contribution To NPS during Year Addtion to Pension Wealth during the year Pension Wealth on Retirement / Year End

Changes that will applicable for Central Government Employees Covered under NPS effective from fiscal year (2019-20)

  1. Govt. contribution in NPS raised from existing 10% to 14% and employee contribution will remain unchanged at 10 percent
  2. The EEE (exempt-exempt-exempt) tax status will bring NPS at par with Employees' Provident Fund (EPF)and Public Provident Fund (PPF) in terms of tax treatment.
  3. Additional savings under NPS will be qualified for 80C tax deduction benefit of up to Rs 1.50 lakh annually and interest will be paid for delayed payouts.
  4. Tax exemption limit for lump sum withdrawal on exit has been enhanced to 60 percent, but the entire withdrawal will now be exempt from income tax.
  5. Out of 60 percent of the accumulated corpus withdrawn by the NPS subscriber at the time of retirement, 40 percent is tax exempt and balance 20 percent is taxable. This tax exemption on withdrawal is for all sections of employees.
  6. contribution by the government employees under Tier-II of NPS will now be covered under Section 80 C for deduction up to Rs. 1.50 lakh and an additional of Rs 50,000/- under section 80CCD for the purpose of income tax provided that there is a lock-in period of three years.

Disclaimer : The above calculations are indicative or estimated values on the basis of your inputs / projections Expected Rate of Return.

Some Important point of NPS

Types of annuities providing for monthly pension available to the subscribers of NPS are :-

  1. Pension (Annuity) payable for life at a uniform rate to the annuitant only.
  2. Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
  3. Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
  4. Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
  5. Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  7. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant and with return of purchase price on death of the spouse. If the spouse predeceases the annuitant, payment of annuity will cease after the death of the annuitant and purchase price is paid to the nominee.

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