Latest news with #NationalPensionScheme
India Today
a day ago
- Business
- India Today
NPS pensioners to get more benefits under Unified Pension Scheme. Details here
In a major relief for retired central government staff, the Finance Ministry has announced extra benefits under the Unified Pension Scheme (UPS). This is especially for those who have retired under the National Pension Scheme (NPS) on or before March 31, CAN GET THESE BENEFITS?If you're a central government employee who retired under the NPS and has completed at least 10 years of service, you are eligible. If the retiree has passed away, their legally wedded spouse can also claim UPS benefits will be given in addition to your existing NPS pension. As per a press release dated May 30, 2025, 'The Central government NPS subscribers who retired on or before 31/03/2025 with minimum 10 years of qualifying service or their legally wedded spouse can claim the following additional benefits under Unified Pension Scheme (UPS), over and above the NPS benefits already claimed.'WHAT ARE THE ADDITIONAL BENEFITS?Eligible NPS retirees can either get a one-time payment based on their last drawn Basic Pay and Dearness Allowance (DA) for every six months of service, or receive a monthly top-up if their current pension is less than what they'd get under UPS with Dearness if any, will be paid with simple interest, as per the PPF interest TO APPLY?advertisementThe Ministry said that retirees can apply either online or offline, they need to visit their Drawing and Disbursing Officer (DDO) and submit the form. Those applying online can do so through the official website. The deadline to apply is June 30, earlier this year, government data showed that over 6.4 crore people joined the EPF and ESI schemes between September 2017 and November 2019, while more than 16 lakh individuals enroled under the NPS during the same Watch
Indian Express
3 days ago
- Business
- Indian Express
‘My Gpay account is linked to hers, my OTPs come on her phone': Sara Ali Khan reveals how she manages finances
Sara Ali Khan recently opened up about her finances, sharing valuable insights into where she invests and who handles her accounts. 'I've learnt about the pie — basically, small things distributed in many instruments. My mom handles my money entirely, even my Gpay account is linked to her, my OTPs come on her phone,' said the Simba actor at the Times Now Summit 2025. When prodded about whether she receives pocket money, like all used to back in school, she shared, 'Forget pocket money, I can't book a ticket without asking her,' she said, adding that she generally invests in 'real estate, stock market, gold bonds, the usual.' Sara's revelation that her mother handles her investments brings us to a critical discussion that necessitates conversations surrounding financial literacy. Mukesh Pandey, Director of Rupyaa Paisa, told that in this day and age, it is no longer a matter of choice — the essential foundation of understanding financial instruments is a must now. 'Having even a basic understanding of key financial instruments like Fixed Deposits, Mutual Funds, Public Provident Fund (PPF), Health & Life Insurance, National Pension Scheme (NPS), Share Investment Plans (SIP) will allow you to keep some control of your financial journey and decisions,jh' he said. According to Panday, India is still far behind in financial literacy. 'A SEBI survey found that only 27% of Indians are financially literate. This suggests that almost three-fourths of our population may be investing without fully understanding where their money is going and what risk issues a particular instrument is associated with,' he shared. Giving an example of mutual funds, Pandey said that various people have invested in them with their focus on returns, but are unaware of where mutual funds fit in the investment risk spectrum. 'They also won't know about exit loads, and of course, they probably do not know that there is a difference between equity mutual funds and debt mutual funds,' he explained. When it comes to fixed deposits, which are a relatively safe option, understanding the impact of inflation on real returns becomes crucial. Someone may over-allocate to Fixed Deposits, thereby harming long-term wealth. With even basic knowledge, many of these mistakes can be avoided. Today, digital accessibility has already made financial products a click away, but with that ease of access comes responsibility. 'Understanding how to benefit from compounding through SIPs, tax-saving opportunities through ELSS or PPF, or even knowing the difference between term insurance and an investment-linked policy can change your financial journey,' stressedPandey. Instead of just letting someone else manage your money, he believes it is crucial to create awareness around your money; ultimately, awareness is the biggest asset you could have. 'Consider that simply making a habit of 15 minutes a week to inform yourself about a financial concept will change the game of financial understanding and ultimately planning,' she said, adding that 'financial awareness is not about knowing all – it is about knowing enough and protecting your future'.
India Gazette
4 days ago
- Business
- India Gazette
Central Govt NPS retirees to get additional benefits under Unified Pension Scheme
ANI 30 May 2025, 18:51 GMT+10 New Delhi [India], May 30 (ANI): The Ministry of Finance, on Friday, announced that subscribers under the National Pension Scheme (NPS) who have retired on or before March 31, 2025, with a minimum of 10 years of qualifying service, or their legally wedded spouse, shall be eligible to claim additional benefits under the Unified Pension Scheme (UPS).These UPS benefits will be provided in addition to the NPS benefits already claimed by the retirees who retired before 31st March 2025, under the NPS, are either eligible for a one-time payment equal to one-tenth of their last Basic Pay + DA for every completed 6 months of service or a monthly top-up if their NPS pension is less than the UPS amount plus Dearness Relief. Additionally, arrears with simple interest as per the applicable Public Provident Fund (PPF) to the ministry, subscribers and their spouses can claim these benefits through the physical mode, which involves visiting their respective Drawing and Disbursing Officer (DDO) and submitting the relevant form. Online mode which include visiting the website to fill out the online form, can also be used to claim these befits. The last date to claim these UPS benefits is June 30, 2025, the statement by Finance ministry Delhi Government is planning to increase the monthly pension for senior citizens and persons with disabilities by Rs 500 to provide additional financial support to these this year, the NSO said that over 6.4 crore new subscribers joined EPF and ESI schemes between September 2017 and November 2019 and over 16 lakh new subscribers joined the National Pension Scheme during the period. (ANI)
Time of India
4 days ago
- Business
- Time of India
Centre announces additional benefits for NPS retirees under Unified Pension Scheme; claims open until June 30
The ministry of Finance on Friday announced that Central government employees who retired under the National Pension Scheme (NPS) on or before March 31, 2025, and have completed at least 10 years of qualifying service — or their legally wedded spouses — will be eligible for additional benefits under the Unified Pension Scheme (UPS). These UPS benefits will be offered over and above the NPS benefits already availed by the subscribers. As per the notification, eligible NPS retirees may choose between a one-time payout equal to one-tenth of their last drawn Basic Pay plus Dearness Allowance (DA) for every completed six months of service, or a monthly top-up if their current NPS pension is lower than the UPS entitlement plus Dearness Relief. Arrears will be paid along with simple interest, based on applicable Public Provident Fund (PPF) rates, reported ANI. The Ministry stated that both physical and online modes of application will be available for claimants. In the physical route, the applicant must visit their respective Drawing and Disbursing Officer (DDO) and submit the required form. The online application process can be completed by visiting official website. The final date to apply for these additional UPS benefits is June 30, 2025, according to the ministry's statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Lifetime Office 2024 License for Mumbai [Order] prime software Undo Meanwhile, the Delhi Government is preparing to enhance the monthly pension for senior citizens and persons with disabilities by ₹500 to provide greater financial support. Earlier this year, the National Statistical Office (NSO) reported that over 6.4 crore new subscribers were added to EPF and ESI schemes between September 2017 and November 2019. During the same period, over 16 lakh individuals joined the National Pension Scheme. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
5 days ago
- Business
- Time of India
Received your OCI card and want to open an NPS account? Here's what you must know
Overseas Citizens of India (OCI) cardholders, aged 18-70, can invest in the National Pension Scheme (NPS) on either a repatriation or non-repatriation basis. Contributions must be made through NRE/NRO accounts, with NRE accounts recommended for those wanting to remit funds back to their country of residence. But if an NPS subscriber has given up on their Indian citizenship and hasn't yet received or applied for an OCI card, they are not eligible to hold an NPS account. Tired of too many ads? Remove Ads Can OCI cardholders open and hold NPS accounts? Tired of too many ads? Remove Ads Popular in Wealth 1. I am 55 years old and have Rs 50 lakh lump sum. How can I invest it to build wealth in 5 years? Which account can OCIs use for contributing to NPS? Can I hold an NPS account if I don't have an OCI card? Tired of too many ads? Remove Ads Did you know that Overseas Citizens of India (OCI) cardholders, who are individuals of Indian heritage presently holding foreign citizenship, are allowed to hold an NPS ( National Pension Scheme ) account in India? OCI card holders can stay for indefinite periods in India without having to apply for a visa every single time, since having an OCI card grants them a multiple-entry lifelong visa for visiting India. In case they wish to stay here for extended periods, or for as long as they want, OCI cardholders can voluntarily open an NPS account 'applicable to resident Indians,' according to NSDL. However, note that OCIs are not permitted to open NPS Tier-II on to know what documents you need to open an NPS account as an OCI cardholder and steps to close it in case you have acquired foreign citizenship and have not received their OCI all OCI cardholders aged between 18 and 70 years are eligible to open an NPS account on either a repatriation or non-repatriation CA Ashish Niraj, Partner, ASN & Company Chartered Accountants, 'For OCIs, both repatriation and non-repatriation basis options are available in NPS. Repatriation basis means that the proceeds can be taken back to the investor's home country. Non-repatriation basis means that proceeds should remain in India and cannot be taken back by the means that OCIs have the choice to either remit or send their lump-sum withdrawal from NPS or their monthly pension received from India to the country of which they now hold citizenship, or not do so, i.e., not transfer back these funds to that NPS, subscribers can partially withdraw from tier-1 accounts for specific purposes, and such partial withdrawal is tax-free. For lump-sum withdrawal, a maximum of 60% of total corpus is allowed, which will also be tax-freeTo open an NPS account with NSDL using an Aadhaar or PAN card, OCIs will have to provide a scanned copy of their OCI card, proof of their foreign address, and their scanned signatures, according to the NSDL are also required to provide the details of NRE/NRO accounts only, along with a cancelled check/copy of bank passbook/bank statement/bank certificate/letter from the bank containing the applicant's name, bank name, bank account number, and IFS/SWIFT code, per the NSDL that NPS contributions can only be made through an OCI cardholder's NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account. However, in case the OCI NPS subscriber wishes to repatriate, or send back, their funds, they should take care to make their NPS contributions only via their NRE a/c. This is because only NRE, and not NRO a/cs allow individuals to remit back funds to their country of residence at any time, without any for annuities, according to the NDSL website, 'Annuity payable by ASPs (annuity service provider) to NRIs and OCIs will be taxed at source, at rates applicable as per the DTAA (Double Taxation Avoidance Agreements) of the country where the annuitant resides',Niraj adds, saying that while TDS will be applicable on pension received from annuity, subscribers can take advantage of DTAA in their country if there is a DTAA with that country. 'Since in NPS, the minimum rate of return is higher compared to normal saving instruments, OCIs, for whom this avenue was opened in 2019, should explore investing in it,' he an NPS subscriber has renounced their Indian citizenship and hasn't received or applied for an OCI card, they are not eligible to hold an NPS account.A recent circular mandated that all NPS subscribers who have validly renounced their Indian citizenship and do not hold an OCI card will have their PRAN/NPS account closed, and 'the entire accumulated pension wealth may be transferred to a Non-Resident Ordinary (NRO) account.'Explains Rajesh Khandagale, SVP-NPS, KFin Technologies , 'The subscriber will have to submit an application for closure of his/her NPS account along with an undertaking stating that he/she has renounced his/her Indian citizenship and does not hold an OCI card. They should also attach a valid certificate of renunciation of Indian citizenship/surrender certificate/cancelled Indian passport issued by a competent authority.'Note that the total accumulated pension wealth of the subscriber in the PRAN shall be transferred only to the NRO account of the subscriber, in accordance with the FEMA guidelines issued by the to RBI guidelines, balances in an NRO account of NRIs (which includes OCIs) are remittable up to $1 million per financial year (April-March) along with their other eligible assets, as per Foreign Exchange Management (Remittance of Assets) Regulations, 2016. Fund transfers from NRO to NRE accounts also need to be within this limit.
