The National Pension Scheme (NPS) was introduced for salaried people in 2004 as an alternative to employee provident fund scheme to move from defined benefits system to defined contribution for retirement benefits. The scheme was extended to all the persons later on. Of late interest of people has grown substantially in NPS. Since subject of NPS is very wide in itself and can not be covered in one article to in order to heal readers understand NPS thoroughly I have decided to write a series of articles covering entire gamut of various aspects of NPS. Here is first article on basics of NPS.
What is an NPS
Since the government in India does not run any social security scheme to take care of its citizen after retirement, NPS was introduced by government under which you can contribute money in order to accumulate funds for your retirement corpus with low cost. This is specifically useful for self employed category of persons who do not have scheme similar to provident fund scheme available for salaried people in organised sector.
Read more on: https://taxguru.in/finance/introduction-nps-account.html
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