PFRDA Increased age for NPS Investment:- Pension Fund Regulatory and Development Authority –PFRDA has increased the maximum age limit to invest in National Pension Scheme (NPS). Now a person up to the age of 70 years can open an account in NPS. Earlier the maximum age limit was 65 years. Also, NPS account holders will be able to maintain their account till the age of 75 years.
PFRDA Increased age for NPS Investment
In view of the large number of applications received, PFRDA has increased the age limit for joining NPS. Under the new changes, the minimum age to invest in NPS has been increased from 18 to the maximum 70 years. This decision has been taken keeping in view the option of existing customers to invest under NPS even after retirement and keeping in view the willingness of citizens above 65 years of age to open an account in NPS.
PFRDA said that the decision has been taken in the interest of the consumers and to give them an opportunity to create long term stable assets.
Rules of PFRDA for NPS Investment
As per the amended rules of PFRDA Increased age for NPS Investment, any resident or non-resident Indian citizen above 65 years of age and an overseas citizen of India can join NPS. He can maintain NPS account till the age of 75 years. Also, if a person above 65 years of age opens an account in NPS, he will not be able to withdraw the investment for three years (lock-in period).
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Increase in the amount of high return equity investments
Citizens above 65 years of age are now allowed to invest a maximum of 50 per cent in equity instruments. According to the PFRDA circular issued on August 26, 2021, subscribers joining NPS after the age of 65 years can invest up to 15 per cent and 50 per cent of their PF contribution in stocks under automatic and active option selection, respectively.
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If the active option is chosen, they can invest up to 50% of the fund in equities.