Individuals can receive up to Rs 1.5 lakh in tax benefits under Section 80C and an extra Rs 50,000 under Section 80CCD (1B) by investing in NPS.
Consider looking into the National Pension Scheme (NPS) if you intend to begin a systematic investment plan (SIP). In addition to providing tax advantages, this government-sponsored retirement savings plan guarantees financial stability.
Small monthly investments can be made using a SIP in NPS, which allows you to progressively increase your savings over time.
Why Choose NPS?
Reliability and consistent returns are guaranteed by the government-backed National Pension Scheme.
Individuals can also claim up to Rs 1.5 lakh in tax benefits under Section 80C and an extra Rs 50,000 under Section 80CCD (1B) by investing in NPS.
Steps to set up SIP under NPS
The process of setting up a SIP under NPS is easy and straightforward. First, sign in to your NPS account. Select “Contribution” after navigating to the “Investment” section.
Decide on the investment amount and the frequency of the SIP (monthly, quarterly, or half-yearly) after selecting the SIP option. It is possible to choose one or more schemes with a preferred asset allocation.
Go over your options carefully before moving forward. Provide your bank account information, the date of the first installment, and, if necessary, your full KYC.
Use debit, net banking, or any other available method to make the initial payment
It is important to note that the highest amount each SIP installment is Rs 1,00,000, and the least is Rs 500. You can, however, set up more SIPs if you would like to make a larger contribution to your NPS account.
One can manually contribute to the NPS account in the event that a SIP installment is missed, as the missed payment will not be invested automatically. Deductions, however, will proceed as normal starting the following month.
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