The National Pension System (NPS) is gaining popularity. According to figures provided by the Pension Fund Regulatory and Development Authority (PFRDA), enrolment in the all-citizens model rose 148 per cent to 215,372 in March-end 2016, from 86,774 in March-end 2015. The primary factor is tax benefits. "The effective tax benefits on investment in NPS increased from Rs 1 lakh in FY15 to Rs 2 lakh in FY16," says Hemant Contractor, chairman, PFRDA. This was due to the ceiling on deduction under Section 80CCD (1) being hiked from Rs 1 lakh to Rs 1.5 lakh, and an additional benefit of Rs 50,000 on NPS being provided under Section 80CCD 1(B).
7 best practices to keep your money safe from fraudsters
Read More
