National Pension Scheme or NPS age limit is increased

NPS age limit

The government recently increased the age limit for joining the National Pension Scheme(NPS). This scheme is available for Indian citizens as well as for the non-resident Indians(NRIs).

The maximum age of joining the savings scheme under NPS is now increased to 65 years from the existing 60, a release from the Ministry of Finance stated. Any subscriber between the age of 60-65 years can also join NPS and continue till the age of 70 years.

“With this increase in the age limit of joining, subscribers who are willing to join NPS later can avail the benefits of the scheme,” it further added.

The choice of investment and pension fund option will remain same for subscribers. Also if they are joining after or before the age of 60 years.

Subscribers joining after 60 years have an option of normal exit after completing 3 yrs. Hence, they have to utilize nearly 40% of the corpus for the purchase of an annuity. You can withdraw the remaining amount as lump-sum.

Pension fund regulator PFRDA said that the subscribers of NPS increases by 27% to 1.78 crores at September-end.

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