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Home / Finance / Banking / What Is Annuity In NPS?
Q.

What Is Annuity In NPS?

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0 2022-08-16T10:01:56+00:00

The National Pension Scheme has been initiated by the government to help people save money for their old age. I have been researching it a lot since my father is going to retire within 5 years and he is asking which scheme will be the best to opt for. Recently I got to know about

what is annuity in NPS. It is a type of investment scheme that offers regular dividend payments for a selected span of time. If you have been looking about its rate, period or value, let me share those details here.

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What is annuity rate in NPS?

The estimated annuity interest rate is currently at 8%.

 

What is annuity period in NPS?

Annuity period is the time when an annuity actually pays out to the holder or subscriber. It lasts for a specific time or for the rest of a person’s life. 

There are several annuity periods in NPS which are:

  • 5 years

  • 10 years

  • 15 years and 

  • 20 years

This is basically the minimum payable period after this the annuity payment is continued till the subscriber is alive. 

  Can the NPS annuity be withdrawn?

Of course one can withdraw the annuity amount in a phased manner over the time period from 60 years to 75 years. But the subscriber has to buy the Annuity prior to Phased Withdrawal

This is all I know about what is annuity in NPS and the aspects related to it

  Read More:

What is NPS PRAN Number?

How to open NPS Account?

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