This NPS calculator calculates estimated amounts of NPS Pension, Annuity payable and Lump Sum amount payable to NPS subscriber on maturity or attaining 60 years of age, based on regular monthly contributions, percentage of corpus reinvested for purchasing annuity and assumed rates in respect of returns on investment and annuity. The calculator shows growth chart of year-wise growth of NPS account and also year-wise data in tabular format. We have tried to make it one of the best online NPS Calculator. We shall be glad to receive your feedback / suggestions to make it more useful and user-friendly.
The Central Government has introduced the National Pension System (NPS) with effect from January 01, 2004 (except for armed forces). NPS was made available to All Citizens of India from May 01, 2009. It has the following main objectives:
Tax benefits on partial withdrawal:
Subscriber can partially withdraw from NPS tier I account before the age of 60 for specified purposes. According to Budget 2017, amount withdrawn up to 25 per cent of Subscriber contribution is exempt from tax.
Tax benefit on Annuity purchase:
Amount invested in purchase of Annuity, is fully exempt from tax. However, annuity income that you receive in the subsequent years will be subject to income tax.
Tax benefit on lump sum withdrawal:
After Subscriber attain the age of 60, up to 60 percent (raised from 40 percent) of the total corpus withdrawn in lump sum is exempt from tax.
If total corpus at the age of 60 is 20 lakhs, then 60% of the total corpus i.e. 12 lakhs, you can withdraw without paying any tax. So, if you use 60% of NPS corpus for lump sum withdrawal and remaining 40% for annuity purchase at the time of retirement, you do not pay any tax at that time. Only the annuity income that you receive in the subsequent years will be subject to income tax.
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