Hey folks, I’m amidst planning my taxes. I believe one can save more in taxes if invested in national pension scheme under 80CCD.
I have already opened a NPS tier-1 account with PRAN ID generated. The only thing that is keeping me away from investing in the scheme is it’s strict liquidity restrictions i.e. a major chunk of my portfolio would be locked in for years which makes me wonder, if it is indeed worth investing in NPS?
Are Indians who are looking to save more taxes trust these ultra long term investments with their hard earned wealth?
Are there any other options which one can choose to invest in to take advantage of section 80CCD?
30yr lockin is too far in future. Practically, goodbye to the money.
What if we move out of India? I am not even sure I will have a career or be employable till I am 60. If we become unemployable at say 40, 45, 60, what is the use of that NPS corpus?
Its better to provide for yourself for next 5y then 10y and so on, and if you have taken care for next 10-15y, then you can start contributing meaningfully to NPS. Else keep contributing the minimum 500-1000Rs annually.
You can still withdraw if your total Contribution is less than 5L, I think.
Thank you for the perspective. From what I have learnt, one can only withdraw 20% of their overall corpus in-case of emergencies.
NPS is for dummies. Better to invest that money in Mutual funds and give tax, then to deposit it somewhere where you can't utilise the majority of "your" money
Good topic. I too gave in to save tax on income by investing above 1.5L via 80ccd via employer in NPS. My learnings:
But I am heavily tilting towards stopping NPS.
Much helpful. Thank you!
Your money cannot be retrieved fully like PF too. Only you will get a pension which I don't think is worth
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