NPS Balance Calculator of SBI, ICICI And Other Banks
It is an NPS Balance calculator which tells you the estimated balance of an NPS account. You can find out the NPS balance after any duration. This NPS balance calculator gives you an idea about the maturity amount of the NPS investment. This calculator works for all the banks. It does not matter whether you invest through SBI, ICICI, LIC or online. Let us find out the NPS maturity amount.
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In this NPS calculator, you can find out the balance amount at the end of each year. Using this calculator, you know the future value of any investment. To get the result from this calculator, you must enter following 3 data.
- The duration of regular NPS Investment
- Expected Rate of Return
- Investment Amount.
There are some limitations of this NPS Balance calculator. You should keep these limitations in mind while using it.
- Your investment amount should be same every year or month
- The duration between two investments should be same.
- The expected return should be realistic. You should refer the historic returns of equity and debt. If you are not sure, leave the default value.
The Calculation Formula
To get the balance amount of the NPS account, I have used the annuity due formula of future value. The formula is given below.
The future value of annuity due formula is used to calculate maturity value of a regular payment. Note the payment should be in a fixed interval And amount should be same.
Also, The first payment should be at the beginning of the duration. Because of the payment in the start, it is called as the annuity due.
Other NPS Calculators
When it comes to NPS, you have many queries. You are not satisfied only with the Assumed NPS balance at an age. You may also want to know the correct NPS contribution to for the required NPS corpus. You also want to know the monthly annuity after the retirement. What would be the NPS balance, if you increase your NPS contribution every year? There can be many queries and you require many calculators. Among the Many NPS Calculators, I have made some most important NPS Calculators. I hope these would be enough to you.
NPS Calculator For Growing Annuity
National Pension system is government promoted pension scheme. But, the investment amount is managed by the mutual fund companies. Also, there is no guarantee of the return, it depends upon the market condition. However, if you choose the full debt portfolio, you would get an almost fixed return. This pension scheme gives you the chance to invest in the mutual funds which put the money into the share market.
The NPS is regulated by the PFRDA. CRA manages NPS subscription. Banks and financial institutions sell this scheme through their branches. And mutual funds invest money.
You get back the money after the age of 60. But, the full amount is not given in lump sum. Rather, you have to use 60% of the corpus to purchase an annuity plan. The annuity gives you a pension for whole life. You can withdraw some amount before the age of 60, but
However, In case of an emergency, You can withdraw some amount before the age of 60. But you need to give the proof.
The Investment in NPS gives you tax benefit under section 80C. Moreover, you can enjoy extra tax deduction on NPS investment because of section 80CCD(1). The 60% lump sum amount at the time of maturity is also tax-free.