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Choose the correct statement related to the National Pension Scheme (NPS).
- a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.
- b)NPS is regulated by the IRDA.
- c)NPS is regulated by the SEBI.
- d)NPS is regulated by the Pension Fund Regulatory and Development Authority.
- e)None of the above/More than one of the above
Correct answer is option 'D'. Can you explain this answer?
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Choose the correct statement related to the National Pension Scheme (N...
National Pension System
- The Central Government introduced the National Pension System (NPS) with effect in January 2004.
- Initially, NPS was introduced for the new government recruits (except armed forces).
- With effect from 1st May 2009, NPS has been provided for all citizens of the country including the unorganised sector workers on a voluntary basis. Hence option 1 is incorrect.
- In 2018 to streamline the NPS and make it more attractive, the Union Cabinet approved changes in the scheme to benefit central government employees covered under NPS.
- NPS is being implemented and regulated by Pension Fund Regulatory and Development Authority(PFRDA) in the country.
- National Pension System Trust (NPST) established by PFRDA is the registered owner of all assets under NPS.
- Structure: NPS is structured into two tiers:
- Tier-I account:
- This is the non-withdrawable permanent retirement account into which the accumulations are deposited and invested as per the option of the subscriber.
- Tier-II account:
- This is a voluntary withdrawable account which is allowed only when there is an active Tier I account in the name of the subscriber.
- The withdrawals are permitted from this account as per the needs of the subscriber as and when claimed.
- Tier-I account:
- Beneficiaries:
- NPS was made available to all Citizens of India from May 2009.
- Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years can join NPS.
- However, OCI (Overseas Citizens of India) and PIO (Person of Indian Origin) card holders and Hindu Undivided Family (HUFs) are not eligible for opening of NPS accounts.
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Choose the correct statement related to the National Pension Scheme (N...
National Pension Scheme (NPS) is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
Explanation:
The correct statement related to the National Pension Scheme (NPS) is option 'D', which states that NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
The National Pension Scheme (NPS) is a voluntary and contributory pension scheme introduced by the Government of India. It was launched in January 2004 for government employees and later extended to all citizens of India. The scheme aims to provide a regular income to individuals during their retirement years.
Key Points:
Here are some key points related to the National Pension Scheme (NPS):
1. Objective: The main objective of the NPS is to provide income security to individuals after their retirement. It aims to encourage individuals to save for their retirement and create a retirement corpus.
2. Structure: NPS is a market-linked scheme where the contributions made by individuals are invested in various financial instruments such as stocks, bonds, and government securities. The scheme offers two types of accounts: Tier I and Tier II. Tier I account is a mandatory account for retirement savings, while Tier II account is a voluntary savings account that offers flexibility in withdrawals.
3. NPS Trust: The NPS is managed by the NPS Trust, which is a separate legal entity established by the PFRDA. The NPS Trust is responsible for overseeing the funds and ensuring that they are invested in accordance with the investment guidelines.
4. PFRDA: The Pension Fund Regulatory and Development Authority (PFRDA) is the regulatory body that governs and regulates the NPS. It was established in 2003 and is responsible for the development and regulation of pension funds in India.
5. Fund Managers: Under the NPS, individuals have the flexibility to choose their fund managers. The PFRDA has appointed various pension fund managers who are responsible for managing the investments of the subscribers.
6. Tax Benefits: The NPS offers tax benefits to individuals under the Income Tax Act, 1961. Contributions made towards the NPS are eligible for deduction under Section 80C, and an additional deduction of up to Rs. 50,000 is available under Section 80CCD(1B).
In conclusion, the National Pension Scheme (NPS) is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It is a retirement benefit scheme introduced by the Government of India to provide a regular income to individuals during their retirement years.
Explanation:
The correct statement related to the National Pension Scheme (NPS) is option 'D', which states that NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
The National Pension Scheme (NPS) is a voluntary and contributory pension scheme introduced by the Government of India. It was launched in January 2004 for government employees and later extended to all citizens of India. The scheme aims to provide a regular income to individuals during their retirement years.
Key Points:
Here are some key points related to the National Pension Scheme (NPS):
1. Objective: The main objective of the NPS is to provide income security to individuals after their retirement. It aims to encourage individuals to save for their retirement and create a retirement corpus.
2. Structure: NPS is a market-linked scheme where the contributions made by individuals are invested in various financial instruments such as stocks, bonds, and government securities. The scheme offers two types of accounts: Tier I and Tier II. Tier I account is a mandatory account for retirement savings, while Tier II account is a voluntary savings account that offers flexibility in withdrawals.
3. NPS Trust: The NPS is managed by the NPS Trust, which is a separate legal entity established by the PFRDA. The NPS Trust is responsible for overseeing the funds and ensuring that they are invested in accordance with the investment guidelines.
4. PFRDA: The Pension Fund Regulatory and Development Authority (PFRDA) is the regulatory body that governs and regulates the NPS. It was established in 2003 and is responsible for the development and regulation of pension funds in India.
5. Fund Managers: Under the NPS, individuals have the flexibility to choose their fund managers. The PFRDA has appointed various pension fund managers who are responsible for managing the investments of the subscribers.
6. Tax Benefits: The NPS offers tax benefits to individuals under the Income Tax Act, 1961. Contributions made towards the NPS are eligible for deduction under Section 80C, and an additional deduction of up to Rs. 50,000 is available under Section 80CCD(1B).
In conclusion, the National Pension Scheme (NPS) is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It is a retirement benefit scheme introduced by the Government of India to provide a regular income to individuals during their retirement years.
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Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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ample number of questions to practice Choose the correct statement related to the National Pension Scheme (NPS).a)NPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India.b)NPS is regulated by the IRDA.c)NPS is regulated by the SEBI.d)NPS is regulated by the Pension Fund Regulatory and Development Authority.e)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice BPSC (Bihar) tests.
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