Latest News
-
Rs 7.50/Share Dividend: Adani Group Cement Company Reports Strong Q4 Results; Profit Surges 2x YoY -
Closing Bell: Market Rebounds To End With Gains For 5th Straight Day; Sensex & Nifty Soar Led By Banks -
Gold Prices Ayodhya: In Ram-Janma-Bhumi, 24carat Falls By Rs 380 In 10-Grams, Drops By Rs 3,800 In 100-gram -
Penny Stock Hits 2nd Upper Circuit After Declaring Earnings, Gains 14% In 1-Week -
Rs 8.50/Share Dividend Recommended: Nestle India Reports 27% YoY Jump In Profit -
0.50% Dividend Yield: Midcap Cement Stock Slumps 10% Following Weak Q4 Results; Profit Down 48% YoY -
1:10 Split, Rs 147/Share Dividend: FMCG Major Likely To Report Profit Growth; Buy Or Sell? -
Mark Zuckerberg's Meta Reports Record Q1 Profit Surge, Projects AI Investments This Year; Stock Slumps -
Gold Prices India: 24K/100 Grams Yellow Metal Falls By Rs 3800, 24K/10 Grams Down By Rs 380 -
Rs 44,000 Crore M-Cap Lost, Stock Falls 10%, No More 4th Largest Bank; How RBI's Ban Rocked Kotak
How To Transfer EPF Into NPS Account?
For the retirement planning, NPS is a good bet given the option in the financial instrument to invest in equity which can enable an investor to earn more in the long run. Further, as an income tax benefit, you are allowed a deduction under section 80C for NPS investment up to the extent of Rs. 1.5 lakh in a financial year. Also, an additional deduction of up to Rs. 50,000 under Section 80CCD (1B) can be availed.
Further, the NPS investment has come under the ambit of 'EEE' category of investment, which means now contribution made towards NPS, interest accrued as well as proceeds realized in case of maturity are all tax exempt.
And hence, if you want to grow your retirement kitty, you can consider transferring your EPF or employee provident fund balance to the NPS. Here is detailed the process:
Process to transfer EPF
For you to transfer your EPF funds to the National Pension Scheme, you must be maintaining an active Tier I NPS account. The same can be opened through your employer if it is applicable there. Also, the same can be opened on your own by visiting the e-NPS portal or Point of presence terminal. An individual can also visit the npstrust.org.in portal to open an NPS account.
After your NPS account is opened, you need to apply for EPF transfer with your current employer into your NPS account. Post receiving your application for the transfer, the fund will begin transferring your PF money into the NPS account. Thereafter, a demand draft or cheque will be issued in the name of the PoP collection account in case of employees of the private sector, while for government employees it will be opened in the name of NPS nodal office.
Through a letter, the provident fund will keep the employer informed that this particular amount of the EPF account holder is being transferred to his or her tier-I NPS account. Subsequent to this the point of presence terminal or the nodal office, whichever has received a cheque or draft from the provident fund will transfer the money into the concerned person's Tier-I NPS account.
GoodReturns.in
