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To maximise your tax savings, make the most of deductions available under Section 80C for investments, 80D for health insurance premiums, Section 24 for home loan interest, and Section 80CCD for NPS contributions.
Retirement planning: NPS has emerged as one of the most popular tools for retirement planning and investment. Your returns from NPS will decide how much corpus you can accumulate. Let us say you have just turned 40. You have 20 years to accumulate a lump sum in NPS. If you want to earn a Rs 2 lakh pension per month from your NPS investment, here is how much contribution you must make now.
The choice of pension fund managers has also broadened. Now, there are 10 pension fund managers to choose from. NPS investors are also allowed to switch their pension fund once in a year. From this year onwards, the PFRDA has allowed investors to spread their investments across three different pension fund managers. ET Wealth identifies the best performing NPS funds to help investors decide which pension fund manager they should go with.
Putin addresses concerns on global food crisis, promises grain aid to African countries amid halted Black Sea deal. Africa-Russia summit updates
Higher EPFO pension: Earlier this year, EPFO allowed its subscribers to opt for a higher pension amount by increasing their contribution towards the EPS. As per the new rules, subscribers can contribute 8.33 per cent of their actual basic pay towards the EPS to earn a higher EPFO pension.