10 Questions
What percentage of the accumulated fund can be withdrawn upon reaching 60 years of age?
40%
Which of the following options is NOT mentioned for receiving regular pension income from the balance amount after withdrawing 40%?
Biannually
What is the maximum amount that can be invested yearly in a Public Provident Fund (PPF) account?
Rs. 1,50,000
Under which section of the Income Tax Act can an additional deduction of Rs. 50,000 be claimed for investment in a Tier-1 account?
80CCD(1)(B)
Which of the following is NOT a feature of the Pradhan Mantri Vay Vandna Yojna (PMVVY)?
The minimum pension amount is $1,000 per month.
What is the primary purpose of the Employees' Pension Scheme (EPS)?
To offer a monthly pension after retirement
Which of the following statements about the National Pension Scheme (NPS) is correct?
It consists of a mandatory Tier-1 account and an optional Tier-2 account
Why is it recommended to consider other retirement plans in addition to the EPS pension?
The EPS pension is not sufficient to meet monthly expenses
What restriction is mentioned regarding withdrawals from the Tier-1 NPS account?
You cannot withdraw any amount until the account matures to 10 years
What is the advantage of the NPS mentioned in the text?
The fund accumulates with a compounding effect over time
Learn about employment-based pension plans in India, where a portion of your salary is deducted and deposited into the EPS (Employees’ Pension Scheme) by your employer. Explore how the corpus accumulates over the years and how you receive pension benefits post-retirement.
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