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Can I Access My Private NPS Account After Joining Government Sector In 2020?

T S Khurana

T S Khurana   |173 Answers  |Ask -

Tax Expert - Answered on Aug 31, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Asked by Anonymous - Aug 25, 2024Hindi
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Dear Sir, I was private employee till 2020 and had NPS account (All citizens scheme) and was contributing from 2012. Now from 2020 onwards joined government organisation and the account was shifted from all citizens to central government sector. Now my doubt or query is Can I withdraw the amount that I have contributed when I was in all citizens scheme. Waiting for your kind reply and suggestions.

Ans: Since you have contributed to this scheme for more than 3 years, You can partially withdraw the amount, for some specific purpose.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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My son is in grade 10th, he wants to prepare for neet but he went for counselling twice where he had given some test which gave him results to prefer engineering now he is confused if i will not be able to do fare in neet thn what should i opt for since hes planning to go for integrated? Ease help
Ans: Hello.
To which tests your son appeared is not mentioned by you. I am assuming that he may be based to appear for either an IQ test or a DMIT Test. I would like to say that there is no need to 100% trust these tests. The results of these tests depend on the mindset of a student at that time. These tests are never 100% correct. Hence there is no need to worry about the results of these tests and what the counselor has told you.
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Hi sir/madam, My target is 2 crore corpus by 45 I just saved 5 lacs earning 1 lac per month.I do SIP in 4 SIP each of 5000 monthly. HDFC Flexi plan direct growth-5000, ICICI prudential bluechip fund direct-5000, Kotak flexi cap fund direct-5000, ICICI prudential transportation and logistics fund direct-5000 Please advice me to achieve my goal by 45 years currently I am 35y
Ans: To achieve a Rs 2 crore corpus by age 45, an SIP of Rs 60,000 per month with a 10% annual increase is indeed a strategic approach. Here’s how this plan can align with your target.

Calculating Your Path to Rs 2 Crore
Current SIP Investment: With a starting SIP of Rs 60,000 per month at a 12% CAGR, your investments have the potential to grow substantially over time.

Annual Step-Up: Increasing your SIP by 10% each year harnesses the power of compounding, helping you reach your goal faster. This incremental increase supports growth to match inflation and your rising income.

Expected Growth Rate: With a 12% CAGR, a disciplined 10-year investment horizon should help you accumulate approximately Rs 2 crore. This CAGR is reasonable for equity mutual funds based on historical performance.

Practical Benefits of This Strategy
Power of Compounding: The combination of a 10% step-up and 12% CAGR significantly accelerates growth, turning monthly contributions into substantial wealth over 10 years.

Simplicity in Execution: A single SIP contribution with a systematic increase each year streamlines your investment process, making it easier to manage.

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Commit to the Annual Step-Up: Consistently increasing SIP contributions is crucial. Even during years with market volatility, stick to the increase for long-term gains.

Portfolio Review with a Certified Financial Planner: Annual reviews ensure your portfolio remains aligned with your goals, especially as you approach the 10-year mark.

Final Insights
An SIP of Rs 60,000 with a 10% annual increase and 12% CAGR is a robust plan for reaching Rs 2 crore in 10 years. With disciplined investing and regular review, this strategy should help you reach your financial target by age 45.

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