NPS Contribution: Have you left your job or gone abroad? Find out if you can contribute money to NPS..

NPS: Changing jobs or moving abroad to increase salary has become commonplace, but retirement planning poses a concern for everyone: how to save as much money as possible. Many people wonder whether their NPS funds will remain with them if they change jobs or move abroad. The National Pension System (NPS) is a plan that accompanies you every step of the way. Whether you change jobs or move abroad, your account remains active and your funds remain safe.

The key lies in the unique Permanent Retirement Account Number (PRAN). This number never changes, so there's no need to open a new account.

Changing jobs does not impact NPS funds.
Suppose you're joining a new job and your new employer offers Corporate NPS simply linking your old PRAN will do the trick. If you haven't, you can deposit money manually through the e-NPS portal or your bank. According to a Moneycontrol report, Ajay Kumar Yadav, Group CEO of Wise Fincircle, explains that the PRAN ensures the account remains valid. Changing jobs doesn't impact the NPS corpus. The funds remain with your chosen fund manager, and asset allocation remains the same. If your salary increases in your new job, increase your voluntary contribution. This will help you reach your retirement goal more quickly.

Can you deposit money into NPS if you go abroad?

Now, if you become an NRI, you can still deposit money into NPS. You just need to have an NRE or NRO account. Contributions will be made in rupees only. Update your KYC by providing your passport, proof of your foreign address, and an FTCA/CRS declaration. If you are permanently settled abroad, the account can remain valid until you are 60 years old. After that, withdraw the money from your bank account. According to Ajay Kumar Yadav, this is the easiest, cheapest, and most systematic retirement product. Residents and NRIs can use it.

NPS is completely portable, allowing transfers to any corner of the country without any problems. It also remains your companion in your career path and helps increase savings. NPS matures at the age of 60. 60% of the corpus is tax-free, and the remaining 40% is used to purchase an annuity. If you withdraw before 60, you can take 20% as a lump sum, and 80% is used to create an annuity. NPS is the best option for retirement.

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