ICICI NPS Calculator

What is the ICICI NPS Scheme?

The Pension Fund Regulatory and Development Authority (PFRDA) regulates the National Pension Scheme (NPS) as the best investment option to create a corpus for post-retirement life. 

The ICICI NPS Scheme is a retirement savings plan offered by ICICI Bank. It is part of the National Pension System (NPS), which aims to help you build a corpus for your retirement years. With the ICICI NPS Scheme, you can contribute regularly and benefit from potential market returns, ensuring a secure financial future.

What is the ICICI NPS Calculator?

The ICICI National Pension Scheme calculator helps calculate the lump sum amount that you can expect at your retirement age as per your contributions. This estimation can help you make deposits while keeping your retirement goals and needs in mind.

The NPS Calculator is an easy-to-use and hassle-free tool for calculating the lump sum amount to be received on the maturity of this best investment plan. You need to enter a few of the basic details related to the scheme in the ICICI Bank NPS Calculator:

• Your current age

• Investment frequency (monthly, half-yearly, or yearly)

• Investment amount

• NPS options (Auto or Active choice)

Looking for more insights? Try our SIP Calculator.

Working of NPS Calculator - ICICI

This compound interest formula is essential for computing the maturity amount in the ICICI NPS account.

Illustration of Calculation from NPS Calculator – ICICI Bank

Let us understand the use of the ICICI NPS Calculator from the example mentioned below.

If you invest in an ICICI NPS account with the following details-

• Age of Investment: 30 years

• Monthly investment: Rs. 10,000

• Expected Rate of Return: 10% p.a.

The maturity age for your NPS account is 60 years.

• Investment Tenure: 30 years

• Yearly Investment: Rs. 10,000 × 12 × 30 = Rs. 36 lakhs

Using the compound interest formula:

• A = P (1 + r/n) ^ nt

• A = 36,00,000 (1 + 0.10) ^ 30

• Resulting in a Maturity Amount, A = Rs. 2,26,04,879

• Interest Earned = Rs. 1.90 crores

• Minimum Annuity Investment = Rs. 90.41 lakhs

Steps to Use ICICI NPS Calculator

ICICI Bank NPS Calculator helps you estimate your pension amount upon retirement. Follow the steps mentioned here to use the ICICI National Pension Scheme Calculator:

Step 1- Go to the NPS calculator of ICICI Bank on this page.

Step 2- Enter the following details in the calculator:

• Investment type (monthly or yearly)

• Investment amount

• Entry age

• Expected rate of return

Step 3- The ICICI Prudential NPS Calculator displays your estimated monthly pension and maturity amount.

Benefits of NPS Calculator – ICICI Bank

ICICI NPS Calculator is a popular computation tool that provides you with several advantages, such as follows:

• Estimates retirement income: The NPS calculator- ICICI Bank helps calculate your potential pension based on investment amount, period, and expected returns, aiding in retirement planning.

• Supports informed decisions: It shows how different investment strategies affect retirement income, helping you decide how much to invest and for how long.

• Easy planning: The ICICI Bank NPS Calculator helps in planning for retirement by calculating potential returns.

• Customization: The calculator allows you to insert various parameters like investment amount, age, etc., for personalized results.

• Efficiency: The ICICI Prudential NPS Calculator saves time by swiftly generating accurate results.

• Accessibility: The ICICI National Pension Scheme calculator is accessible online, making it convenient for you to utilize it anytime, anywhere.

Eligibility Criteria for ICICI NPS Calculator

To open an NPS account with ICICI Bank and avail of the benefits of this ICICI National Pension Scheme calculator, you must meet the following eligibility criteria:

• Resident Citizens of India

• Non-Resident Indian (NRI)

• Minimum age of 18 years

• Maximum age of 70 years

• Mandatory KYC compliance

• Up to 1 NPS account per individual

Tax Benefits of NPS Scheme- ICICI

Under the New vs. Old Tax Regime in FY 2024-25 (AY 2025-26), the following tax benefits are available for NPS contributors:

In The End!

The ICICI NPS calculator offers a convenient and efficient way for you to assess your National Pension System (NPS) contributions. The ICICI NPS calculator simplifies the retirement planning process with user-friendly features and accurate calculations. You can make informed decisions about your financial future by utilizing this tool, ensuring a smooth and well-managed approach to retirement savings with ICICI.