National Pension Scheme Tier II- Tax Saver Scheme, 2020

Last updated: 16 July 2020

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The National Pension Scheme Tier II Tax Saver Scheme, 2020, has been introduced by the Central Government. This scheme allows Central Government employees to make contributions to a specified account, which has a lock-in period of three years. The minimum contribution to activate the account is one thousand rupees, with subsequent contributions of at least two hundred and fifty rupees.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 7th July, 2020 S.O. 2232(E).In exercise of the powers conferred by clause (xxv) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government he

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FAQ :

It is a scheme introduced by the Central Government allowing Central Government employees to contribute to a specified account for tax savings.

The scheme is for Central Government employees who make contributions to a specified account activated by the authority.

The minimum amount to activate the specified account is one thousand rupees, and subsequent contributions must be at least two hundred and fifty rupees.

Contributions made under this scheme have a lock-in period of three years from the date the amount is credited to the specified account.

No, contributions made to the specified account cannot be assigned, pledged, or hypothecated during the lock-in period.