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National Pension Scheme (NPS)
National Pension Scheme (NPS)
The National Pension System (NPS) is a voluntary, long-term retirement savings scheme that enables systematic savings for Indian citizens. It is a government-sponsored pension program that encourages systematic investment to build a retirement corpus.
Key Features of NPS
- Regulation and Management: NPS is regulated and managed by the Pension Fund Regulatory and Development Authority (PFRDA).
- Types of NPS Accounts: NPS offers two types of accounts: Tier I and Tier II.
- Tier I Account: A mandatory, long-term retirement account with restrictions on withdrawals.
- Tier II Account: A voluntary savings account with more flexibility in terms of withdrawals and deposits.
- Investment Options: NPS offers a choice of investment options, allowing subscribers to allocate funds across various asset classes.
- Tax Benefits: Contributions to NPS are eligible for tax benefits under Section 80CCD of the Income Tax Act.
- Withdrawals: Withdrawals from Tier I account are restricted and generally allowed only upon reaching retirement age or in specific circumstances.
- Exit and Annuity: At the time of exit, subscribers must use at least 40% of the accumulated corpus to purchase an annuity.
- Portability: NPS is portable across jobs and locations.
You can open an NPS account online through the following link: