National pension Scheme (NPS)

It is a pension scheme launched by the Government of India. It is regulated by Pension Fund Regulatory & Development Authority (PFRDA)

The National Pension Scheme (NPS) is a government-backed retirement plan. It’s regulated by the PFRDA. Invest in NPS to secure your financial future. The Features of the National Pension Scheme make it a popular choice among individuals seeking a reliable and flexible retirement savings solution.

• Eligibility :
  • Should be an Indian Citizen (resident or non-resident) or an Overseas Citizen of India (OCI)
  • Should be aged between 18 - 70 years
• Minimum Investment Amount :
  • Account Opening: ₹500
  • Annual Contribution: ₹1,000

Investment of Funds

Pension Fund Manager (PFM) to be selected by the client:

• Aditya Birla Sun Life Pension Management Ltd.
• HDFC Pension Management Co. Ltd.
• ICICI Pru. Pension Fund Mgmt Co. Ltd.
• Kotak Mahindra Pension Fund Ltd.
• LIC Pension Fund Ltd.
• SBI Pension Funds Pvt. Ltd.
• UTI Retirement Solutions Ltd.
• Tata Pension Management Ltd.
• Axis Pension Fund Management Ltd.
• MAX Life Pension Fund Management Ltd.

Features of NPS

• Permanent Retirement Account Number (PRAN): unique 12 digit number allotted to each subscriber
• Two sub accounts are opened:
  • Tier I a/c: Non-withdrawable retirement a/c which is mandatory.
  • Tier II a/c: Voluntary savings facility available as an add-on.
• NPS a/c can be operated from anywhere in the country irrespective of individual employment & location / geography.