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The National Pension System (NPS) is a voluntary, long-term retirement savings scheme in India designed to enable systematic savings for retirement. Here are the key features and components of the National Pension System:

1. Types of Accounts:
Tier-I Account: This is a mandatory account with restrictions on withdrawals before retirement. It aims to provide regular income after retirement.
Tier-II Account: This is an optional account with more flexibility for withdrawals and no restrictions on frequency or amount. It allows for savings without any lock-in period.

2. Participants:
The scheme is open to all Indian citizens, including employees from the public, private, and unorganized sectors.
Non-resident Indians (NRIs) can also invest in NPS subject to certain conditions.

3. Contributions:
Subscribers can contribute regularly during their working years. The contributions are invested in various asset classes such as government securities, corporate bonds, and equities based on the subscriber's choice.

4. Tax Benefits:
Contributions to the NPS qualify for tax benefits under Section 80C of the Income Tax Act, subject to a maximum limit.
Additional tax benefits are available for contributions up to a specified limit under Section 80CCD(1B).

5. Investment Choices:
Subscribers can choose between different Pension Fund Managers (PFMs) and investment options: Active Choice (choosing the asset allocation) or Auto Choice (age-based asset allocation).

6. Withdrawals and Annuity:
At the age of 60, a subscriber can withdraw up to 60% of the corpus as a lump sum, and the remaining 40% must be used to purchase an annuity that provides a regular pension.
Partial withdrawals are allowed for specific purposes like higher education, marriage, or medical treatment, subject to certain conditions.

7. Portability and Exit:
The scheme is portable across jobs and locations, offering flexibility for subscribers to continue their account irrespective of changes in employment.
In case of exit before the age of 60, subscribers can choose to defer withdrawal and continue the account until retirement.

8. Regulation and Governance:
The Pension Fund Regulatory and Development Authority (PFRDA) regulates and oversees the functioning of the NPS.

9. Corporate Sector Participation:
Corporates can also enroll their employees in the NPS through the Corporate Sector Model.