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)
- 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
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.
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.