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National Pension System (NPS)

 


The National Pension System (NPS) is a voluntary, government-backed, market-linked retirement savings scheme regulated by the PFRDA. It is open to all Indian citizens (residents and non-residents) aged 18 to 85. It requires systematic contributions during your working years to build a sustainable pension corpus.
Core Features & Mechanics
  • Account Types:
    Offers two accounts: Tier-I (a mandatory, locked-in retirement account) and Tier-II (a voluntary, easily accessible savings account).
  • Investment Choices: You can either opt for the 'Auto Choice' (where investments are based on your age and risk appetite) or 'Active Choice' (where you manually control the allocation across equity, corporate bonds, and government securities).
  • Maturity / Withdrawal Rules: At age 60 or upon retirement, you can withdraw up to 60% of the accumulated corpus as a tax-free lump sum. The remaining 40% must be used to purchase an annuity plan from a registered life insurance company, which will provide your regular monthly pension.
Tax Benefits
  • Up to ₹1.5 Lakh under Section 80CCD(1): Within the overall ₹1.5 Lakh limit of Section 80C.
  • Additional ₹50,000 under Section 80CCD(1B): Exclusive tax deduction available only for NPS contributions.
  • Corporate Contributions under Section 80CCD(2): Salaried individuals can claim deductions for employer contributions up to 10% of their salary (basic + DA).
How to Register (Invest Now )
You can open an NPS account entirely online or through designated bank branches (Points of Presence). To get started, you will need your PAN, Aadhaar, and bank account details.
  • Once your account is active, you can manage investments and view your statement by logging in via the NPS Trust Account Login.

Onboarding & Eligibility
  • Eligibility: All Indian citizens (resident, non-resident, and overseas) between the ages of 18 and 85.
  • Requirements: You will need your Permanent Account Number (PAN), a valid mobile number, and Aadhaar-based verification (or CKYC).
  • Minimum Investment: You only need a minimum contribution of ₹500 for a Tier-I account and ₹250 for a Tier-II account to open it, with a minimum yearly contribution of ₹1,000.
Investment Choices
  • Asset Allocation: You get complete control over your portfolio. You can split your investments across Equity (up to 75%), Corporate Bonds, and Government Securities.
  • Fund Managers: You can select from authorized pension fund managers such as ICICI Prudential. Invest Now 

NPS: ICICI PRU pension fund family! - Agent code – PFM000034245

Advisor code : PFM000034245

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