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National Pension System:
National Pension System (NPS) is a low cost, tax-efficient and flexible retirement savings scheme launched by the government of India. It is one of the saving schemes where you can invest money monthly or through a systematic saving plan during your working life to get an adequate retirement income. All Indian citizens of 18 to 60 years of age, including NRIs are eligible to apply for a pension fund account.
What are the benefits of NPS?
It is transparent — NPS is transparent and cost effective system wherein the pension contributions are invested in the pension fund schemes and the employee will be able to know the value of the investment on day to day basis.
It is portable — Each employee is identified by a unique number and has a separate Permanent Retirement Account which is portable i.e., will remain same even if an employee gets transferred to any other office.
It is simple — All the subscriber has to do, is to open an account with his/her nodal office and get a PRAN.
It is regulated — NPS is regulated by PFRDA, with transparent investment norms & regular monitoring and performance review of fund managers by NPS Trust.