Ministry of Finance (regulated by PFRDA)
National Pension System (NPS)
Launched: January 2004 (Govt employees), May 2009 (open to all citizens)
Who is this scheme for?
All Indian citizens aged 18-70 — voluntary, defined-contribution pension scheme with market-linked returns.
Benefit amount & what you get
Build retirement corpus with min contribution ₹500/installment (Tier-I), ₹250/installment (Tier-II). Tax deduction up to ₹2 lakh combined under Section 80C + 80CCD(1B). On retirement, withdraw 60% lump-sum tax-free + 40% as annuity for monthly pension. Govt employees additionally get 14% employer contribution.
Eligibility criteria
Any Indian citizen 18-70 yrs (extended from 65). Hindu Undivided Family not eligible. OCI/PIO holders eligible.
How to apply — step by step
Online via eNPS portal → Aadhaar/PAN/Bank → KYC done online → choose pension fund manager (e.g., HDFC, SBI, ICICI) + asset allocation → PRAN (Permanent Retirement Account Number) issued same day → start contributions.
Related schemes
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