National Pension Scheme (NPS)

Eligibility Criteria

• Citizen of India: Resident or Non-Resident Indian (NRI).
• Age: Must be between 18 and 70 years as on the date of submission of your application.
• KYC Compliant: Must comply with Know Your Customer (KYC) norms.
• Sound Mind: Must be of sound mind.

Benefits of NPS

• Retirement Security: Provides a regular income post-retirement.
• Flexibility: Offers choice of investment options (equity, corporate debt, government securities, alternative assets) and fund managers.
• Tax Benefits: Eligible for tax deductions under Section 80C, 80CCD(1B), and 80CCD(2) of the Income Tax Act.
• Portability: Account is portable across jobs and locations.
• Low Cost: One of the lowest-cost pension products globally.
• Withdrawal Options: Allows partial withdrawals for specific needs before retirement.

How to Apply for NPS

1. Choose Account Type: Decide between Tier I (mandatory retirement account) and Tier II (voluntary savings account).
2. Select POP (Point of Presence): Visit a bank, post office, or financial institution registered as a POP.
3. Fill Application Form: Complete the subscriber registration form (S1) and submit KYC documents.
4. PRAN Generation: A Permanent Retirement Account Number (PRAN) will be generated for you.
5. Online Application: Alternatively, apply online through eNPS portal using Aadhaar or PAN.
   Official NPS Online Portal

Required Documents

• Proof of Identity: Aadhaar Card, Passport, PAN Card, Driving License, etc.
• Proof of Address: Aadhaar Card, Passport, Utility Bills (electricity, phone), Bank Statement, etc.
• Date of Birth Proof: Birth Certificate, School Leaving Certificate, Passport, etc.
• Bank Account Details: Canceled cheque leaf or bank passbook copy.
• Passport-sized Photograph.