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Administered by the Pension Fund Regulatory and Development Authority (PFRDA), NPS is a voluntary, market-linked contribution scheme managed by professional fund managers.
Upon retirement or exit, at least 40% of the contribution is used to buy an annuity for a lifetime pension, while the rest is given as a lump sum.
Check the benefits of the NPS scheme, providing a secure retirement with tax advantages and investment flexibility.
Contributions to NPS qualify for tax benefits under Section 80C of the Income Tax Act, along with additional deductions under Section 80CCD (1B).
Upon retirement, subscribers can withdraw up to 60% of the corpus as a lump sum and allocate the remaining 40% to purchase an annuity, ensuring a regular pension income.
NPS invests in a diversified portfolio of equities, bonds, and government securities, offering market-linked returns to subscribers.
Subscribers have the flexibility to select from various annuity plans and providers, allowing them to tailor their pension income according to their preferences.
NPS provides regular account statements to subscribers, enabling them to monitor their pension savings and investment performance effectively.