NATIONAL PENSION SCHEME (NPS)

National Pension Scheme (NPS), a government-sponsored pension scheme for Any Indian citizen between 18 and 60 years. A subscriber can contribute a minimum of Rs 1,000 every year regularly in a pension account during his/her working life, withdraw a part of the corpus in a lump sum and use the remaining corpus to buy an annuity to secure a regular income after retirement. An NRI can join NPS. (However, the account will be closed if there is a change in the citizenship status of the NRI.) Every NPS subscriber is issued a card with 12-digit unique number called Permanent Retirement Account Number or PRAN. NPS offers two accounts: Tier-I and Tier-II accounts. Tier-I is a mandatory account and Tier-II is voluntary. The big difference between the two is on withdrawal of money invested in them. You cannot withdraw the entire money from Tier-I account till your retirement. Even on retirement, there are restrictions on withdrawal on the Tier-I account. The subscriber is free to withdraw the entire money from the Tier-II account. You have to contribute a minimum of Rs 1,000 every year in your Tier-I account in a financial year. If you do not contribute the minimum amount, your account will be frozen. You can unfreeze the account by paying the minimum required amount and a penalty of Rs 100. No, The Government will not contribute any amount to your NPS account.

Required Documents 1) PASSPORT PHOTO

2) AADHAR CARD

3) PAN CARD

4) BANK PASSBOOK/CHEQUE WITH NAME