National Pension Scheme is welfare scheme of government of India. This is the pension/retirement saving scheme where the government of India contributes along with pensioner. Pension Fund Regulatory and Development Authority regulates the National Pension Scheme. All the citizen of India can join with minimum annual contribution of Rs 6,000.
Through the NPS a person can save over the years. He can purchase a pension/annuity with the accumulated saving in the scheme.
Objective of National Pension Scheme
Nation Pension Scheme is a voluntary defined and sustainable pension scheme in India. It has worked with broad objectives:
- Provide income for old age people
- Long-term reasonable market-based returns
- Provide old age security coverage to all citizens
Types of National Pension Scheme
Currently two types of Pension plan available
Tier 1 Account: This is the non-withdrawal account. Here limitation of withdrawing is the limit. In this scheme, only 20 percent of contribution can withdraw before attaining the age of 60. After attaining the age of 60 years only 60 percent of contribution can withdraw and rest has to use to purchase.
Tier 2 Account: In this account, you may withdraw the contribution unlimited time.
Also Know: Pradhan Mantri Awas Yojana
- All Indian Citizen whose age is between 18 to 65 years can join the National Pension Scheme.
- Applicant should compel KYC norms.
- Low-cost pension scheme across the worlds, Administration charge and fund management fee are also lowest.
- Simple process of joining
- Flexible investment option
- Tax benefits
- Proof of Identity
- Address Proof
- Date of Birth Proof
How to Join National Pension Scheme
- Go to the official website National Pension System Trust website https://enps.nsdl.com
- Click on the Registration Button.
- A page will be open.
- Choose the appropriate options
- Enter you Aadhar Number
- Generate OTP
- Fill the OTP which is sent to Aadhar linked Mobile Number
- Click on the Generate Button
- An application will be open
- Fill all the details
- Now Click the Generate Acknowledgment Button.
- Fill all the Person data, contact Details, Bank or others Details, Nomination Detail.
- Upload the Documents, photo and signature and payment details.
- Click the submit button.
Offline Applying Procedure
- You may also join the scheme offline, go to any Points of Presence (POPs) appointed by the PFRDA
- Fill the form and submit along with required documents.
- Minimum Contribution Requirement
- Rs 1000 at the time of account opening
- Minimum Amount per contribution is Rs 250
- Minimum account balance at the end of financial year – Rs 2,000
- Applicant can contribute minimum one year
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