NPS is India's government-sponsored pension scheme launched in January 2004 for government employees. In 2009, it opened to all sections. NPS allows subscribers to contribute regularly in their pension account during their working life. On retirement, they can withdraw a part of the corpus in a lump sum, and use the remaining corpus to purchase an annuity to secure a regular income after retirement.
There are some conditions to be met to open an NPS account. This scheme is only for the following types of workers/citizens:
Non- resident Indian can also join the national pension program, but the account will be cancelled if their citizenship changes.
The individual must open an NPS account with the entities known as Point of Presence (POP). Most banks, private and public sector, are enrolled as POPs along with various financial institutions as well. The authorized branches of a POP termed as a point of presence service providers (POP-SPs), act as the collection points. To know how to open NPS online, click here. To know how to open NPS offline, click here.