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Retail NPS

Any individual (non Government and non Corporate) who wish to invest to NPS can contribute towards their retirement fund through Retail NPS model. (All Citizen Indian Model). The scheme, which is regulated by the PFRDA (Pension Fund Regulatory And Development Authority) is a voluntary, defined contribution retirement savings scheme that helps individuals earn pension post retirement.

Features and Benefits of Retail NPS

Retail NPS Tax-efficient pension scheme It is a tax-efficient pension scheme (Tax benefit under Section 80 CCCD (1) and Section 80CCCD(1B) of Income Tax Act 1961)
Retail NPS Market-linked returns The amount contributed towards NPS account are invested in different assets including equity, corporate and government bonds, and alternative investment funds.
Retail NPS Simple The process for opening an NPS account is simple, subscribers can open and account either online or offline. Subscribers can keep track of their contributions and other transactions online.
Retail NPS Portable Subscribers can operate their NPS account from anywhere in the country. Also, subscribers enjoy seam portability even if they switch jobs or move to a different location.
Retail NPS Well-regulated It is well-regulated (NPS is administered and regulated by PFRDA which has been created by Act of Parliament) : Well regulated
Retail NPS One of the low-cost pension schemes in the world NPS is one of the low-cost investment products in the world. It has low handling and administrative charges.

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Who can join Retail NPS

  • All Indian citizens, including NRIs and OCI
  • Subscribers must be between 18-65 years at the time of registration
  • Must comply with the KYC requirements

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How to Enroll for Retail NPS

Subscribers willing to participate in NPS under the retail model can enrol through online or offline method.

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Retail NPS – Contribution

Retail NPS subscribers can contribute towards their NPS account through, cheque, demand draft, online transfer or ESC (Electronic Clearing System) via chosen PoP. For online contributions, subscribers can pay through net banking, debit/credit card, or other payment gateways. The minimum and maximum contribution towards Retail NPS depends on the type of account they hold.

Minimum contribution for Tier I Account

  • Subscribers must make a minimum contribution of Rs. 500 at the time of opening account and for all subsequent transactions
  • The minimum annual contribution is Rs. 1000
  • The subscriber must contribute at least once in a year

Minimum contribution for Tier II Account

  • Subscribers must make a minimum contribution of Rs. 1000 at the time of opening the account. All subsequent contributions must be of minimum Rs. 250
  • There is no minimum contribution requirement for Tier II account.

For both Tier I and Tier II account there is no maximum limit on the contributions made.

Charges for not maintaining the minimum contributions

If the subscribers fail to contribute less than Rs. 1000 in a financial year, their account will be frozen and facilities provided by CRA will be restricted. To reactivate the account, the subscriber must pay a minimum contribution of Rs. 500.

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