The National Pension System (NPS) is a voluntary, long-term investment plan for retirement under the purview of the Pension Fund Regulatory and Development Authority (PFRDA) and the Central Government. It aims to provide financial security and stability during retirement by encouraging people to invest in a pension account at regular intervals during their employment1.

Here are some key features of the NPS:

1. Eligibility: The scheme is open to all citizens of India, including non-resident Indians (NRIs) and overseas citizens of India (OCIs), aged between 18-70 years. 23. Accounts:

   • Tier I Account: This is a mandatory pension account with a specific tax benefit.

   • Tier II Account: This is a voluntary savings account that allows withdrawals at any time, but does not offer any tax benefits2. 3. Tax Benefits: Contributions to the NPS are eligible for tax deductions under Section 80C and Section 80CCD of the Income Tax Act. 41. Investment Options: Subscribers have the flexibility to choose their investment options and pension fund managers. 53. Unified Pension Scheme: Recently, a new Unified Pension Scheme (UPS) has been introduced for Central Government employees, offering guaranteed retirement benefits. UPS integrates features of both the Old Pension Scheme (OPS) and NPS4.

If you need more detailed information or specifics on how to enroll, feel free to ask!