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National Pension System

Retirement, regulated by PFRDA

Build a retirement corpus with a low-cost, PFRDA-regulated pension account. Choose how your money is invested across equity, corporate debt and government securities, and keep the same account across jobs and cities.

60Age when Tier I matures

75%Maximum equity under Active Choice

₹50KExtra deduction under 80CCD(1B)

14%Employer contribution deductible, New Regime

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Get Started in 4 Simple Steps

PAN & KYC Verification

Check or complete your KYC using your PAN

Document Upload

Aadhaar (masked) and bank proof

E-Sign

Sign your forms digitally with an OTP

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Invest through the app or your RM

Overview

What is NPS?

The National Pension System (NPS) is a voluntary, long-term retirement savings scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It is market-linked and low-cost, and is open to salaried and self-employed individuals, professionals and NRIs (subject to FEMA rules) between 18 and 70 years of age.

Each subscriber gets a Permanent Retirement Account Number (PRAN), which stays with you across employers and locations.

Compare

Tier I vs Tier II

	Tier I	Tier II
Purpose	Primary retirement account	Optional, voluntary account
Lock-in	Till age 60	No lock-in
Tax deduction	Yes (subject to tax regime)	No
Employer contribution benefit	Yes	No
Withdrawals	Partial, under set conditions	Flexible

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Asset Classes

E: Equity

Equity and equity-related instruments, with higher return potential and higher volatility.

C: Corporate Debt

Corporate bonds and fixed income instruments, with a moderate risk and return profile.

G: Government Securities

Central and state government bonds, with a lower risk profile.

A: Alternatives

Limited exposure to instruments such as REITs and InvITs, within regulatory limits.

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Investment Choice

Active Choice

You set the mix across E, C, G and A. Equity can go up to 75%, with age-based caps.

Auto Choice

Lifecycle funds (Aggressive, Moderate or Conservative) that reduce equity gradually as you age.

Key Points

Key Features of NPS

Regulated by PFRDA
Low cost structure compared to many retirement products
Transparent with daily NAV disclosure
Portable across employers and geographies
Online access and monitoring
Flexible asset allocation options
Most tax advantages are available only under Tier I

Overview

Pension Fund Managers

NPS investments are managed by PFRDA-registered Pension Fund Managers, including SBI Pension Funds, UTI Retirement Solutions, LIC Pension Fund, HDFC Pension Fund, ICICI Prudential Pension Fund, Kotak Pension Fund, Aditya Birla Sun Life Pension Fund, Axis Pension Fund, Tata Pension Management and Max Life Pension Fund.

Subscribers may choose and change fund managers as per prescribed rules.

Key Points

Tax Benefits

Tax treatment depends on the type of contribution and the tax regime opted by the individual. Section 80CCD(2) is available under both Old and New Tax Regimes, which makes NPS particularly relevant for individuals opting for the New Tax Regime.

Section 80CCD(1): own contribution up to 10% of salary (Basic + DA), or 20% of gross income if self-employed, within the ₹1.5 lakh Section 80C limit. Old Tax Regime only
Section 80CCD(1B): an additional deduction of up to ₹50,000 over the ₹1.5 lakh limit. Old Tax Regime only
Section 80CCD(2): employer contribution up to 14% of salary (Basic + DA) under the New Tax Regime and up to 10% under the Old Tax Regime for private sector employees, with no monetary ceiling
Combined employer contributions to EPF, NPS and superannuation above the prescribed threshold may be taxable

Key Points

Who Should Consider NPS?

Salaried individuals who receive an employer NPS contribution
Investors in higher tax brackets under the Old Tax Regime
New Tax Regime taxpayers whose employer contributes to NPS
Long-term investors who want disciplined, low-cost retirement saving

Documents

Keep These Ready

Keep these handy for a smooth start. We never ask for your full Aadhaar number; a masked copy is enough.

PAN CardMandatory for every investor, including minors and HUFs.

AadhaarA masked copy (only the last 4 digits visible) for e-KYC and e-sign.

Bank ProofCancelled cheque or a recent bank statement showing your name and IFSC.

Passport PhotoA recent colour photograph against a plain background.

Address ProofNeeded if your current address differs from Aadhaar, e.g. passport or utility bill.

FATCA DeclarationTax-residency self-declaration; NRIs and foreign tax residents add overseas details.

FAQs

Questions, answered

How do withdrawals work at 60?

At retirement you can take part of the corpus as a lump sum and use the rest to buy an annuity that pays a regular pension. PFRDA updated the exit rules in December 2025, and the lump-sum share now depends on your corpus size and subscriber category. We will walk you through the options that apply to you.

Can I exit before 60?

Yes. On early exit, a smaller share can be taken as a lump sum and most of the corpus must go into an annuity, as per prevailing PFRDA rules.

Can I make partial withdrawals?

Yes, from Tier I, up to 25% of your own contributions for specified needs such as higher education, marriage, buying a house or medical treatment, subject to limits on the number and timing of withdrawals.

How is the pension taxed?

Annuity income is taxed at your income tax slab rate. Tax on the lump sum depends on the prevailing income tax rules at the time of withdrawal.

Can I choose or change my fund manager?

Yes. NPS money is managed by PFRDA-registered pension fund managers, and you can change your fund manager and asset mix as per the prescribed rules.

How is Tier II taxed?

Tier II contributions get no Section 80CCD deduction, and gains are taxed broadly like mutual funds, based on asset mix and holding period.

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NPS is a market-linked product regulated by PFRDA. Returns are not guaranteed. Tax benefits depend on your tax regime and prevailing law; please consult your tax adviser before investing.

Mutual Funds

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Information

Risk Factors – Investments in Mutual Funds are subject to Market Risks. Read all scheme related documents carefully before investing. Mutual Fund Schemes do not assure or guarantee any returns. Past performances of any Mutual Fund Scheme may or may not be sustained in future. There is no guarantee that the investment objective of any suggested scheme shall be achieved. All existing and prospective investors are advised to check and evaluate the Exit loads and other cost structure (TER) applicable at the time of making the investment before finalizing on any investment decision for Mutual Funds schemes. We deal in Regular Plans only for Mutual Fund Schemes and earn a Trailing Commission on client investments. Disclosure For Commission earnings is made to clients at the time of investments. Option of Direct Plan for every Mutual Fund Scheme is available to investors offering advantage of lower expense ratio. We are not entitled to earn any commission on Direct plans. Hence we do not deal in Direct Plans.

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AMFI Registered SIF Distributor – ARN: 159693 | Validity from 04/11/2025 to 03/11/2028

APMI Registered PMS Distributor – APRN00623 | Validity from 18/02/2025 to 17/02/2028

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National Pension System

Get Started in 4 Simple Steps

PAN & KYC Verification

Document Upload

E-Sign

Ready to Transact

What is NPS?

Tier I vs Tier II

Asset Classes

E: Equity

C: Corporate Debt

G: Government Securities

A: Alternatives

Investment Choice

Active Choice

Auto Choice

Key Features of NPS

Pension Fund Managers

Tax Benefits

Who Should Consider NPS?

Keep These Ready

Questions, answered

Ready to begin?

Mutual Funds

SIP Investment

Downloads

Information

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