National Pension Scheme nps

Features and Benefits
Check your eligibility
Downloads
FAQ's

National Pension Scheme

National Pension System (NPS), previously known as the National Pension Scheme, is a combined investment and pension programme launched by the Indian Government. It aims to provide financial security and pensions to all Indian citizens in their old age. As an investment vehicle, it yields market-based returns by offering investment opportunities in debt and equity instruments, making it an attractive option for long-term gains. The NPS also provides additional tax advantages and the convenience of managing investments, viewing scheme details, and transferring funds online. The PFRDA has designated Axis Bank as one of the Points of Presence (POP) for facilitating NPS.

There are two models available under NPS :

If you want to sell or redeem digital gold, you can sell it instantly and get the funds credited to your account instantly. You can also opt for delivery of the gold coins against the gold balance in your account. The physical gold can either be delivered to you or you can exchange it for physical gold at designated offline and online jewellery outlets.

All Citizen Model- Available to all citizens of India
Corporate Sector Model- Provide NPS benefits to the employee of corporate entities

Features and Benefits

Ensure income security in your old age

Portable

All Citizens Model

This model is applicable to all Citizens of India and NRIs falling between the age group of 18 years to 70 years. Under NPS, two types of accounts are available to the subscriber - Tier I and Tier II. The contributions in Tier I account are savings for retirement and are non-withdrawable. Tier II account is a voluntary saving account.

Corporate Sector Model

Corporate may join NPS through MOUs with any one of our existing authorized branches

Contribution

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Scheme Preference

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Withdrawals

Tier 1 - The applicant shall contribute his/her savings for retirement into this restricted withdrawable account. This is the retirement account and applicant can claim tax benefits against the contributions made subject to the Income Tax rules in force.

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Eligibility

Who Can Join

Age between 18 years and 70 years at the time of submission of application
Complied with KYC (Know Your Customers) norms
As per NPS rules, NRI and OCI can open NPS account
Applicant should not have a pre-existing

Two types of NPS Accounts available to Subscriber

Tier I Account: The applicant shall contribute his/her savings for retirement into this restricted withdrawable account. This is the retirement account and applicant can claim tax benefits against the contributions made subject to the Income Tax rules in force.
Tier II Account: Opening of this account is optional for investment purpose. The subscriber has the flexibility to can withdraw from this account as per their requirements

Downloads

Axis Bank has designated branches for NPSYou can visit your nearest Axis Bank branch with all the required documents and fill out the national pension scheme application form.. You can download NPS application form below.

Circulars

Facility of Systematic Lump sum Withdrawal (SLW) for NPS Subscribers

View Form

Simplified & Secured way to stay Informed on NPS Investments through Consolidated Account Statement (CAS) Circular ID 100107

View Form

Selection of ASP to be exercised by Subscribers upon exit from NPS Circular ID 99811

View Form

FAQs

Any citizen in the age group of 18-70 years (as on the date of submission of his / her application to the POP-SP) can join NPS except for the government subscribers who are mandatorily covered under NPS

There is no restriction in terms of frequency of contribution. Subscriber has the option to make the contribution in any mode – monthly, quarterly, half yearly or yearly. Also, Subscriber can make ad–hoc contribution as well.

Yes, NPS offers this flexibility. Subscribers are allowed to alter the contribution amount as per the suitability.

Under NPS account there are two types of accounts - Tier I & Tier II

Tier I account - It is mandatory account. The applicant shall contribute his/her savings for retirement into this conditional & restricted withdrawable account. Tax benefits can be claimed against the contributions made in Tier I account
Tier II account - This is voluntary savings facility. The applicant will be free to withdraw his/her savings from this account. This is not a retirement account and applicant can’t claim any tax benefits against contributions to this accounts

Yes. Subscriber can switch the asset allocation pattern under Active Choice twice in a financial year.

Yes. Subscriber gets this flexibility. This can be done twice in a financial year

Yes, subscriber on completion of 3 years in NPS is permitted to partially withdraw from his/her account subject to maximum of 25% of the contributions made by the subscriber for the following purposes:

For higher education of his/her children
For marriage of his/her children
For purchase or construction of residential house or flat
For treatment of specified illnesses

There is a provision of withdrawal in case of early withdrawal

There is no such provision under NPS

Employee can shift the corpus to new employer with same PRAN a/c if the new employer is already a registered entity under NPS. But if not, then employee can continue the PRAN a/c under All Citizen Model

In case of unfortunate event, the nominee will receive 100% of the NPS pension wealth in lump sum.

No, NPS account can be opened only in individual capacity and cannot be opened or operated jointly or for and on behalf of HUF

Subscriber is allowed to register up to three nominees in NPS. Yes, minor can be a nominee

NPS Charge Schedule

Intermediary	Request Type	Charges*		Frequency of charges and mode of deduction
Point of Presence (POP)	Subscriber Registration	₹400/-		One time and collected upfront from the subscriber**
	Contribution Processing	0.50% subject to minimum ₹30/- and maximum ₹25000/-		On each transaction and collected upfront from the subscribers
	Non - financial service request	₹30/-
	Persistency Charges^	₹50/- for annual contribution ₹1000/- to ₹2999/- ₹75/- for annual contribution ₹3000/- to ₹6000/- ₹100/- for annual contribution above ₹6000/		Through cancellation of units
		Protean (NSDL)	Kfintech
Central Recordkeeping Agency (CRA)	New Account Opening (Physical PRAN card)	₹40/-	₹39.36/-	One time through cancellations of units
	PRA Maintenance	₹69/-	₹57.63/-	Annually through cancellation of units
	Financial / Nonfinancial transactions	₹3.75/-	₹3.36/-	On each transaction through cancellation of units
Pension Funds	Investment Management	Up to 0.09% of AUM		Adjusted from NAV
Custodian	Asset Servicing	0.000000001770% of AUM
NPS Trust	Trust Management	0.005% of AUM
Trustee Bank	Trustee Bank charges	No charges levied by Trustee Bank

For NPS accounts opened onine from Axis Bank portal Contribution is credited in PRANs on Transaction day + 2 days (T+2) basis (subject to receipt of clear funds from Payment Gateway Service Provider).