NPS means National Pension Scheme. It is an investment cum pension scheme which is initiated by the goverment of India that gives you a fixed number of a uniform income for particular number of years after you retire. This scheme is to provide old age security and a pension to citizen of India. It is regulated by Pension Fund Regulatory and Department Authority of India.
NPS account can be open online by visting here. On that website, click on the Registration and fill online form and provide your adhar number. After registration, you will recive an OTP. Using that OTP you can fill the rest of the form.
A citizen of India including NRI can use benefits of NPS but their age should between 18 years to 65 years at the time of NPS application. As per NPS rules in India, OCI and PIO card holder are not eligible for NPS schemes.
Yes, NPS offers multiple tax benefits under section 80CC, 80CCD(1) and 80CCD(2). 80CC offers a tax deduction of amount up to Rs. 1,50,000 on total investment. 80CCD(1) offers an additional tax deduction of amount up to Rs. 50,000 on total investment and 80CCD(2) offers tax deduction to you if your employer contributes to your NPS account as well.
There are two types of NPS accounts which are Tier-I and Tier-II.
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