New Pension System for each Citizen was presented from first May 2009 by the Pension Fund Regulatory and Development Authority to give maturity annuity security to residents in the age gathering of 18-60. A brief subtle element of the Scheme (Tier I and Tier II) is as beneath:

NPS is a deliberate Pension System of Pension Fund Regulatory and Development Authority (PFRDA) open to all nationals in the age gathering of 18-60 years.

The Scheme is agent from 01.05.2009.

The goal is to give maturity annuity; sensible business sector based returns over long haul

Bank assigned branches i.e. Purpose of Presence-Service Provider (POP-SP) acknowledge the application frame and get the supporters enlisted with Central Record keeping Agency (CRA) for era of the Permanent Retirement Account Number (PRAN).

The PRAN will be cited in every future exchange.

There are two models i.e. Level I and Tier II.

Level I record is the place you contribute your funds for retirement into a non-withdrawable record till you achieve 60 years and draw benefits for whatever remains of your life.

In case of Tier I

Least commitment at the season of record opening - Rs.500/ -

Least sum per commitment - Rs. 500/ -

Least Account Balance toward the end of FY - Rs. 6000/ -

Least number of commitments in a year  1

The endorser will leave the plan subsequent to accomplishing 60 years old. The endorser has the choice to concede the withdrawal and stay put resources into NPS up to 70 years old however the supporter is not permitted to make further commitments. He/She needs to obligatorily annuitize 40% of the gathered benefits riches. Choice to annuitize 100% of the corpus is likewise accessible.

A Tier-II record is an intentional bank account shape the supporter is allowed to pull back at whatever time.

The office of Tier II record is being offered from December 1, 2009 to all subjects of India including Government workers compulsorily secured by NPS.