National Pension System

What is NPS?

The National Pension System (NPS) is a government-sponsored retirement savings scheme in India, designed to provide financial security during old age. It offers a structured way for individuals to accumulate savings through contributions made during their working years and reap an income during their retirement years.

The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and is open to all Indian citizens, including salaried employees and self-employed individuals. NPS provides tax benefits under Section 80CCD of the Income Tax Act, making it an attractive option for long-term retirement planning.

Steps to open an NPS Account

  • You can enrol for an NPS Account online through a paperless process on our website, conveniently from your home or office. The scheme aims to offer Indian citizens a compelling long-term savings option for retirement, ensuring safe and reasonable market-based returns. All Indian citizens aged 18 to 70 years are eligible to open an account.
  • Steps for online account opening:​​​​​​​
  • To enrol in NPS, click the 'Apply Now' option under the National Pension System (NPS).
  • You can select any one CRA between K-Fin Technologies Private Limited or NSDL e-governance Infrastructure LTD to open your account.
  • You will receive an online form that you must fill out with the mandatorily requested information.
  • An Acknowledgement ID for your registration (account opening) will be generated. You can complete the registration (account opening form) within 15 days using the acknowledgement number.
  • Choose one of Methods for KYC verification and complete the process. The methods include:
    1. PAN-based verification: HDFC Bank will verify KYC based on the details in your bank account. Ensure all details mentioned in the form are entered as per your existing HDFC Bank Account.
    1. Offline Aadhaar XML KYC: KYC details will be retrieved from the UIDAI database.
  • You must provide details such as bank details, scheme preferences, nominee information, etc.
  • Upload a photograph, specimen signature, cancelled cheque/bank statement/passbook copy, and PAN copy within the permissible file size.
  • Make a minimum initial contribution of ₹500.
  • You will be redirected to a digital payment platform where you can complete the payment through your HDFC Bank NetBanking account or a payment gateway.
  • Upon successful payment, a 12-digit PRAN will be allotted to you, and a PDF form will be generated based on the provided data.
  • Your PRAN will be communicated to you via registered email and SMS.
  • After completing the registration process, you must complete an online e-sign or OTP-based confirmation to avoid physically submitting the registration form.

Frequently Asked Questions

The NPS account matures when a subscriber reaches 60. However, individuals can continue contributing until the age of 75. After maturity, the remaining amount in the NPS account is received as a monthly pension. 

To open an NPS account, an initial contribution of ₹500 for a tier I account and ₹250 for a Tier II account is required. Subsequently, to keep the account active, at least one annual contribution of a minimum of ₹1,000 is necessary for Tier I accounts, while there are no conditions on the minimum amount you can deposit in a Tier II account.

The NPS Tier I and II accounts are open to all Indian citizens, and residents, whereas non-residents, and Overseas Citizens of India (OCIs), can open only Tier 1 accounts. All accountholders should be aged between 18 and 70. Additionally, applicants must comply with KYC norms and submit all required documents. However, Hindu Undivided Families and Persons of Indian Origin are not eligible.