National Pension System: Important information about National Pension System As you know, in this (National Pension Scheme) scheme of India, on retirement, the subscriber can withdraw a part of the corpus in a lump sum from the scheme (NPS Pension) and on the following investments and use the remaining amount to generate regular income after retirement. You may want to buy an annuity to be safe. Who can join (NPS Yojana)? Any Indian citizen between 18 to 60 years can join (NPS Pension). Who can join NPS Pension? Any Indian citizen between 18 to 60 years can join (National Pension System Yojana). The only condition is that the individual must comply with the Know Your Customer (KYC) norms. Can a Non-Resident Indian (NRI) join (NPS Pension)? In this scheme (National Pension Scheme), many financial institutions also work as POPs. How can I find POPs near me? You can access them through the website of Pension Fund Regulator (NPS Pension) (https://www.npscra.nsdl.co.in/pop-sp.php). According to the National Pension System, this scheme is also given by the Central Government to these professional fund managers, the person should follow the Know Your Customer (KYC) norms. Can a non-resident Indian join (NPS Yojana)? When can I withdraw money from NPS Pension? In this option (National Pension Scheme) there is a pension product. Hence, you are expected to stay invested till your retirement. The benefit of this scheme (NPS Pension) is only for them. At age 60, you must use at least 40 percent of the amount to buy annuity proceeds from a PFRDA-listed insurance company. Along with this, in this scheme (NPS Yojana), you have the option to withdraw 60 percent of the total amount tax-free.Yes, an NRI can join (National Pension System). However, the account will be closed if there is a change in the citizenship status of the NRI. How can I join (National Pension Scheme)? You should open an (NPS Yojana) account with entities called Point of Presence (POP). What are the investment options available in NPS Pension? National Pension System or (National Pension System) provides two options :- • Active Option: This option allows the investor to decide how the money should be invested in various assets. • Auto Choice or Lifecycle Fund: This is the default option that automatically invests money as per the age of the subscriber. Can I change my investment options? Yes, you can change your investment options once in a financial year for both Tier-I and Tier-II accounts. Can I change my scheme and pension, fund manager? Yes, you can change your plan preference and pension fund manager. You can also change your investment in this plan (NPS Pension) with the following options (Active and Auto option). What are Tier-I and Tier-II accounts? According to this system (NPS Pension) provides two accounts: Tier-I and Tier-II accounts. Tier-I is a compulsory account and Tier-II is voluntary. The major difference between the two is the withdrawal of money invested in them. With this system (Notional Pension System) you cannot withdraw full money from Tier-I account till your retirement. The customer is free to withdraw the entire amount from the Tier-II account. What documents are required to open an account in this option (National Pension System)? You should fill up the customer registration form and submit it to the POP along with proof of identity, address, and date of birth. Most of the banks, both private and public sector, are enrolled as POPs. However, through this scheme (National Pension Scheme), even a normal family can take advantage of this scheme. Also, stay on our site for information related to (National Pension Scheme).