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National Pension System

Pension Fund Regulatory and Development Authority (PFRDA) –External website has been established by the Government of India that opens up on 10th October 2003 in a new window for the development and regulation of the pension sector in India. On 1st January 2004, the National Pension system (NPS) got launched with an objective of giving retirement income to every citizen. The main aim of NPS is to institute the pension reforms and also to inculcate the saving habit amongst all the citizens for the retirement.

NPS initially was introduced for new recruits of government (except the armed forces). From 1st May 2009, onwards, NPS has now been provided for all country citizens including the workers of unorganised sector on the voluntary basis.

In addition to this, in order to encourage the people from unorganised sector for voluntarily saving for the retirement, a co-contributory pension scheme was launched by the central government by the name of ‘ Swavalamban Scheme- an External website that opens up in a new window’ in 2010-2011’s Union budget. Under the ‘Swavalamban Scheme- an external website that opens up in a new window’, government will also contribute an amount of Rs. 1000 to every eligible subscriber of NPS who contributes an amount of minimum Rs 1000 and an amount of maximum 12000 Rs. per annum. The scheme is applicable presently up to the financial year 2016-17.

The following significant features are offered by NPS to help the subscribers to save for their retirement:

A unique Permanent Retirement Account Number (PRAN) will be allotted to the subscriber. This account number will be same for the subscriber’s rest of the life. This PRAN can be accessed from any part of India..

An access is provided by PRAN to 2 personal accounts:

  • Tier I Account: This account is non-withdrawable that is meant to save for the retirement.

  • Tier II Account: This is a facility of voluntary saving. The subscriber is all free to withdraw the savings from the account whenever the subscriber wishes. No benefit of tax is available on the account.

NPS Benefits

Some National Pension System’s (NPS) benefits are as follows:

  • It’s transparent – It is cost effective and transparent system wherein the contributions of the pension gets invested in pension fund schemes from where the employees will come to know their investment value on the daily basis.

  • It’s simple – It is required for all the subscribers to open their account with her/his nodal office. Thereby get the Permanent Retirement Account Number (PRAN).

  • It’s portable – By the Unique number, every employee gets identified and it has separate unique PRAN that is portable and it remains same at every location of the country even if the employee gets a transfer to the another office.

  • It’s regulated – The Pension Fund Regulatory & Development Authority regulates the NPS – An external website which opens up in new window, having transparent investment rules and regular performance review and monitoring of the fund managers through the trust of NPS- External Website which opens up in new window.

Benefits of Tax

Tax treatment at present for contribution that is made in the account of Tier I and is all EET (Exempted-Exempted-Taxed) that is the contributed amount gets entitled for the deduction from total income (gross) up to Rs. 1 lakh under section 80C (along with the rest of the prescribed investments and as per provisions of Income Tax Act being amended timely).

The accrued appreciation on the made contribution along with the amount that is used to buy annuity by the subscribers is not taxable. The taxable amount by the subscriber is only after 60 years of age.


The employee pays all the charges that are associated to the Tier I account including the annual maintenance charge of PRA. In the case of Tier II account, the subscriber pays the transaction charges and activation charges.

The CRA charges and POP charges are as follows:



Charge head

Service charges*

Method of Deduction


Opening charges of PRA

50 Rs.

Through the unit’s cancellation at each quarter’s end.

Annual Maintenance cost of PRA per account

190 Rs.

Charge / transaction

 4 Rs.

POP (Maximum charge Permissible for every subscriber)

Initial subscriber registration

100 Rs.

To get collected upfront

Initial contribution upload

0.25% of contribution amount initially from the subscriber  to minimum 20 Rs. and a maximum  25,000 Rs.

Any  transaction that involves contribution to be uploaded

0.25% of the subscribed amount by NPS subscriber to minimum 20 Rs. and maximum 25000 Rs.

Some other transaction that does not involve the contribution from a subscriber

20 Rs.

Service tax along with any other levies will be levied, as applicable, as per the existing laws of tax.