- It is easily accessible, low cost, tax-efficient, flexible and portable retirement savings account.
- It was launched in 2004 and was initially introduced for new Government recruits (except armed forces).
- It aims to institute pension reforms in country and to inculcate habit of saving for retirement amongst the citizens.
- Its objective is to provide retirement income to all the citizens.
- Under it, individual contributes to his retirement account.
- Employer can also co-contribute for social security/welfare of individual.
- It was extended for all citizens of country from May 2009 including the unorganised sector workers on voluntary basis.
- NPS is governed and administered by Pension Fund Regulatory and Development Authority (PFRDA).
- Currently, any Indian between age of 18 to 65 years may voluntarily join the NPS.
- NRI can open an NPS account, however contributions made by NRI are subject to regulatory requirements as prescribed by RBI and FEMA from time to time.