NPS is a pension scheme regulated by Pension Fund Regulatory & Development Authority (PFRDA) for regular contribution towards building of the retirement corpus in a systematic manner. It is supported by Government of India. This scheme can be availed by any Citizen of India including Non Resident Indian (NRI) between the age group of 18 years to 65 years except OCI, PIO and HUF.
Housing Development Finance Corporation Limited (HDFC Limited) is registered as a Point of Presence (POP) with the PFRDA and HDFC Sales Private Limited, a wholly owned subsidiary of HDFC Ltd. is the registered as Point of Presence Sub Entity (POP-SE), to act as the first interaction between the subscriber and the NPS architecture.
The contribution can be made by you upon opening an account with HDFC Limited. The account opening process can be completed by submitting the application form along with the list of documents. A Permanent Retirement Account Number (PRAN) will be allotted to you through which you can start contributing to the NPS scheme to accumulate the corpus for retirement during working life. On retirement a portion of the accumulated corpus needs to be invested in the Annuity to get monthly pension.
Reference to the list of documents
Your contributions are pooled in a pension fund and the savings are managed by professional fund managers. HDFC Pension Management Company Limited, who invests in diversified portfolios - government bonds, bills, corporate debentures, shares etc. These contributions would grow over the years and depending on the investment type, returns are earned.
National pension scheme provides the subscriber with 2 types of accounts:
Click here to download the brochure containing details on types of account, investment choices, exit details, withdrawals, tax benefits, charges, etc.
Click here to download the registration form for subscribing to NPS schemes.