Here are some details about the NPS:

 The National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme launched by the Government of India in 2004. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and is available to all citizens of India, including non -Resident Indians (NRIs).

Here are some details about the NPS:

Eligibility: Any individual between the age of 18 to 65 can join the NPS. The scheme is open to both salaried and self-employed individuals.

Types of accounts: The NPS has two types of accounts: Tier-I and Tier-II. The Tier-I account is a mandatory account, which requires a minimum contribution of Rs. 1,000 per year. The Tier-II account is a voluntary account, which can be opened only if the individual has an active Tier-I account.

Contribution: The contribution to the NPS can be made either by the subscriber or by the employer or both. The minimum contribution per annum is Rs. 1,000 for the Tier-I account and Rs. 250 for the Tier-II account.

Investment options: The NPS offers two investment options: Active choice and Auto choice. In the Active choice option, the subscriber can choose their own asset allocation among four asset classes, namely, equity, corporate bonds, government securities, and alternative investment funds. In the Auto choice option, the asset allocation is based on the subscriber's age.

Tax benefits: The NPS offers tax benefits under three sections of the Income Tax Act. Firstly, contributions up to Rs. 1.5 lakh per annum are eligible for deduction under Section 80C. Secondly, an additional deduction of up to Rs. 50,000 is available under Section 80CCD(1B) for contributions to the NPS. Finally, on maturity, 60% of the corpus is tax-free, and the remaining 40% is taxable.

Withdrawal: Withdrawal from the NPS is allowed only after the subscriber attains the age of 60. However, partial withdrawals are permitted for specific purposes, such as higher education, marriage, and the purchase of a house.

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