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A citizen of India, whether resident or non-resident, can avail the facility of National Pension System (“NPS”), subject to the following conditions:

  1. The applicant should be between 18 – 65 years of age as on the date of submission of his/her application to the Point of Presence Point of Presence-Service Provider(“POP-SP”).
  2. The applicant should comply with the Know Your Customer (“KYC”) norms as detailed in the subscriber registration application form. All the documents required for KYC compliance need to be mandatorily submitted
  3. The applicant has to ensure that subscriber registration application form is duly filled up i.e. photograph, signature, mandatory details, scheme preference details etc and also submit KYC documentation with respect to proof of identity and proof of address of the applicant.
  4. The applicant has no objection in authenticating with Aadhar based system and giving consent under the Aadhar Act 2016
  5. After the account is opened, CRA shall mail a “Welcome Kit” containing the subscriber’s unique Permanent Retirement Account Number (“PRAN”) Card and the complete information provided by the subscriber in the subscriber registration form. The PRAN will be the primary means of identifying and operating the account. The applicant also receives a Telephone Password (“TPIN”) which can be used to access the account on the Customer Care number (1-800-222080). The applicant will also be provided an Internet Password (“IPIN”) for accessing an account on the CRA website ( on a 24X7 basis
  6. Tier-I account: The applicant shall contribute his/her savings for retirement into this non-withdrawable account. This is the retirement account and applicant can claim tax benefits against the contributions made subject to the Income Tax rules in force.  Tier-II account: This is a voluntary savings facility. The applicant will be free to withdraw his/her savings from this account whenever he/she wishes. This is a not a retirement account and applicant can’t claim any tax benefits against contributions to this account.
  7. The subscriber can contribute the amount through cash, local cheque, demand draft at his/her chosen POP-SP. However, ICICI Bank will not accept cash beyond Rs.25000No outstation cheques shall be accepted for any contributions.

Minimum Contributions (For Tier-I)

  • Minimum contribution at the time of account opening and for all subsequent transactions – Rs. 500
  • Minimum contribution per year - Rs 1,000 excluding any charges and taxes
  • Minimum number of contributions in a year - 01 

Non-compliance of mandatory minimum contributions:

  • If the subscriber contributes less than Rs. 1000 in a year, his/her account would be frozen and further transactions will be allowed only after the account is reactivated
  • In order to reactivate the account, the subscriber would have to pay the minimum contributions.

Minimum Contributions (For Tier-II)

  • Minimum number of contributions in a year -01
  • Minimum contribution at the time of account opening – Rs. 1000/- and for all subsequent transactions a minimum amount per contribution of Rs. 250/-

Non-compliance of mandatory minimum contributions:

Under NPS, the manner in which your money is invested will depend upon subscriber’s own choice. NPS offers a number of funds and multiple investment options to choose from. In case subscriber does not want to exercise a choice, his/her money will be invested as per the "Auto Choice" option, where money will get invested in various type of schemes as per subscriber’s age. The NPS offers two approaches to invest subscriber’s money:

  • Active choice – Individual Funds (Asset Class E, Asset Class C and Asset Class G)

Subscriber will have the option to actively decide as to how his/her NPS pension wealth is to be invested in the following three options: 
Asset Class E - Investments in predominantly equity market instruments. 
Asset Class C- investments in fixed income instruments other than Government securities. 
Asset Class G - investments in Government securities.

Subscriber can choose to invest his/her entire pension wealth in C or G asset classes and up to a maximum of 50% in equity (Asset class E). Subscriber can also distribute his/her pension wealth across E, C and G asset classes, subject to such conditions as may be prescribed by Pension Fund Regulatory and Development Authority (“PFRDA”)

  • Auto Choice – Lifecycle Fund

NPS offers an easy option for those participants who do not have the required knowledge to manage their NPS investments. In case subscribers are unable/unwilling to exercise any choice as regards asset allocation, their funds will be invested in accordance with the Auto Choice option. In this option, the investments will be made in a life-cycle fund. Here, the fraction of funds invested across three asset classes will be determined by a pre-defined portfolio.


A. Upon attainment of the age of 60/65 years:

At least 40% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and balance is paid as lump sum payment to the subscriber. However, the subscriber has the option to defer the lump sum withdrawal till the age of 70 years.

In case of attainment of 60 years, exit before the age of Superannuation/attainment of 60 years, the subscribers can also initiate withdrawal requests in the CRA system which shall subsequently have to be verified by the Nodal Office (POP/Banks) in CRA system.

B. At any time before attaining the age of 60/65 years:

At least 80% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and the balance is paid as a lump sum payment to the subscriber.

C. Death of the subscriber:

The entire accumulated pension wealth (100%) would be paid to the nominee/legal heir of the subscriber and there would not be any purchase of annuity/monthly pension.

Under NPS, PFRDA has entrusted the responsibility of receiving, processing and settlement of all withdrawal claims made to CRA and has created a special NPS Claim Processing Cell (“NPSCPC”) for this purpose for handling all types of withdrawal claims.

The Withdrawal process is now online.

NPS offers Indian citizens a low cost option for planning their retirement. NPS perhaps is one of the world’s lowest cost retirement savings product. Following are the charges under NPS:2

Intermediary Charge head Service charges Method of Deduction


PRA Opening charges

Rs. 40/-

Through cancellation of units at the end of each quarter.


Annual PRA maintenance cost per account

Rs. 95/-

Charge per transaction

Rs. 3.75/-

POP(Maximum Permissible Charge for each subscriber)

Initial subscriber registration


To be collected upfront


Initial contribution upload

0.25% of the initial contribution amount from subscriber subject to a minimum of Rs.20 and a maximum of Rs. 25,000/-

Any other transaction not involving a contribution from subscriber


Trustee Bank

Not Applicable



Custodian (On asset value in custody)

Asset Servicing charges

0.0075% p.a for Electronic segment & 0.05% p.a. for Physical segment

Through NAV deduction

PF charges

Investment Management Fee

within the prescribed upper ceiling of 0.01% p.a.

Through NAV deduction