New Pension System
New Pension System:
- Regulated by PFRDA, a Prudent Regulator created by Government of India.
- Funds are managed by funds managers from Public & Private sector with proven track record.
- Stock Holding Corporation of India Ltd, functions as custodian for NPS.
- 12-digit unique number called PRAN (Permanent Retirement Account Number).
Eligibility:
- Indian Citizen
- Between age of 18 and 65
- KYC compliant
- Must not have pre–existing NPS account.
- Any employee from public, private and even the unorganised sectors can opt for this.
- Personnel from the Armed forces are not allowed.