Who can Join NPS

REGULATOR AND ENTITIES FOR NPS

Pension Fund Regulatory and Development Authority (PFRDA) :

 Pension Fund Regulatory and Development Authority (PFRDA) - External website that opens in a new window is an autonomous body set up by the Government of India to develop and regulate the pension market in India.

Point of Presence (POP) : Points of Presence (POPs) are the first points of interaction of the NPS subscriber with the NPS architecture. The authorized branches of a POP, called Point of Presence Service Providers (POP-SPs), will act as collection points and extend a number of customer services to NPS subscribers. The Pension Fund Regulatory and Development Authority (PFRDA) - External website that opens in a new window has authorized 58 institutions including public sector banks, private banks , private financial institutions and the Department of Posts - External website that opens in a new window as Points of Presence (POPs) for opening the National Pension System (NPS) accounts of the citizens.

Central Recordkeeping Agency (CRA) :

 The recordkeeping, administration and customer service functions for all subscribers of the NPS are being handled by the National Securities Depository Limited (NSDL) - External website that opens in a new window , which is acting as the Central Recordkeeper for the NPS.

Annuity Service Providers (ASPs) : Annuity Service Providers (ASPs) - External website that opens in a new window would be responsible for delivering a regular monthly pension to the subscriber after exit from the NPS.

WHO CAN JOIN NPS?

Central Government Employees

NPS is applicable to all new employees of Central Government service (except Armed Forces) and Central Autonomous Bodies joining Government service on or after 1st January 2004. Any other government employee who is not mandatorily covered under NPS can also subscribe to NPS under "All Citizen Model" through a Point of Presence - Service Provider (POP-SP).

State Government Employees

NPS is applicable to all the employees of State Governments, State Autonomous Bodies joining services after the date of notification by the respective State Governments. Any other government employee who is not mandatorily covered under NPS can also subscribe to NPS under "All Citizen Model" through a Point of Presence - Service Provider (POP-SP).

Corporate

A Corporate would have the flexibility to decide investment choice either at subscriber level or at the corporate level centrally for all its underlying subscribers. The corporate or the subscriber can choose any one of Pension Fund Managers (PFMs) - External website that opens in a new window available under “All Citizen Model” and also the percentage in which the funds are allocated in various asset classes.

Individual

All citizens of India between the age of 18 and 60 years as on the date of submission of his / her application to Point of Presence (POP) / Point of Presence-Service Provider (POP-SP) can join NPS.

Unorganised Sector Workers - Swavalamban Yojana

A citizen of India between the age of 18 and 60 years as on the date of submission of his / her application, who belongs to the unorganized sector or is not in a regular employment of the Central or a state government, or an autonomous body/ public sector undertaking of the Central or state government, can open NPS -Swavalamban account. The subscriber of NPS -Swavalamban - External website that opens in a new window account should not be covered under social security scheme like Employees' Provident Fund and miscellaneous Provisions Act, 1952, The Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948, The Seamen's Provident Fund Act, 1966, The Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955 and The Jammu and Kashmir Employees' Provident Fund Act, 1961.