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New NPS rules
November 5 , 2019
1878 days
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- Overseas Citizens of India (OCI) will now be allowed to invest into NPS or National Pension Scheme
- National Pension System (NPS) is a voluntary defined contribution pension system in India.
- NPS started with the decision of the Government of India to stop defined benefit pensions for all its employees who joined after 1 January 2004.
- While the scheme was initially designed for government employees only, it was opened up for all citizens of India between the age of 18 and 60 in 2009.
- The Pension Fund Regulatory and Development Authority (PFRDA), a statutory body, is the pension regulator of India which was established by Government of India on 23 August 2003.
- PFRDA is regulating and administering the National Pension System (NPS) along with administering the Atal Pension Yojana (APY) which is a defined benefits pension scheme for the unorganized sector, guaranteed by the Government of India.
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