Regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is the New Pension System (NPS) being introduced in the country.
One has to open an account in designated banks called Points of Presence viz, Allahabad bank, Axis bank, Bajaj allianz general insurance, Central bank of India, Citibank N.A, Computer age management services pvt ltd, ICICI Bank, IDBI Bank, IL&FS Security services ltd, Kotak mahindra bank, LIC of India,OBC, Reliance capital, State bank of Bikanir and Jaipur, SBH, SBI, State bank of Indore, SBM, SBP, SBT, South Indian bank, Union bank of India, UTI Asset management company ltd and get a Permanent Retirement Account number (PRAN).
Some of the key features of the New Pension system are:
- Any Indian can use this system and can choose any amount as they want to set aside and save every year.
- You can choose your own investment option and pension fund manager*
*Pension fund managers include ICICI Prudential life insurance company, IDFC Asset management limited, Kotak mahindra AMC Ltd, Reliance capital AMC Ltd, SBI Pension funds limited, UTI Retirement Solutions Ltd.
- You can operate your account from anywhere in the country.