The Government of India decided to roll out the Voluntary National Pension System (NPS) for all citizens from 01 May 2009. PFRDA is identified as Nodal Authority to manage NPS operations. PFRDA appointed Department of Posts as one of the Point Of Presence (POP). Department of Posts is providing services through POP Service Providers (POP SPs). All Head Post Offices in India are identified as POP SPs.
Service Offered :
Opening of new NPS (All Citizens Model) Account.
All types of Service Requests.
Exit / Claim withdrawal requests.
Types of Accounts :
Tier I and Tier II.
Tier I is Pension Account and mandatory.
Tier II is Savings Account and optional. Government Servants appointed on or after 01.01.2004 can open only Tier II Account since Tier I is maintained by their DDOs.
Income Tax benefits
There is an additional tax benefit upto Rs.50,000/- for investment in NPS (All Citizen Model).