What is NPS?
National Pension Scheme(NPS) is a voluntary retirement scheme. It is a government approved scheme for all citizens of India and was launched on May 1, 2009. It is a contributory scheme having two types of accounts. Tier I account is a non-withdrawable account whereas Tier II account is a voluntary savings account from where subscribers can withdraw their funds at any point in time. It is mandatory to open Tier I account to be able to open a Tier II account.