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WEB_ACCESSIBILITY_CERTIFICATE

  • Canara

  • NATIONAL PENSION SYSTEM
S.No. Salient Features Highlights of the Scheme (NPS)
To provide income & financial security coverage to all citizens after retirement
1. Eligibility

Any individual citizen of India (both resident and Non-resident) in the age group of 18- 70 years can open a single holder type account.

  • Non Residential Indians can also open an NPS account through online mode and can make full use of the benefits they carry.
  • Multiple NPS accounts for a single individual are not allowed.
2. Deposit
Tier – I Tier - II
Individual Pension Account Optional Account – Require an active Tier-I
Withdrawal as per rules/regulations only Unrestricted withdrawals
Min. Contribution to open Rs. 500 Min. Contribution to open Rs. 1000
Min. Contribution per year Rs. 1000 Min. Contribution Rs. 250
Tax benefits are available No tax benefits on contribution/gains

No maximum limits for frequency of contributions and amount per contributions
3. Duration
  • If a person subscribes NPS before age of 60 Years - Subscribers are permitted to make their contributions up to 60 years age which can be extended for another 15 years.
  • If a person subscribes NPS after age of 60 Years - Subscribers are permitted to make their contributions up to 75 years age (mandatory lock in period of 3 years)
4. Rate of Interest A national pension scheme does not have a fixed rate of interest, but the returns are based on the market performance of the funds as the investments are made in market- linked securities.
5. Bank/POP Charges
  • Subscriber Registration : Rs.200.00 + Applicable GST (will be collected upfront)
  • Initial/Subsequent Contribution : 0.50% of the contribution amount from subscriber subject to a minimum of Rs.30 and a maximum of Rs. 25,000/- + Applicable GST (will be collected upfront)
6. Withdrawal Available as per scheme guidelines
7. Tax Benefits

Exclusive Tax Benefit for NPS subscribers u/s 80CCD (1B) an additional deduction for the investment up to Rs. 50,000 in NPS (Tier I account) has been introduced under sub section 80CCD (1B).

This is over and above the deduction of Rs. 1.5 lakh available under section 80CCE.
8. Others

Types of NPS accounts:-

  • Tier I Account: This is a non-withdrawal account to which the subscriber shall contribute his/her savings for building a retirement corpus.
  • Tier II Account: This is a voluntary savings facility which provides liquidity to subscribers i.e subscribers will be free to withdraw their savings from this account whenever they wish.

The NPS offers two approaches to invest subscriber’s money:

  • Active choice – NPS offers with the flexibility to design customer’s own portfolio. The four asset classes are available under Active choice (Equity /E, Corporate Debt/C, Government Securities /G, Alternative Investment Funds/ A)
  • Auto choice -In Auto choice, Amount will be automatically invested in asset classes.
    • Aggressive (LC-75) – Maximum Equity exposure is 75% up to the age of 35
    • Moderate (LC-50) - Maximum Equity exposure is 50% up to the age of 35
    • Conservative (LC - 25) – Maximum Equity exposure is 25% up to the age of 35
9. Contact Us

Government Services Section,
Resources Wing
Head Office Annex., New Delhi- 110092,
Email – honps@canarabank.com
Contact No. - 1800 1030
10. Contact details of Ombudsman for Greivance redressal in NPS

The Office of Ombudsman
Pension Fund Regulatory and Development Authority
Tower E, 5th Floor, E-500, World Trade Center
Nauroji Nagar, New Delhi -110029,
Phone No.: 011-4071 7900,
Email Id: ombudsman@pfrda.org.in

Follow Pension Fund Regulatory and Development Authority (PFRDA) on Social Media
X.: https://twitter.com/pfrdaofficial
LinkedIn.: https://in.linkedin.com/company/pfrda
Facebook.: https://twitter.com/pfrdaofficial
Facebook.: https://www.facebook.com/OfficialAPY
Instagram.: https://www.instagram.com/apyindia/
The National Pension System (NPS) offers the following key benefits to subscribers: 
  • Regulated - NPS is regulated by PFRDA, a statutory authority established under the PFRDA Act, 2013.
  • Pension for All - Can be voluntarily subscribed to by any Indian Citizen (resident, non-resident, or Overseas Citizen of India).
  • Low Cost - One of the lowest-cost pension schemes globally, enabling cost-effective retirement planning.
  • Flexible - Subscribers can choose their Point of Presence (PoP) (Canara Bank is also one of the PoPs), Central Recordkeeping Agency (CRA), Pension Fund, and Asset Allocation.
  • Portable - NPS account is portable across employment types and geographic locations, ensuring continuity.
  • Tax Efficient - Attractive tax benefits under the Income Tax Act, 1961, are available to NPS subscribers.
  • Optimum Returns - Provides market-linked returns based on investment decisions made by the subscriber.
  • Transparent - Subscribers enjoy 24x7 online access to their NPS account, with mandatory public disclosures ensuring transparency.

An NPS individual pension account can be opened through Online and Offline both modes.

Offline Mode: To open an Individual Pension Account under NPS, the subscribers are required to submit the Subscriber Registration Form (CSRF/NRSF/online format) along with the following documents via physical or online mode:

For Resident Individuals:

  • By visiting Canara Bank Corporate Website
  • Through Internet Banking
  • Through Mobile Banking

For Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs):

Documents Required for NPS Enrolment

Non-resident Individual (NRI) Overseas Citizen of India (OCI)
One Recent Photograph One Recent Photograph
PAN Card PAN Card
Indian Passport OCI Card
Proof of Address - India Proof of Address - Foreign Country
Proof of Bank Account (NRE/NRO) Proof of Bank Account (NRE/NRO)

Refer to the subscriber registration form for the full list of acceptable proofs.

Online Mode:

  • By visiting Canara Bank Corporate Website
  • Through Internet Banking
  • Through Mobile Banking
National Pension System – Canara Bank
National Pension System (NPS)
Canara Bank — Your Trusted Point of Presence for NPS
✅ Eligibility

An individual meeting the following eligibility criterion can voluntarily subscribe to the National Pension System (NPS):

  • Must be an Indian Citizen (resident or non-resident) or an Overseas Citizen of India (OCI)
  • Should be aged between 18 to 85 years
  • Must comply with Know Your Customer (KYC) requirements as prescribed in the NPS subscriber application form
  • The applicant must be legally competent to enter into a contract under the Indian Contract Act
⚠ Important Notes
  • Hindu Undivided Families (HUFs) and Persons of Indian Origin (PIOs) are not eligible to subscribe to NPS.
  • NPS is strictly an individual pension account and cannot be opened on behalf of another person.
🌟 Benefits of NPS

The National Pension System (NPS) offers the following key benefits to subscribers:

RegulatedNPS is regulated by PFRDA, a statutory authority under the PFRDA Act, 2013.
Pension for AllVoluntarily subscribable by any Indian Citizen — resident, NRI, or OCI.
Low CostOne of the lowest-cost pension schemes globally.
FlexibleChoose your PoP (Canara Bank is a PoP), CRA, Pension Fund & Asset Allocation.
PortableAccount is portable across employment types and geographic locations.
Tax EfficientAttractive tax benefits under the Income Tax Act, 1961.
Optimum ReturnsMarket-linked returns based on your own investment decisions.
Transparent24×7 online access with mandatory public disclosures.
📝 Enrolment

An NPS individual pension account can be opened through both Online and Offline modes.

For Resident Individuals

Documents required: Recent Photograph, PAN Card, Proof of Address.

Online channels:

  • By visiting Canara Bank Corporate Website
  • Through Internet Banking
  • Through Mobile Banking

Documents for NRIs & OCIs

Non-Resident Indian (NRI)Overseas Citizen of India (OCI)
One Recent PhotographOne Recent Photograph
PAN CardPAN Card
Indian PassportOCI Card
Proof of Address – IndiaProof of Address – Foreign Country
Proof of Bank Account (NRE/NRO)Proof of Bank Account (NRE/NRO)

Refer to the subscriber registration form for the full list of acceptable proofs.

🏦 Types of NPS Accounts – Tier I & Tier II

Under the National Pension System (NPS), there are two types of accounts available to subscribers:

TIER I

Individual Pension Account

  • Default pension account under NPS
  • Treated as a retirement savings account
  • Withdrawals governed by PFRDA Regulations, 2015
  • Eligible for tax benefits under Income Tax Act, 1961
TIER II

Optional Investment Account

  • Available only to subscribers with an active Tier I account
  • No restrictions on withdrawals — withdraw at any time
  • Not eligible for tax benefits
  • NRIs/OCIs are not permitted to activate a Tier II account
  • Different Pension Fund/Investment Options can be chosen
💰 Contribution

A subscriber can make unlimited contributions to their Tier I or Tier II NPS account with no upper limit, using any of the following modes:

🏧

Physical Mode

Visit Canara Bank Branch and deposit via cheque or cash with NPS Contribution Instruction Slip.

🌐

Web-Based

CRA Site, Canara Bank website, Internet Banking, or eNPS platform of NPS Trust.

📲

Mobile App

Using Canara Bank ai1 application or the CRA mobile application.

D-Remit Facility

  • Create a Virtual ID linked to PRAN with UPI and QR code option
  • Contributions invested as per selected Pension Fund and asset allocation recorded with CRA
📊 Investment Choices

Contributions are invested as per the Pension Fund and Asset Allocation selected and recorded with the CRA.

(A) Selection of Pension Funds

  • Subscribers can select any one Pension Fund registered with PFRDA
  • Pension fund can be changed once in a year

(B) Active Choice

You actively decide the percentage allocation to each asset class:

(C) Auto Choice – Life Cycle Funds

Funds automatically invested based on age; equity reduces gradually after 35.

Life Cycle FundEquity up to 35 yrsEquity at 55+
LC25 – Low25%5%
LC50 – Moderate50%10%
LC75 – High75%15%
Aggressive50% (up to 45 yrs)35%

(D) Multiple Scheme Framework (MSF) — from 1 Oct 2025

  • Non-government subscribers can invest in multiple schemes under a single or multiple PRANs linked to their PAN
  • Schemes designed for professionals, self-employed, gig workers, and corporate employees
  • All schemes follow PFRDA investment guidelines and display risk level clearly
  • Minimum lock-in: 15 years; charges capped at 0.30% per year
  • Asset allocation / investment choice can be changed up to 4 times per year
💳 Charges

Each intermediary is entitled to recover the following prescribed charges from the subscriber towards services rendered (excluding GST and other taxes):

First Year
₹200

Per new account, on a monthly basis — collected in the month subsequent to the month of on-boarding.

Second Year Onwards
0.2% p.a.

Of AUM (min. ₹30). For CPSE Employees: 0.1% p.a. (min. ₹15). Charged on a pro-rata quarterly basis. Applicable to all existing accounts.

🔓 Withdrawal & Exit

Withdrawal and Exit under NPS Common Scheme (CS) & MSF

ParticularsDetails
Entry & Exit AgeIncreased to 85 years.
Lock-in Period5-year minimum subscription period removed (All Citizen Model CS & MSF).
Normal Exit (After 60 yrs / 15 yrs) — PayoutUp to 80% lumpsum; At least 20% annuity.
Corpus ≤ ₹8 lakh100% lumpsum or SLW or SUR or other approved options.
Corpus ₹8–₹12 lakhUp to ₹6 lakh lumpsum; balance as SUR for min. 6 years or annuity.
Premature Exit (Before 60 yrs / 15 yrs)Up to 20% lumpsum; At least 80% annuity.
Premature Exit (Corpus ≤ ₹5 lakh)100% lumpsum or SLW / SUR or other approved payouts.
Exit due to Death100% lumpsum permitted. Option for SLW, SUR, annuity, or other approved options.
Partial Withdrawal (Before 60)Frequency: 4 times; Interval: 4 years between PWs (max 25% of contribution).
Partial Withdrawal (After 60)Frequency: Unlimited; Interval: 3 years between PWs (max 25% of contribution).
Financial AssistanceLien up to 25% of own contribution from a regulated financial institution.

Exit for Subscribers Who Joined After Age 60

Exit TypeConditions
Normal ExitNo lock-in period. Up to 80% lumpsum; At least 20% annuity.
Corpus ≤ ₹12 lakh100% lumpsum or SLW or SUR or other approved options.
Exit due to Death100% lumpsum permitted; plus SLW, SUR, annuity, or other approved options.
📞 Contact Us

Canara Bank – NPS Desk

Government Services Section, Resources Wing
Head Office Annex., New Delhi – 110092

📧 honps@canarabank.com
📞 1800 1030

Pay NPS Contribution →

NPS Ombudsman – PFRDA

Tower E, 5th Floor, E-500, World Trade Center
Nauroji Nagar, New Delhi – 110029

📞 011-4071 7900
📧 ombudsman@pfrda.org.in

📣 Grievance Redressal & PFRDA Social Media

The Office of Ombudsman

Pension Fund Regulatory and Development Authority
Tower E, 5th Floor, E-500, World Trade Center
Nauroji Nagar, New Delhi – 110029
📞 011-4071 7900  |  📧 ombudsman@pfrda.org.in

Follow PFRDA on Social Media

Stay updated with the latest news and announcements from the Pension Fund Regulatory and Development Authority:

ℹ Subscriber Rights
  • Any NPS subscriber can approach the Ombudsman for grievance redressal.
  • PFRDA ensures transparent, regulated, and subscriber-friendly processes.
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Last updated on 24-02-2026 01:15 AM

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