National Pension System

An individual meeting the following eligibility criteria 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

Note:

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
The applicant must be legally competent to enter into a contract under the Indian Contract Act

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:

One recent photograph
PAN Card
Proof of Address

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

Types of NPS Accounts - Tier I and Tier II

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

Tier I Account – Individual Pension Account

Default pension account under NPS
Treated as a retirement savings account
Withdrawals allowed in accordance with Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 and amendment issued thereunder
Eligible for tax benefits under the Income Tax Act, 1961

Tier II Account – Optional Investment Account

Available only to subscribers with an active Tier I account
No restrictions on withdrawals - At any time the subscriber can withdraw
It’s an investment account and not eligible for tax benefits

Note:

NRIs/OCIs with Tier I accounts are not permitted to activate Tier II account
Subscribers may choose different Pension Funds and Investment Options for Tier I and Tier II accounts

Contribution - How to Contribute to Your NPS Account?

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

1. Physical Mode

Visit Canara Bank Branch
Deposit contribution via cheque or cash along with the NPS Contribution Instruction Slip

2. Online Mode

a) Web-Based Options:

Log in to your NPS Account at CRA Site
Use the online contribution facility provided by Canara Bank at corporate website
Using Canara Bank Internet Banking
Access the eNPS platform of NPS Trust

b) NPS Mobile App

Using the Canara Bank ai1 application
Login and contribute using CRA application

c) D-Remit Facility

Create a Virtual ID linked to PRAN, with the option to use UPI and QR code

The contributions will be invested as per the subscriber’s selected Pension Fund and asset allocation, as recorded with the Central Recordkeeping Agency (CRA).

Investment Choices

The NPS contributions made by a subscriber are invested as per the choices (Pension Fund and Asset Allocation) selected and recorded with the Central Recordkeeping Agency (CRA).

(A) Selection of Pension Funds

Subscribers can select any one of the Pension Funds registered with PFRDA.
Subscriber can change the pension fund once in a year.

(B) Investment Choices for Asset Allocation provided under Common Schemes

Subscriber contributions are invested by the chosen Pension Fund in compliance with PFRDA’s investment guidelines across the following Asset Classes:

Equity (E)
Corporate Bonds (C)
Government Securities (G)

Subscribers can select their investment approach via:

1. Active Choice

Subscribers actively decide the percentage allocation to each asset class:
Equity (E): Up to 75%
Corporate Bonds (C): Up to 100%
Government Securities (G): Up to 100%

2. Auto Choice

Funds are automatically invested in pre-defined proportions across Equity, Corporate Bonds, and Government Securities based on the subscriber’s age:
Allocation remains constant until age 35
Equity allocation reduces gradually with age

Auto Choice is available through the following Life Cycle Funds:

Sr No	Life Cycle Funds	Equity Allocation (%)
1	Life Cycle 25 – Low (5E / 55Y)	25% up to 35 years, falling to 5% at 55+
2	Life Cycle 50 – Moderate (10E / 55Y)	50% up to 35 years, falling to 10% at 55+
3	Life Cycle 75 – High (15E / 55Y)	75% up to 35 years, falling to 15% at 55+
4	Life Cycle – Aggressive (35E / 55Y)	50% up to 45 years, falling to 35% at 55+

Re-allocation among asset classes under Life Cycle Funds:

Age	Life Cycle 75 – High			Life Cycle 50 – Moderate			Life Cycle 25 – Low			Life Cycle – Aggressive
	E	C	G	E	C	G	E	C	G	E	C	G
Upto 35 years	75	10	15	50	30	20	25	45	30	-	-	-

Multiple Scheme Framework (MSF) Under NPS

Under the Multiple Scheme Framework (MSF), you have the freedom to choose the pension scheme offered by Pension Fund, based on your retirement needs and risk comfort.
From 1 October 2025, non-government NPS subscribers can invest in multiple schemes using a single or multiple PRAN linked to their PAN.
All your investments can be viewed together through a single consolidated statement.
Pension Funds offer different schemes designed for various subscriber groups such as professionals, self-employed individuals, gig workers, and corporate employees.
Each scheme provides different risk options:
Moderate Risk – balanced growth with controlled risk
High Risk – higher growth potential with equity investment of up to 100%
Low Risk – lower risk options may also be available in some schemes
All schemes follow PFRDA’s investment guidelines, clearly display their risk level, and use benchmarks so you can easily track how your investment is performing.
Your chosen scheme has a minimum lock-in period of 15 years, encouraging long-term retirement savings.
During this period, you can move to common NPS schemes, but cannot switch between MSF schemes.
After 15 years, you may switch between MSF schemes or exit, as per normal NPS rules.
The charges are capped at 0.30% per year, keeping costs low and transparent for you.

The subscribers can change the asset allocation/investment choice four times in a year.

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

First Year of subscribers onboarding

Rs. 200/- per new account (on monthly basis, to be collected in the month subsequent to the month of on-boarding)

Second Year onwards

0.2% p.a. of the AUM (subject to minimum of Rs.30/-) and 0.1% p.a. for CPSE Employees (Central Public Sector Enterprises) {subject to minimum of Rs.15/-} pro-rata on quarterly basis, in accounts other than Dormant accounts. This shall be applicable to all existing accounts as well.

Tier-II transaction charges are the same as Tier-I.

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

Particulars	Withdrawal and Exit Details
Entry and Exit Age	Entry and exit age increased to 85 years.
Lock-in period	All Citizen Model (CS & MSF): 5-year minimum subscription (lock-in) period removed.
Normal Exit - After 60 years or 15 years	All Citizen Model (CS & MSF): Vesting period → 15 years or any higher period stipulated under a scheme; or till 60 years of age (whichever is earlier). I) For corpus up to ₹12 lakh: a) ≤ ₹8 lakh → 100% lumpsum or SLW or SUR or other approved options. b) > ₹8 lakh ≤ ₹12 lakh → Up to ₹6 lakh as lumpsum; Balance as SUR for min. 6 years or annuity. II) For any corpus → Up to 80% lumpsum & At least 20% annuity applies.
Premature Exit - Before 60 year or 15 years	Up to 20% lumpsum; At least 80% annuity. For corpus ≤ ₹5 lakh → 100% lumpsum or SLW (Systematic Lumpsum Withdrawal) or SUR (Systematic Unit Redemption) or other approved pay-outs.
Exit due to Death	100% lumpsum permitted. Additionally, option for availing SLW or SUR or annuity or other approved options.
Automatic continuation	15-day prior intimation requirement removed across sectors.
Financial assistance against pension corpus	Subscriber can seek financial assistance from a regulated financial institution (lien up to 25% of own contribution). Separate Guidelines to be issued.
Frequency of Partial Withdrawal (PW)	i) Before 60 years age: Frequency: 4 times; Interval: 4 years between PWs. ii) Post 60 years age: Frequency: unlimited; Interval: 3 years between PWs (max 25% of contribution).

Exit for who joined after 60 years of age

Exit Type	Conditions and Limits
Exit	No lock-in period. Up to 80% lumpsum; At least 20% annuity. I) For corpus ≤ ₹12 lakh → 100% lumpsum or SLW or SUR or other approved options. II) For any corpus → Up to 80% lumpsum & At least 20% annuity applies.
Exit due to Death	100% lumpsum permitted. Additionally, option for availing SLW or SUR or annuity or other approved options.

Government Services Section,

Resources Wing

Head Office Annex., New Delhi- 110092,

Email – honps@canarabank.com

Contact No. - 1800 1030

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

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Direct Taxes

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Pradhan Mantri Suraksha Bima Yojana

Customs ICEGATE

Atal Pension Yojana

Sukanya Samriddhi Yojana

Senior Citizen Savings Scheme

GST

Forms

Public Provident Fund

Sovereign Gold Bond Scheme

Kisan Vikas Patra

Floating Rate Savings Bond

Important Notice