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  • 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
1. 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

Note:

  • HUFs and PIOs are not eligible
  • NPS is an individual pension account
  • Applicant must be legally competent to contract
2. Benefits
  • Regulated - NPS is regulated by PFRDA
  • Pension for All - Open to all Indian citizens
  • Low Cost - One of the lowest-cost pension schemes
  • Flexible - Choice of PoP, CRA, Pension Fund
  • Portable - Account transferable across jobs/locations
  • Tax Efficient - Tax benefits available
  • Optimum Returns - Market-linked returns
  • Transparent - 24x7 online access
3. Enrolment

NPS account can be opened through Online and Offline modes.

Offline Mode:

  • Submit Subscriber Registration Form

Documents Required:

  • Photograph
  • PAN Card
  • Proof of Address
4. Types of NPS Accounts

Tier I Account

  • Default retirement account
  • Tax benefits available
  • Withdrawal as per rules

Tier II Account

  • Optional investment account
  • No withdrawal restrictions
  • No tax benefits
5. Contribution

Subscribers can contribute without any upper limit.

Modes:

  • Physical: Visit branch
  • Online: Internet banking / CRA / Mobile App
  • D-Remit via UPI/QR
6. Investment Choices

Asset Classes:

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

Options:

  • Active Choice - User selects allocation
  • Auto Choice - Allocation based on age
7. Charges
  • ₹200 first year
  • 0.2% per annum thereafter
  • Tier II same as Tier I
8. Withdrawal / Exit
  • Up to 80% lump sum allowed
  • Minimum 20% annuity
  • Premature exit: 20% lump sum, 80% annuity
  • Death: 100% lump sum allowed
9. Contact Us

Government Services Section
Head Office Annex., New Delhi - 110092
Email: honps@canarabank.com
Contact: 1800 1030

10. Ombudsman

Pension Fund Regulatory and Development Authority
World Trade Center, New Delhi - 110029
Phone: 011-4071 7900
Email: ombudsman@pfrda.org.in

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Last updated on 17-03-2026 01:15 AM

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