Download NPS Form 2020-21 PDF for free from hdfcsec.com using the direct download link given below.
NPS Form 2020-21
National Pension Scheme (NPS)
The National Pension Scheme is a social security initiative by the Central Government. This pension programme is open to employees from the public, private and even the unorganized sectors except those from the armed forces. The scheme encourages people to invest in a pension account at regular intervals during the course of their employment. After retirement, the subscribers can take out a certain percentage of the corpus. As an NPS account holder, you will receive the remaining amount as a monthly pension post your retirement. Earlier, the NPS scheme covered only the Central Government employees.
NPS scheme holds immense value for anyone who works in the private sector and requires a regular pension after retirement. The scheme is portable across jobs and locations, with tax benefits under Section 80C and Section 80CCD.
Process to Open NPS Account
- Offline Process
- To open an NPS account offline or manually, you will have to find a PoP – Point of Presence, (it could be a bank too) first. Collect a subscriber form from your nearest PoP and submit it along with the KYC papers. Ignore if you are already KYC-compliant with that bank. Once you make the initial investment (not less than Rs.500 or Rs.250 monthly or Rs. 1,000 annually), the PoP will send you a PRAN – Permanent Retirement Account Number. This number and the password in your sealed welcome kit will help you operate your account. There is a one-time registration fee of Rs.125 for this process.
- Online Process
- It is now possible to open an NPS account in less than half an hour. Opening an account online (enps.nsdl.com) is easy, if you link your account to your PAN, Aadhaar and mobile number. You can validate the registration using the OTP sent to your mobile. This will generate a PRAN (Permanent Retirement Account Number), which you can use for NPS login.
Details to be Mention in NPS Form
- Select the Category of Profession/Service
- Personal Details
- Proof of Identity
- Permanent/ Correspondence Address
- Contact Details
- Subscriber Bank Details
- Nomination Details
- And any other details
Types of NPS Account
The two primary account types under the NPS are tier I and tier II. The former is the default account while the latter is a voluntary addition. The table below explains the two account types in detail.
|Particulars||NPS Tier-I Account||NPS Tier-II Account|
|Tax exemption||Up to Rs 2 lakh p.a.(Under 80C and 80CCD)||1.5 lakh for government employees Other employees-None|
|Minimum NPS contribution||Rs 500 or Rs 500 or Rs 1,000 p.a.||Rs 250|
|Maximum NPS contribution||No limit||No limit|
Withdrawal Rules After 60
Contrary to common belief, you cannot withdraw the entire corpus of the NPS scheme after your retirement. You are compulsorily required to keep aside at least 40% of the corpus to receive a regular pension from a PFRDA-registered insurance firm. The remaining 60% is tax-free now.
You can download the NPS Form 2020-21 in PDF format using the link given below.