Describe the salient features of New Pension Scheme (NPS).

National Pension System (NPS) is based on unique Permanent Retirement Account Number (PRAN) which is allotted to every subscriber. In order to encourage savings, the Government of India has made the scheme reassuring from security point of view and has offered some attractive benefits for NPS account holders. The salient features of New Pension Scheme (NPS) are: NPS is available to all Indian Citizens aged 18 to 65. The benefits are low cost, simple, flexible, portable, prudentially regulated tax benefits to employees and self-employed. Two types of accounts- Tier-1 and Tier-2 restricted withdrawal accounts and voluntary saving facility accounts. Investment options under PFRDA. Auto choice option for those subscribers who are unwilling/unable to exercise asset allocation. Withdrawal/exit options. In case of death 100% pension lump sum wealth to nominees. Low cost option for planning the retirement. Service Tax/GST as per the existing laws.