National Pension System (NPS)
The National Pension System (NPS) is a government-sponsored pension scheme in India, launched on January 1, 2004, to provide retirement income to all citizens.

It is operated by the Pension Fund Regulatory and Development Authority (PFRDA). The NPS aims to provide old-age income security by allowing individuals to contribute to a pension account during their working years, which they can then utilize upon retirement.

Key Features:
1. Voluntary Contribution:
The NPS is open to all Indian citizens, including employees from the public, private, and unorganized sectors.

It is a voluntary contribution-based scheme where individuals can decide the amount they wish to invest.

Two Tiers Structure:
2. NPS operates under two tiers:
Tier I: This is a mandatory, non-withdrawable retirement account where contributions are locked in until the age of 60, with certain exemptions for partial withdrawals in specific situations.

Tier II: This is a voluntary savings facility where subscribers are free to withdraw their savings whenever they want. However, Tier II is only available to those who have a Tier I account.