National Pension Scheme (NPS): Simplified
NPS stands for National Pension Scheme. NPS is a government-sponsored pension scheme which was launched in January 2004. As a subscriber, you can contribute in your pension account during the working years of your life and at the time of retirement, you have the option of taking a certain amount in form of a lump sum and the remaining you have to buy an annuity so that you get regular income post your retirement period. Any Indian citizen between the age of 18 and 60 years can contribute to the NPS account.