Different Types of NPS Accounts, their Features & Benefits Explained

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NPS Tier-I	NPS Tier-II
Tier-I NPS accounts help you to reduce tax outgo as well as accumulate funds for retirement purposes.	Similar to a bank account, a Tier-II account meets your requirements in totality.
This account helps in the accumulation of funds for retirement saving purposes.	Tier-II accounts help in saving funds for various needs.
If a pensioner is focused on a retirement savings plan only, he should open this account.	Individuals looking for an additional source of funds that offer high liquidity should consider opening this account.
There are some restrictions related to the withdrawal of funds from this account.	One can withdraw any amount at any point in time from this type of account.
Pensioners can enjoy tax deductions at the rate of ₹2 lakhs per annum.	Only government employees are exempted from paying tax at the rate of ₹1.5 lakhs.
One needs to make a minimum contribution of ₹500 or ₹1000 to keep a Tier-I account.	The minimum amount to keep this account is ₹250.
No maximum requirement.	No maximum requirement.

Different Types of NPS Accounts Explained

Types of NPS Accounts

Tier-I NPS Account

Tier-II NPS Account

Comparison Between the Two Types of NPS Accounts

Frequently Asked Questions

✓ Do I need to have a Tier-I NPS account to open a Tier-II account?

✓ Will a private company employee receive tax exemption under a Tier-II NPS account?

✓ Is an NPS Tier-I account mandatory to open?

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