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National Pension System (NPS) which is administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA). It is an attempt towards finding a sustainable solution to the problem of providing adequate retirement income to every citizen of India including organised as well as unorganised sector. Union Bank of India has been authorized to collect funds under the scheme from subscribers. All branches (which are called POP-SP) will work under one branch (which is called Point of Presence).
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Tax benefit to Subscriber:
Two types of accounts can be opened under NPS. They are: