The National Pension System (NPS) is a government-regulated pension scheme open to people aged between 18 and 70; here’s how to open an account.

Penny drop is an account verification method that involves depositing a small amount in a subscriber’s bank account for authentication before crediting funds to the beneficiary.

It aims to reduce the application processing time and the number of PoPs, among other suggestions, to ensure an effective distribution channel for NPS and other schemes under the PFRDA Act, 2013.