Retirement
NPS
Also known as: National Pension System, National Pension Scheme
National Pension System - Government-sponsored retirement savings scheme with additional tax benefits.
Detailed Explanation
NPS (National Pension System) is a voluntary, long-term retirement savings scheme designed to enable systematic savings during the subscriber's working life. It offers additional tax deduction of ₹50,000 under Section 80CCD(1B) over and above the ₹1.5 lakh limit under Section 80C.