Can an individual above the age of 60 subscribe to NPS?

Yes, the maximum age to subscribe to NPS is 65. The subscriber can continue investing in NPS upto the age of 70, after which they must exit. Exiting can be any of the following:

• Normal exit (superannuation): After attaining the age of 60, the subscriber can exit NPS. Subscribers have the option to withdraw up to 60% of their NPS savings as a lump sum. The remaining 40% must be used to purchase an annuity plan. However, if the total accumulated corpus is less than or equal to ₹5 lakh, subscribers have the flexibility to withdraw the entire amount as a lump sum.
• Premature exit: In the case of premature exit, the subscriber exits after completing 5 years. 80% of the accumulated corpus must be allocated towards the purchase of annuity plans. The remaining 20% can be received as lump sum payments. Subscribers with a total corpus of ₹2.5 lakh or less have the option to withdraw the entire amount as a lump sum.
• Exit upon death: If a subscriber passes away, the NPS investment will be disbursed to the nominee or legal heir as a lump sum. Alternatively, the nominee can choose to receive it as an annuity.

Funds will be credited to the linked bank account by T+4 days by the Central Recordkeeping Agency (CRA). A charge of 0.125% (minimum ₹125 and maximum ₹500) is applicable for exits.