Which of the following statements is/are correct with reference to the New Pension Scheme?

Which of the following statements is/are correct with reference to the New Pension Scheme?

A. The National Pension System (NPS) is a pension and investment scheme developed by the Government of India.

B. The law regulating the NPS allows members to withdraw just 60% of their accumulated savings at the time of retirement.

C. Both A & B

D. None of these

Explanation:

The National Pension System (NPS) is a pension and investment scheme developed by the Government of India to provide citizens of India with long-term financial security. The law regulating the NPS allows members to withdraw just 60% of their accumulated savings at the time of retirement. With the remaining 40%, it is mandatory to buy an annuity product that provides a fixed monthly income to retirees till their demise.