India's retirement schemes compared, 2026
EPF, EPS, NPS, UPS, Atal Pension Yojana, PPF, SCSS, PMVVY and private annuities side by side by who they suit and how money comes out.
The table compares how each scheme works, not what any one person will receive. Returns that are declared by the government (EPF, PPF, SCSS) change from year to year or quarter to quarter, and market-linked schemes (NPS) have no fixed return. Read across a row to see who a scheme is for and the main catch; read down a column to compare exit rules. For your own numbers use the retirement corpus calculator and the guides in pension calculations and checklists.
Select a column header to sort.
| Scheme | Who it is for | How the money grows | At retirement or exit | Watch out for |
|---|---|---|---|---|
| EPF (Employees' Provident Fund) | Employees of covered establishments; mandatory up to the wage ceiling (₹25,000 a month from 17 September 2026) | 12% from employee and employer (part of the employer's share goes to EPS); interest declared yearly (8.25% for 2025-26) | Full balance at retirement; partial withdrawals during service under the simplified 2025 rules | Withdrawing at every job change; second UAN; mismatched KYC |
| EPS (Employees' Pension Scheme) | EPF members; employer pays 8.33% of wages up to the ceiling | Not an account balance: a defined pension based on service and pensionable salary | Monthly pension from 58 with 10+ years of service; reduced early pension from 50 | Withdrawing the EPS share ends pension rights for that service; minimum pension is ₹1,000 |
| NPS Tier I | Any citizen aged 18–85 (All Citizen Model), corporate employees, government staff | Market-linked: equity, corporate bonds, government securities; choice of fund manager | Non-government, corpus above ₹12 lakh: up to 80% lump sum, at least 20% annuity (2025 rules) | Strict premature-exit rules; returns not guaranteed |
| NPS Tier II | Tier I holders who want a flexible add-on | Same funds as Tier I | Withdraw any time; no annuity requirement | Not a pension lock-in; tax treatment differs from Tier I |
| UPS (Unified Pension Scheme) | Central government employees covered by NPS who opted in | Employee 10% plus government contribution; assured payout from a pool | 50% of average basic pay of last 12 months for 25+ years; minimum ₹10,000 a month at 10+ years | Option window closed on 30 November 2025 for existing staff; one-way switch back to NPS only under conditions |
| Atal Pension Yojana | Savings account holders aged 18–40 who are not income-tax payers | Fixed monthly contribution by age and chosen pension | Guaranteed ₹1,000–₹5,000 a month from 60, then to spouse, then corpus to nominee | Small guaranteed amount that inflation erodes; penalties on missed contributions |
| PPF (Public Provident Fund) | Any resident individual | Government-set rate, reset quarterly (7.1% for Oct–Dec 2026) | Matures after 15 full financial years; extendable in 5-year blocks | ₹1.5 lakh yearly cap; long lock-in; deposit by the 5th to earn the month's interest |
| SCSS (Senior Citizens' Savings Scheme) | Residents aged 60+ (55+ for some retirees, 50+ for retired defence staff) | Government-set rate fixed for the account's term (8.2% for Oct–Dec 2026 deposits) | Quarterly interest for 5 years; extendable by 3 years | ₹30 lakh maximum; penalty on premature closure; interest taxable |
| PMVVY | Was for people aged 60+; run by LIC | Guaranteed pension rate fixed at purchase | Existing policies pay out for 10 years from purchase | Closed to new subscribers since 31 March 2023 |
| Private annuity / pension plan | Anyone with a lump sum, including NPS exits | Rate fixed at purchase for life | Pension for life (or joint life); some options return the purchase price | Lower rates for return-of-price options; income taxable; little or no liquidity |
Caveats. Rates shown are the declared rates for the period named and will change: EPF is declared once a year by the EPFO Central Board of Trustees and ratified by the government, while PPF and SCSS rates are notified by the Ministry of Finance each quarter. The NPS exit rules are those in the PFRDA (Exits and Withdrawals under NPS) Amendment Regulations notified in December 2025; check the exact slabs for your sector on pfrda.org.in before exiting. EPF now runs under the Employees' Provident Funds Scheme, 2026 (notified 29 June 2026 under the Code on Social Security, 2020); a matching pension scheme was reported but not confirmed from an official text; see EPFO. Small-savings rules are on National Savings Institute and India Post. This comparison is general information, not financial advice.