Indian investors have displayed a rising affinity for market-linked products since Covid, leading to the mutual fund industry’s assets vaulting from ₹22 lakh crore in March 2020 to ₹75 lakh crore in August 2025. However, the National Pension System (NPS) has been left out in the cold. The All-Citizens model of the NPS, which is open to the private sector and self-employed folks, manages just ₹76,000 crore in assets despite delivering good returns. NPS’ positives are flexibility to investors to vary their contributions, very low management fees and transparency on where investor money is deployed.

However, rigid rules on the use of maturity proceeds are a put-off to investors compared to vehicles such as the Employees’ Provident Fund and Public Provident Fund. The recent exposure draft fro

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