The National Pension System (NPS) and the Employees Provident Fund (EPF) are feasible options for saving money. Both NPS and EPF enable one to save regularly, which can grow into a considerable amount by the time the user retires. Although both the saving options give tax benefits and are government-sponsored schemes, there are basic differences relating to the quantum of tax exemptions that can be utilized, a degree of flexibility of determining the equity exposure and rate of return, among other things.
The EPFO has almost six crore active accounts and manages a corpus of about Rs 10 lakh crore. For the final settlement of the PF deposit, a subscriber has to select Form 19 while for part withdrawal a user can select Form 31.
Source: Financial Express