Budget 2024: Experts suggest increasing the limit of NPS for both tax regimes to make it more attractive. : National Pension System (NPS) is a Govt of India-sponsored program, which is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). An NPS subscriber invests in the capital market (equity, govt securities, corporate bonds, and alternative assets) as per their respective risk appetite to build up his retirement corpus. Public Provident Fund (PPF) is a government-backed savings vehicle with fixed returns, which is set by the Government every quarter.