Yes, you can have both NPS and Provident Fund accounts. However, contributions to both these accounts will be subject to the applicable limits under the Income Tax Act of 1961. The deduction amount that can be claimed under Section 80C towards payment of premiums for life insurance policies, provident fund contributions, and public provident fund contributions cannot exceed Rs. 1,50,000 in any one financial year. This limit also applies to contributions made to the NPS as well.