How to Deposit Money in an NPS Account?

Pension accounts such as an NPS account allow regular contributions from the subscribers during their working life. This provides tax benefits and creates a retirement corpus during the contributing tenure. There are several methods in which you can deposit money and make contributions to an NPS Tier 1 and Tier 2 account. Any adult citizen can join NPS but they must comply with Know Your Customer norms. There are a few conditions mentioned for contributing to an NPS account. Subscribers can make contributions subject to these few conditions.

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How to Deposit Money in an NPS Account Online?

Depositing money in an NPS account is a seamless process. After creating an NPS account, you must know how to deposit money in an NPS account.

You can either opt for an offline or online method to deposit money in your NPS account. 

  1. Steps to contribute via the eNPS website

    • You need to visit the official eNPS website. 

    • Then, click on the option ‘Contribution’ and select 'Contribution Online,' you will be redirected to the eNPS portal.

    • You need to enter the Permanent Retirement Account Number you would have received when you made an NPS account and your Date of Birth.

    • After that, select the option ‘SMS/email' whichever one you are comfortable with for receiving OTP to verify your PRAN.

    • Add and enter the captcha and click on 'Verify PRAN.' You will receive an OTP on the registered mobile number or the email address, whichever one you’ve chosen.

    • Once you enter the OTP and the PRAN is verified, select the account to which contribution will be made, Tier 1 or Tier 2. Mention the amount that you want to contribute.

    • After entering these details, the system will calculate the total amount payable after adding all the applicable charges.

    • Choose the payment gateway option and after reading and accepting declarations, click on 'Make Payment.'

    • You will be redirected to that site and from there on, you can contribute whenever you want through net banking/ debit card/ credit card.

  2. To pay via UPI

    Unified Payments Interface is a real-time payment option that works by immediately transferring funds from a mobile platform. To pay via UPI, you need to follow these steps for a payment:

    • Select UPI as a mode of payment option but keep in mind that payment through UPI is only up to Rs. 2000/-(Including charges).

    • Provide VPA (Virtual Payment Address). You will receive a payment notification on the UPI application. 

    • Log in to the UPI application and confirm the transaction within the limited time given.

    • Enter the MPIN to authenticate the transaction.

  3. Steps to contribute via Mobile App

    • Install the NPS Mobile App from Google Play Store or App Store.

    • You can do the contribution transaction without logging into the app.

    • You just have to enter your Permanent Retirement Account Number, your date of birth, captcha and click on 'Verify PRAN.'

    • You will receive an OTP on the registered mobile number or email address.

    • Once the OTP is entered and PRAN is verified, you have to select the account to which contribution will be made and mention the amount that needs to be contributed. 

    • After you have entered the contribution details, the system will calculate the total amount payable after adding the applicable charges.

    • Select the payment gateway option and read and accept the declarations then click on 'Make Payment.'

    • You will be redirected to the payment gateway site from where you can contribute through net banking/ debit card/ credit card.

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How to Deposit Money in an NPS Account Offline?

To know how to deposit money in an NPS account offline, follow these steps:

  • You need to fill up an NPS contribution instruction slip to contribute offline.

  • Visit your nearest POP-SP or the NPS website to obtain the contribution slip. 

  • Mention all the details required, such as the subscriber's name, PRAN number, Date of Birth, contribution amount, and payment mode.

  • Then you need to submit the duly filled contribution slip to your nearest POP-SP.

Contributing to an NPS account is not at all complex and can be easily learned. NPS provides many benefits to the subscribers such as tax deduction benefits, higher returns, tax efficiency, and equity allocation rules.

People also calculate: National Pension Scheme Calculator

What is the Contribution Criteria for NPS Account?

The contribution criterion is as follows:

  1. Tier 1 Account: 

    • The minimum amount required per contribution is Rs. 500.

    • The minimum contribution required per financial year is Rs. 1000.

    • The minimum number of contributions required in a financial year is one.

    The limit of a minimum of one contribution is mandatory. Besides, a subscriber may decide the frequency of the contributions across the year at their convenience.

  2. Tier 2 account:

    • The minimum amount required per contribution is Rs. 250

    • No minimum balance is required as it is a voluntary account.

In Conclusion 

NPS is an excellent scheme for all individuals. A regular pension post your retirement years will prove to be highly beneficial, especially for those who work in jobs in the private sector. As NPS also provides many benefits, it is worth contributing to an NPS account. Research well before making any contribution to find what best suits you.

FAQ's

  • Q. How to open an NPS account?

    A. Points of Presence (POP) are entities that help you open an NPS account with them as a subscriber. Most banks including both public and private sector banks are enrolled as POPs. Several other financial institutions act as POPs as well. The collection points are the authorized branches of a POP that are also called point of presence service providers.
  • Q. Who manages the money invested in NPS? 

    A. The Pension Fund and Regulatory and Development Authority Act (PFRDA) manages the money invested in NPS. At this time, there are eight known pension fund managers- DSP BlackRock Pension Fund Managers, ICICI Prudential Pension Fund, HDFC Pension Management Company, LIC Pension Fund, Kotak Mahindra Pension Fund, SBI Pension Fund, Reliance Capital Pension Fund, and UTI Retirement Solutions Pension Fund.
  • Q. What is the process to withdraw my money from NPS?

    A. To withdraw money from NPS, the subscriber needs to submit the withdrawal application along with required documents to the POP bank or agency. The POP would then authenticate these documents and send them to the CRA (Central Recordkeeping Agency ) and the NSDL ( National Securities Depositories Ltd). CRA will send you the application form along with details of the documents that need to be submitted after they register your claim. CRA processes the application and settles your account once you complete the entire mandatory procedure.
  • Q. What is PRAN?

    A.  PRAN stands for Permanent Retirement Account Number. This number is a unique number required to log into your NPS account. It is provided to each subscriber enrolled for NPS and remains throughout their tenure. A PRAN is allotted to the subscriber after a successful registration.

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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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