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.

Read more
Best Pension Options
  • Get Tax Free Pension For Life

  • Flexibility to withdraw fund value any time

  • Guaranteed Tax Savings

    Under Sec 80 C & 10(10D)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best returns & make the most of your Golden years

+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

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.

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.

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.
Best Endowment Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Retirement Plans
Monthly Pension Plans
Higher Returns Than Fixed Deposit
Retirement Calculator
Retirement Calculator
How much do you need to save for retirement?
₹ 20,000
₹ 25,000
₹ 30,000
Monthly Expenses in 2022
Edit Done
Your expense go up every year by
Today 2022 Your expenses today in 2022, at the age of 34 Yrs
Your expenses in 2043, at the age of 55 Yrs
For a monthly pension of ₹77,300
you need to invest
₹14,300/month
Calculated as per past performance of 15%
View Plan Recalculate?

Pension plans articles

Recent Articles
Popular Articles
How to Get a 50K Pension Per Month?

15 Jun 2022

Retirement planning should form an essential part of your...
Read more
NPS Premature Withdrawal

15 Jun 2022

The National Pension Scheme is the Central Government’s social...
Read more
Get 30K Pension Per Month

15 Jun 2022

Planning retirement is extremely important and crucial these...
Read more
Atal Pension Yojana Premium Chart

08 Jun 2022

Atal Pension Yojana (APY) is a government of India initiative to...
Read more
Monthly Pension Scheme for Senior Citizens

02 Jun 2022

Retirement planning is paramount to creating a constant source...
Read more
National Pension Scheme (NPS) – Govt Approved Pension Scheme
National Pension Scheme (NPS) is an investment cum pension plan launched by the Indian Government. This scheme is...
Read more
NPS Calculator - National Pension Scheme Calculator Online
National Pension Scheme Calculator is an online tool, which allows the individual to calculate the estimated...
Read more
Saral Pension Yojana
In India, there are various individual immediate annuity products offered by life insurance companies. These...
Read more
Post Office NPS Calculator 2022
National Pension System is a scheme launched by the Government of India that offers stability to all Indian...
Read more
Top Pension Plans in India
Pension plans are one of the most sought-after investment options that have gained huge popularity over the...
Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL