How to open National Pension System (NPS) Account

Opening an account in New Pension System is no more a herculean task, as it used to be even few months back. Now, you can open your own NPS account online. It is as simple as buying an insurance plan just by a click of a button or investing in mutual fund online, etc. An individual can easily apply online for a New Pension System Account if he/she has an account in any of the 17 banks enrolled with National Security Depository Ltd (NSDL) and is linked to your PAN.

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Last Year, in August, the facility to open an online account was launched as a pilot project, but it faced obstacles as some restrictions were put on opening an account online by the Supreme Court of India. However, later, the (PFRDA) Pension Fund Regulatory Authority has accepted PAN number and bank-based KYC to open new pension scheme accounts online. If the customers are comfortable with the online process of opening an NPS account, then they can use the Aadhaar Card as their e-KYC documents.

The use of Aadhaar as e-KYC document was decided by Pension Fund Regulatory Authority in February 2016. This decision has made the online process of making account much simpler for the people.

Though eNPS was earlier launched on a trial basis and the use of Aadhaar as eKYC was allowed, soon it got discontinued, due to the restriction imposed by the Supreme Court on the use of Aadhaar as eKYC. Now, the subscribers can use the Aadhaar as eKYC according to their own choice and suitability. With the help of this, the process of online application has become extremely customer friendly and the subscribers can open an NPS account online instantly. According to one’s own choice and suitability, he/she can use either PAN, Bank account or Aadhaar number to get registered under eNPS.

There are generally three ways of opening an NPS Account: 1) Online using PAN, 2) Online using ADHAAR, and 3) offline.

Online Process for Opening NPS Account

The online process of opening a New Pension System Account is very simple. You just need to go to www.npstrust[dot] and then, click on to e-NPS.

In order to open the NPS account, you will need to get yourself registered and you can do it in two ways.

  1. By using your PAN number and Bank details

  2. By using Aadhaar card details

Along with all these details, the subscriber will also need to fill the details like mobile phone number, bank account details, email id with the facility of net banking etc.

In terms of the information needed the procedure of registration is same as the offline process. However, one will have to give the bank account details if he/she provides PAN. This detail is needed so that the authorities can use it for your KYC.

Pension Fund Regulatory Authority has about 17 enrolled banks and if you have an account with any of those banks, then only you can open your online account and can avail PAN along with bank verification for KYC.

The online process also needs some contribution at the registration time and after the verification of the KYC details by the respective bank, any following transaction is possible. One time fees up to Rs.125/- is charged for the KYC along with the applicable taxes and this amount is debited from the account of the applicant by the bank as LYC authentication charges. This process may sometimes get complicated as the applicant may not have a bank account with the enrolled bank or the details of the KYC may not match.

The process of opening eNPS account using bank account and PAN includes the involvements of banks. This can sometimes delay the process of registration as the bank's verification of KYC takes some time.

Apart from this, the subscribers can also open their account online by keying in their Aadhaar number. When you enter the Aadhaar number in the needed Column, then one-time password (OTP) is sent to the Aadhaar registered mobile number. After the verification of the OTP, the respective information like bank details, e-mail, and other details will be needed to fill up. Moreover, the applicant will also need to make initial payments. The applicant will also have to keep this in mind that while opening an account online, he/she will need to upload a digital photograph and signature.

Once you are done with your application process, you will need to get a printout of the filled NPS form and will have to sign and paste a photograph and submit it to CRA within 90 days. In case the applicant fails to do so, the account will cease temporarily.

Offline Process for Opening NPS Account

The offline process begins with finding a mediator like banks that helps an individual to subscribe NPS, carry the process of KYC verification and also receive NPS contribution from the applicant. The applicant needs to submit the KYC document and will need to invest at least Rs6000 per annum. Once you are done with your contribution, a permanent retirement account number will be generated and sent to you. This unique portable number remains with the applicant under NPS.

Opening a National Pension Scheme account is a wise decision as it is an affordable investment plan for the retirement years of an individual. Besides this, one can also avail tax benefits. If you are planning to open an NPS account, the most convenient way, however, is to open it online using ADHAAR.  This will save your of paperwork as well as a lot of time.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^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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