• How To Open An NPS Account With Aadhaar

    An NPS or New Pension Scheme account is a social security account initiated by the Government of India that provides a regular stream of income to individuals after retirement. The account provides a steady income to the account holder through market-linked returns and is available to all Indian citizens.

    Initially, opening an NPS account required one to fill out the Permanent Retirement Account Number (PRAN) application form and submit the form and KYC documents to a Point of Presence-Service Provider (POS-SP).

    The above process used to be cumbersome, as the prospective account holder would have to visit an authorised bank branch, after which the PRAN number would be generated, all of which takes a lot of time.

    In case of online applications, too, the applicant was required to take a printout of the form, affix a recent photograph, sign it and mail it to the Central Recordkeeping Agency (CRA) within 90 days of being issued the PRAN.

    To speed up the process and make it easier for individuals to open an NPS account, a circular stating that these accounts could be opened online without needing to visit a branch was released by the PFRDA (Pension Fund Regulatory and Development Authority). According to this circular, individuals who wish to open an NPS account can do so online, and the verification of identity would be through the Aadhaar card and the applicant’s e-signature.

    This not only simplifies the process of opening an account but also ensures that the information entered into the database is correct, as the individual would have to verify it before authorising the digital signature.

    Process To Open NPS Account Online With Aadhaar Card

    Individuals can open an NPS account both online and offline as per the PFRDA circular. Individuals who wish to open an NPS account online can follow the steps listed below:

    • For individuals with a demat account and an account with an authorised bank, visit the bank’s website and apply for an NPS account.
    • Alternatively, individuals can visit the eNPS portal and select the ‘registration’ tab.
    • Enter the Aadhaar number allotted to you, after which a One Time Password (OTP) will be sent to your registered phone number.
    • Choose the type of registration from the options mentioned (new/complete pending/print form).
    • Also choose the type of subscriber from the options provided.
    • Choose the status of applicant and the account type.
    • Enter the Aadhaar number, after which an OTP will be sent to the registered mobile number.
    • Enter the Aadhaar number allotted to you, after which a One Time Password (OTP) will be sent to your registered phone number.
    • Demographic information and photograph will be obtained from the Aadhaar database and used to fill in the online registration form.
    • The other details are to be filled in online.
    • A scanned signature is to be uploaded on the online form.
    • After submitting the online form, you will be re-directed to a payment gateway to complete the registration process. Payment can be made by credit/debit card or through internet banking.

    How To Open NPS Account Offline

    Individuals can also choose to open their NPS account offline by visiting a Point of Presence (PoP) entity. These are banks that have been authorised by the PRFDA to assist and generate PRAN numbers.

    Individuals who wish to apply offline can follow the steps listed below:

    • Visit an authorised bank branch and fill in the application form.
    • Submit the necessary KYC documentation along with the filled-in application form and pay the registration fee.
    • Once the application has been processed, the PRAN card will be sent by post to the address mentioned in the form.

    As seen above, the procedure for applying for an NPS account has been simplified by making the process online, thereby reducing the amount of paperwork and the time taken to process applications.

    *Disclaimer

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