How To Open NPS Account Using Driving License
National Pension Scheme (NPS) accounts can be opened through the DigiLocker platform according to the Pension Fund Regulatory and Development Authority (PFRDA).
The Digital Indian Initiative introduced the online document storage wallet, DigiLocker, that facilitates users to open an NPS account using their valid driving license apart from their high school mark sheet and Aadhaar card. Here are more details regarding the process of opening an NPS account using the driving license of the user.
What is an NPS?
National Pension Scheme is a long-term savings plan introduced by the Pension Fund Regulatory and Development Authority (PFRDA) under the Ministry of Finance of the Government of India in 2004.
This voluntary contribution scheme provides retirement benefits and encourages the citizens of India to develop the habit of savings throughout their working lives.
The subscribers can utilise the accumulated corpus to purchase a life annuity or withdrawal as a lump sum pots maturity. The entire NPS corpus is exempted from tax and is also free from tax after withdrawal.
What is a DigiLocker?
A Government of India initiative under the Digital India scheme, DigiLocker, stores all the documents of the members in digital form in the cloud.
This digital platform ensures a secure mode of storing documents and online verification and provides an easy way of accessing the documents when required.
How to Open an NPS Account using a Driving License?
Here are the steps to open an NPS account using a driving license:
- Visit the Protean CRA website: https://enps.nsdl.com/eNPS/NationalPensionSystem.html
- Select the ‘National Pension Scheme’
- Click on ‘Registration’ option
- Under the ‘Registration With’ tab click on ‘Documents with DigiLocker’
- Select ‘Driving License’
- Click on ‘Continue’
Applicants get redirected to the DigiLocker website after accepting the message displayed on the screen: 'You will now be redirected to the DigiLocker website'.
- Enter the DigiLocker login credentials
- To enable DigiLocker to share your documents, provide the permission to Central Record Keeping Agencies (CRKAs)
- NPS will access the document
- The demographic information and photograph on driving license will be displayed on the screen
- Provide the following personal details:
- NPS scheme information
- Bank account details
- PAN card
- Nomination details
- Fill in the NPS form
- Make the payment
The account will be created after successful payment and information validation.
How to update the existing address in your NPS account?
The following are the steps to update the current address of the subscriber in the NPS account:
- Visit the Protean CRA website (https://enps.nsdl.com/)
- Click on 'Login with PRAN/IPIN' on the homepage
- Enter the login credentials
- After logging in, click on ‘Update Personal Details’ under ‘Demographic Changes’ option
- Click on ‘Update Address Details’
- Click on ‘Driving License’ option under ‘Documents, after selecting ‘DigiLocker’ option
- Login to the DigiLocker website after the page is redirected
- Provide permission of sharing documents and information to CRA
- Allow NPS to access the documents
- Click on ‘Submit’
The address on the driving license gets updated on the NPS account through DigiLocker.
FAQs on Open NPS Account Using Driving License
- Who is eligible to open an NPS account?
Employees with Indian citizenship, falling under the age group of 18 to 60 years and enrolled by the corporate employer are eligible to subscribe under NPS. The individual must also comply to the KYC norms to be eligible for the NPS.
- What is the identity proof for NPS?
The KYC will be done using Aadhar through OTP and hence, Aadhar is required as identity proof for opening NPS account.
- How can I open an NPS account for state government employees?
State government employees need to submit the dully filled CSRF form if enrolled under NPS. The form to be submitted to the DDO, which will be sent to PAO/ CDDO/ DTO after verification and will be submitted to CRA-FC to generate PRAN.
- How long does it take to activate an NPS account?
After submitting the dully filled registration form at the NSDL-CRA, the PRAN card gets dispatched within 10 working days.
- Can I open an NPS account without a job?
Yes, you can open an NPS account without a job under the NPS Private model. Under this model, traders, businesses, self-employed individuals , and NRIs can open an NPS account.
- Can a housewife do the NPS?
Yes, a housewife can open an NPS account as per the provision under the Pension Regulatory and Development Authority of India (PFRDA). The PFRDA enables housewives within the age group of 18 to 60 years to earn a steady income from NPS at a rate of 12% to 14%.
- How much of NPS amount is tax free?
After maturity, 40% of the NPS amount is exempted from tax. But any amount above this threshold limits up to 60% will incur tax if withdrawn in lump sum.
- Who Cannot join NPS?
Individuals belonging to any of the following groups, OCI (Overseas Citizens of India) and PIO (Person of Indian Origin) card holders and HUFs, cannot create an NPS account.
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