Active Stocks
Tue May 21 2024 15:59:52
  1. Tata Steel share price
  2. 174.30 3.81%
  1. NTPC share price
  2. 371.90 1.50%
  1. Power Grid Corporation Of India share price
  2. 325.45 2.71%
  1. Tata Motors share price
  2. 951.15 -0.19%
  1. State Bank Of India share price
  2. 830.55 1.18%
Business News/ Money / Personal Finance/  NPS adds over 1 million subscribers: How to open an account online? Details here
BackBack

NPS adds over 1 million subscribers: How to open an account online? Details here

Private sector employees can also subscribe to the National Pension System (NPS) by applying for it online, or else, opting for ‘print & courier’ option.

NPS now manages about Rs 9 lakh crore for a 6.32 crore subscriber basePremium
NPS now manages about Rs 9 lakh crore for a 6.32 crore subscriber base

The National Pension System (NPS) recently added around one million new retail member as it grew 22 per cent in fiscal 2023, PFRDA (Pension Fund Regulatory and Development Authority) data shows.

Consequently, NPS now manages about Rs 9 lakh crore for a 6.32 crore subscriber base, against Rs 11 lakh crore managed by the Employees Provident Fund (EPF) for 26 crore subscribers.

As this retirement scheme is open for employees from government as well as private sector, one can explore the option of subscribing to this to financially secure the post-retirement life.

Here we explain how to open an NPS account online:

Open NPS online

To be able to open a National Pension System account, one should first have a Permanent Account Number (PAN).

Subscriber should have bank/ demat / folio account details with the empanelled bank/ non-bank for KYC verification fir subscriber registration through eNPS.

KYC verification is done by the bank/ non-bank point of presence (POP) selected by subscriber during the registration process.

Matching of details

It is vital to note that the name and address provided during registration should match with POP records for KYC verification.

However, if the details do not match, the request is liable for rejection. And in case the details don’t match, the request is liable for rejection, and in that case, the applicant is requested to contact the POP.

Submission of documents

Following this, subscriber needs to fill all the mandatory details online. Subscriber, for instance, needs to upload scanned copy of PAN and cancelled in JPEG/JPG/PNG format. One must exercise care that the file size is between 4 KB and 2MB.

Also, subscriber needs to upload scanned photograph and signature in JPEG/ JPG/ PNG format having file size between 4 KB and 5 MB.

Once all these formalities are completed, subscriber will be routed to a payment gateway for making the payment towards NPS account from internet banking.

Once subscriber is issued a PRAN, i.e., Permanent Retirement Account Number, one can follow the online process:

1. One can select the e-sign option in the e-sign/ print and courier page.

2. Following this, subscriber will receive the OTP for the purpose of authentication on their mobile number linked with the Aadhaar.

3. After authentication of Aadhaar, registration form will be successfully e-signed.

4. Once a document is e-signed, there is no need to send the physical copy of form to CRA.

5. The charges that subscriber needs to pay are e-sign service charges plus taxes i.e., Rs 25.90.

Alternatively, one can also choose ‘print and courier’ option wherein you need to take a printout of the form, paste photograph and affix signature. After signing on the block provided for signature, the form should be sent within 30 days from the date of allotment of PRAN to CRA at the following address:

Central Recordkeeping Agency (eNPS)
NSDL e-Governance Infrastructure Limited,
1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg
Lower Parel, Mumbai - 400 013

In case the form is not sent within 30 days, the PRAN stands to get ‘frozen’ temporarily.

 

returns-calc-widget
NPS withdrawals and lumpsum
View Full Image
NPS withdrawals and lumpsum

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 12 Apr 2023, 08:43 AM IST
Next Story footLogo
Recommended For You