Tatkal NPS goes live on BHIM app: How to open an account in 3 steps, minimum contribution and eligible banks

The Pension Fund Regulatory and Development Authority (PFRDA) has announced the launch of Tatkal NPS on the BHIM Payments App, allowing eligible bank customers to open a National Pension System (NPS) account directly through the app.

The regulator made the announcement through a post on X, noting that the new facility is designed to make NPS onboarding faster and simpler.

The facility is intended to simplify the initial steps involved in opening an NPS account and make the onboarding process faster for eligible customers.

PFRDA mentioned, “Tatkal NPS is now LIVE on the @NPCI_BHIM Payments App! Opening your NPS Pension Account is now simpler and faster.”

Here’s how the facility works, including the minimum investment and key benefits.

How to open an NPS account on the BHIM App?

With Tatkal NPS, users can complete the NPS account-opening process in three steps after downloading the BHIM Payments App. PFRDA has outlined the process as follows:

• Enter your date of birth
• Select your bank account
• Make your contribution

According to PFRDA, customers of State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, and IndusInd Bank can currently use the facility to open an NPS account through the BHIM app.

This means the facility is currently available only to customers of the participating banks listed by the regulator.

What documents or paperwork are required?

PFRDA highlighted the digital nature of the process, mentioning that there is “No paperwork” and “Instant KYC.”

This means the Tatkal NPS route is aimed at reducing the paperwork and steps traditionally associated with opening a pension account. The process is integrated with the BHIM app and the user's participating bank account.

The post highlighted “Quick Onboarding, Instant PRAN”, indicating that the facility enables faster generation of the Permanent Retirement Account Number (PRAN).

The PRAN serves as the unique identification number for an NPS subscriber and remains linked to the subscriber’s NPS account.

How much do you need to start NPS through BHIM?

The minimum contribution amount is ₹250, allowing users to start their NPS account with a small initial contribution. PFRDA noted that users can “Start with just ₹250.”

The regulator described the overall experience as “Simple, digital & seamless” and mentioned, “NPS Ka Sapna. Ab 3 Click Mein Apna!”

The regulator encouraged users to begin building their retirement corpus through NPS. PFRDA concluded its post by highlighting, “Take the first step towards building your retirement corpus with NPS.”

This facility is being positioned as a simplified digital route for eligible bank customers to start their NPS journey. By bringing account opening, KYC, and contribution steps into the BHIM Payments App, the facility is aimed at making NPS onboarding more accessible through a digital process.

Disclaimer: This is for informational purposes only. Please visit the official website for the latest updates.