Learn How to Open a National Pension System (NPS) Account – Online or Offline

National Pension System is a low-cost and tax-efficient investment avenue for young investors to help them plan their retirement. It can really benefit young investors to open this account early on in their financial journey to reap the most out of their savings. The beauty of NPS is that you can open your NPS account right from the comfort of your home in this technology-enabled age. You don’t need to visit any office or courier any documents to anyone. However, you also have the facility to open the account offline by visiting a center. This article explains both the processes in a step-by-step way so that you can open your account and take a confident first step towards securing your retirement.

How to enroll in NPS (ONLINE PROCESS)

There are basically two options to open an NPS account online as follows:

  1. Registration using Aadhaar Offline e-KYC
  2. PAN-based Registration (involves KYC by Bank/Non-Bank POP)

Let us discuss both options in more detail.

Option #1: Registration using Aadhaar Offline e-KYC

  1. Visit Finbingo.com NPS module
  2. You need to have an Aadhaar Registered Mobile Number to avail of this facility and upload the Aadhaar e-KYC Paperless Offline ZIP file. You also need to Enter the share code of 4-characters created at the UIDAI website.
  3. The authority will fetch the demographic details (Name, Gender, Date of Birth, Mobile no., Address and Photo) from the Aadhaar Offline e-KYC Zip after Successful authentication. You need to fill in other mandatory details in the online form.
  4. You need to upload the following on the website:
    • Cancelled cheque in *.jpeg/ *.jpg/ *.png /*.pdf (unsigned) format having file size between 4KB – 2MB,
    • Scanned copy of PAN card,
    • Scanned signature in *.jpeg/ *.jpg/ *.png format – file size should be between 4KB – 5MB.
  5. Once you fill in the details, you will be routed to a payment gateway for making the payment towards your NPS account.
  6. You have an option to authenticate the subscriber registration form via eSign or OTP.
  7. Your contribution to NPS will be credited to your account on a T+2 basis (this is subject to receipt of funds from the Payment Gateway Service Provider)

Option #2: PAN-based Registration (involves KYC by Bank/Non-Bank POP)

This option is almost the same as Option 1. The only difference is that if you want to exercise this option, you must have the following:

  • Permanent Account Number (PAN) allotted to you.
  • Bank / Demat /Folio account details with the empanelled Bank/Non-Bank (for KYC verification through eNPS).

You need to ensure that your name and address during Registration match the POP records for KYC verification. The request is liable for rejection if the details don’t match. Applicants need to contact the POP if KYC registration is unsuccessful. The rest of the process is the same as Option 1 above.

How to enrol in NPS (OFFLINE PROCESS)

The steps to open an NPS account offline are as follows:

  1. You need to visit the Point of Presence – Service Provider (POP-SP) of your choice for offline Registration to NPS. Submit the Subscriber Registration Form on your visit. This application is available from any of the (POP-SP) you wish to register with. Alternatively, the subscriber registration forms are available at the NPSCRA or PFRDA website. The list of POP-SP (Service Provider branches) is available on the NPSCRA website and on the website of the concerned POP.
  2. Ensure that the subscriber application form is completely filled up, i.e., photograph, signature, mandatory details, scheme preference details etc. You need to also submit the Know Your Customer (KYC) documentation concerning proof of identity and proof of address.
  3. Your account will be opened once you submit the application form to the POP-SP along with the KYC documents. The Central Recordkeeping Agency (CRA) will mail you a “Welcome Kit”, which will contain the following:
    1. Your unique Permanent Retirement Account Number (PRAN) Card; and
    2. Complete information provided by you in the Subscriber Registration Form.
  4. You will also receive the following:
    • Telephone Password (TPIN) – you can use this to access your account on the call centre number.
    • Internet Password (IPIN) – you can use it to access your account on the CRA Website on a 24X7 basis.

Special points for NRI subscribers:

  1. If you are an NRI, you should have an account with a bank in India to open an NPS account. Note that the contributions you make would need to be compliant with the RBI and FEMA requirements.
  2. While filling up the form, you need to do the following:
    • NRE/NRO bank account details
    • Scanned copy of the passport
    • Bank Account Status, i.e., Repatriable account or Non-Repatriable account.
    • Preferred address for communication, i.e., Permanent Address or Overseas Address (Note: Communication at overseas address would entail extra charges)

Other points:

  1. All NPS subscribers can contribute to Tier I & Tier II accounts through ‘eNPS’ using Bill Desk and Razor Pay. The list of Banks associated with Bill Desk and Razor Pay is available on the NPS website.
  2. Suppose you are a government employee and are mandatorily covered under NPS. In that case, you need to approach your Nodal Offices for PRAN generation.

Conclusion

With the enablement of technology and particularly eAadhar, it is now straightforward to open your Finbingo linked NPS account from the comfort of your home. This can save you from unnecessary hassle and delay and speed up your investing process, especially when you need to invest at the last minute to save tax. When you open a new NPS account with Finbingo, you take a significant first step towards securing your retirement and reaping the superior tax benefits that come with investing in NPS.

SSBA Innovations Private Limited (Trade name: Finbingo.com) is a PFRDA Registered POP SE – 1694801 in association with HDFC Pension Management Company Limited POP – 1615939


Plan your financial future using
Finbingo’s Wealth Builder Right Arrow