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So, are you wondering how to open an NPS account? Then, this article is the right resource for you!
NPS, expanded as the National Pension Scheme, was launched by the Central Government of India on 1st January 2004, only for government employees excluding the army! The scheme aimed to establish pension reforms in the country. Moreover, on 1st May 2009, the scheme was opened to all citizens, even those working in the informal sectors.
So, let’s find out how you can open an NPS account in 2021!
The NPS account opening process can be done in online and offline methods. The steps for both are shown below.
The steps to open an NPS account online are as follows:
Step 1: Visit the official website of the eNPS.
Step 2: Next, you will first need to register yourself for the scheme before making contributions. So click on the “National Pension System” on the right-hand side of the web page.
Step 3: In the registration process itself, there are three sub-steps. They are:
At this stage, you are under “New Registration.”
Step 4: Enter details such as applicant type, the status of the applicant, the mode of registration (either online or offline with Aadhaar or with PAN) and account type (Tier I or Tier II). Moreover, if you choose the registration mode with PAN, you will have to select a POP (Point of Presence) to verify the KYC. Usually, the POP can be a bank or a non-bank. The list of institutions is available on the website. However, if you choose Aadhaar-based verification, you can pick between Aadhaar, Virtual ID or offline KYC verification modes.
Step 5: Click “Generate OTP.”
Step 6: Then, you will be redirected to a registration form where you will have to fill in the following details:
Further, there are 5 steps to pass through before the registration is complete. The steps are:
Step 7: Use net banking to make the initial contribution and pay the fees for KYC. In the case of Aadhaar card-based verification, you can utilise a credit or debit card to complete the payment.
Step 8: Once you have completed the form and payment, if you are not able to eSign, then print the form, paste the photo, affix signature, and submit the form to CRA. The address for CRA is:
Central Recordkeeping Agency (eNPS)
NSDL e-Governance Infrastructure Limited,
1st Floor, Times Tower,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai - 400 013
By following these steps, you can open an NPS account online with ease!
Note that you can also register for NPS via the KFINTECH website. The steps are completely similar with few differences.
If you do not have the facility to open an NPS account online, you can always try the offline process. So, how to open an NPS account offline?
An offline NPS account opening requires a person to fill the registration form offline with a POP. Here are the steps:
So, now that you know how to open an NPS account offline and online, let’s check out the documents necessary for NPS account opening!
According to the NSDL website, the documents required for an NPS account are:
However, for the KYC process, if not done already, the documents required to open an NPS account online are:
1. Copies of your depository account
2. Driving license
3. Electricity bill
4. ID proof from local MP, MLA, gazetted officer, municipal councillor
5. Identity card issued by your employer
6. PAN card
7. Rent receipt and credit card statement
8. School-leaving certificate
9. Water bill
1. Driving license
2. ID proof from local MP, MLA, gazetted officer, municipal councillor
3. Identity card issued by your employer
4. PAN card
5. School-leaving certificate
The major details required to open an NPS account are:
Now that the reader knows how to open an NPS account, they may be curious about the fees required to do the same.
|
Intermediary |
Charge Head and Service Charges for Private Sector |
|
Point of Presence Service Providers |
*NA for Government |
|
Point of Presence Service Providers |
The initial registration and contribution upload is ₹200 |
|
Point of Presence Service Providers |
Subsequent transactions charges are calculated as: 0.50% of the contribution, Minimum: ₹30, Maximum: ₹25000, Non-financial transactions: ₹30 |
|
Point of Presence Service Providers |
Persistency > 6 months ₹50/year is charged for a contribution of ₹1000 - ₹2999 collected through cancellation of units ₹75/year is charged for a contribution of ₹3000 - ₹6000 collected through cancellation of units ₹100/year is charged for a contribution or more than ₹6000 - collected through the cancellation of units |
|
Point of Presence Service Providers |
Contribution through eNPS is charged at 0.20% of the contribution Minimum ₹15, Maximum ₹500 |
|
Intermediary |
Charge Head |
Service Charges (Private/Govt) |
|
CRA |
PRA Opening Charges |
CRA charges for an account for a physical PRAN card (in ₹ ): NCRA: ₹40, KCRA: ₹39.36 |
|
CRA |
PRA Opening Charges |
CRA charges for account opening for an e-PRAN card (in ₹ ) - The welcome kit has been sent physically: NCRA: ₹35, KCRA: ₹39.36 |
|
CRA |
PRA Opening Charges |
CRA charges for account opening for an e-PRAN card (in ₹ ) - The welcome kit has been sent via email only: NCRA: ₹18, KCRA: ₹4 |
|
CRA |
Annual PRAN maintenance cost per account |
NCRA: ₹95, KCRA: ₹57.63 |
|
CRA |
Charge per transaction |
NCRA: ₹3.75, KCRA: ₹3.36 |
As mentioned previously, you can open an NPS account online from the official NSDL website or KFINTECH website. But, in case you want to follow the offline process, you can visit a Point of Presence Service Provider.
Listed below are banks and other institutions that act as service providers where NPS can be opened.
|
Bank and Non-Bank Institutes That Are POPs |
Bank and Non-Bank Institutes That Are POPs |
Bank and Non-Bank Institutes That Are POPs |
|
Abhipra Capital Limited |
Finwizard Technology Private Limited |
Punjab National Bank |
|
Alankit Assignments Limited |
Gujarat Infotech Limited |
Religare Broking Limited |
|
Angel Broking Limited |
HDFC Bank Limited |
SMC Global Securities Limited |
|
Arihant Capital Markets Limited |
ICICI Bank Limited |
State Bank of India |
|
Bank of Baroda |
IDBI Bank Limited |
Steel City Securities Limited |
|
Bank of India |
Indian Bank |
Stock Holding Corporation Of India Limited |
|
Bank of Maharashtra |
Indian Overseas Bank |
Tamilnad Mercantile Bank Ltd |
|
Canara Bank |
Integrated Enterprises (India) Private Limited |
The Karur Vysya Bank |
|
Central Bank of India |
Kotak Mahindra Bank Limited |
The South Indian Bank Limited |
|
Dayco Securities Private Limited |
Marwadi Shares and Finance Limited |
UCO Bank |
|
DBFS Securities Limited |
Muthoot Finance Limited |
Way2Wealth Brokers Private Limited |
|
Monarch Networth Capital Limited |
Union Bank Of India |
Elite Wealth Advisors Limited |
|
ESAF Small Finance Bank Limited |
Narnolia Securities Limited |
Yes Bank Limited |
|
Eureka Stock And Share Broking Services Limited |
Prudent Corporate Advisory Services Limited |
Punjab National Bank |
In conclusion, this article discussed how to open an NPS account, where these accounts could be opened, and the documents required.
Therefore, we hope that this piece answers all your queries about “how to open an NPS account” simpler for you!
Please try one more time!
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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