How To Open An NPS Account With Aadhar

An NPS or a National Pension Scheme is a scheme devised by the Government of India that lets retired individuals an opportunity to accumulate a corpus. An NPs account provides a steady income stream to the subscriber through market linked returns.An NPS account can be easily opened online through a bank website or the eNPS portal using your Aadhar number for verification. Let us look at the steps involved in the opening of an NPS account.

• If an individual has a demat account or has an account with an authorised bank, they can visit the bank’s website and apply for an NPS account.
• If an individual wishes to open a new NPS account, they can visit the eNPS portal and select the ‘Registration’ tab.
• Enter your Aadhaar number in the required field. An OTP will be sent to the mobile number registered with the Aadhaar card.
• After OTP verification, you can choose the type of registration that you need, like new, complete, pending, print form.
• Next, choose the type of subsriber fromt he given options.
• Choose the status of applicant and the type of account.
• You’ll be required to enter your Aadhar again, following which you’ll get another OTP.
• Enter the OTP in the given field.
• In the next step, your photo and demographic information will be obtained from the UIDAI database based on your Aadhaar number.
• Fill all other details and upload a scanned signature.
• Next, you’ll be redirected to a payment gateway where you can pay the charges via credit/debit card, netbanking, etc.
• Your NPS account will be ready after the verification process.

Individuals who do not wish to open their NPS account using the online method can choose to open it with the offline method. This can be done by visiting a Point of Presence (PoP) entity. PoPs are banks that have been authorised by the Pension Fund Regulatory and Development Authority (PFRDA) to assist and generate PRAN numbers.

• Visit the authorized bank and fill out the NPS form.
• Submit the physical copies of the required KYC documents, the applicaiton form and pay the registration fees.
• Once the applicaiton has been approved, the PRAN card will be sent my mail tot he address mentioned int he applciation form.

Thus, it is evident that the NPS account opening with Aadhaar process has been greatly simplified by the online Aadhar verification method. This not only reduces the paperwork required for the procedure, but also makes sure that the application process take smuch lesser time.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.