The National Pension System (NPS) is rapidly attracting attention from taxpayers among the various tax-saving investments, and several individuals are seeking to open an NPS account online. Via PAN-based registration the online opening of an NPS account can be accomplished. In addition to saving tax, the investment made in NPS often ensures one's pension at the time of retirement. The NPS online opening is named eNPS and here we glance at how it is possible to open an NPS account online using PAN number.
- Scan copy of your PAN which must be in jpeg, .jpg or .pdf format within a size limit of 4KB to 2MB.
- Scan copy of a cancelled cheque must be in jpeg, .jpg or .pdf format within a size limit of 4KB to 2MB.
- Bank account number which you want to link with your NPS account.
Offline way to open NPS account using PAN
An individual will have to follow the steps listed below in order to open an account offline:
- First, customers will need to locate a PoP or Point of Presence that lets people apply for the scheme, undertake verifications and obtain NPS contributions as well.
- Individuals need to fill out an application form and submit the required documents at PoP.
- A PRAN i.e. permanent retirement account number is issued upon depositing the minimum amount of Rs. 500
Online way to open NPS account using PAN
- Visit the eNPS website at https://enps.nsdl.com/eNPS/NationalPensionSystem.html
- Now click on the 'National Pension System' option and then click on 'Registration'
- Now select 'New Registration', then select 'Individual Subscriber' on the next page.
- Select 'Tier I & Tier II' or you can select 'Tier I'. Tier I here reflects NPS as mandatory, while Tier II is voluntary and can be activated later.
- Enter your PAN number and select your bank from the drop-down menu.
- Authentication of your KYC will be undertaken by the Bank. The bank will debit a one-time fee of up to a limit of Rs. 125+GST from the bank account as KYC verification fees.
- Now to proceed further click on "Generate Acknowledgment No." and keep the Acknowledgment No. handy for future use or to re-login.
- Enter the CAPTCHA code and other required specifics.
- If you are an Indian citizen enter your residential specifics and PAN number in the space of 'Tax Identification Number'.
- Make sure that the entered resident address for NPS account must be the same with your bank records.
- Enter your bank details select your Pension Fund Manager from the drop-down list
- Now select your Investment Option and upload the scanned copy of your PAN and cancelled cheque.
- Once your PAN and cancelled cheque is verified a PRAN will be generated and eSIGN Registration will be completed successfully.
After PRAN issuance, the registration form must be printed and submitted to CRA once the photo and signature have been attached. The application form must be submitted to CRA at the following address within 90 days from the date of PRAN assignment, or else the PRAN will automatically be 'deactivated'.
Central Recordkeeping Agency (eNPS)
NSDL e-Governance Infrastructure Limited,
1st Floor, Times Tower,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai - 400 013
Once you have submitted the form, you can proceed to contact the CRA at eNPS@nsdl.co.in
The SMS and email are sent to your registered mobile number and email ID once the Acknowledgment Number is issued. You will have to access the same eNPS website once the procedure is finished and the NPS account is approved and then click on 'Contribution' in order to make deposits towards your NPS account.
4 easy steps to join the National Pension System (NPS)
Subscribers under NPS are entitled to seek an additional tax exemption of up to Rs. 50,000 against their NPS contribution over and above the Rs. 1,50,000 tax deduction applicable to the holders under Section 80C. Any Indian resident between the ages of 18 and 60 can join NPS and open an account respectively. To open an NPS account quickly follow the four steps listed below:
- An NPS necessity is a Permanent Retirement Account Number (PRAN). PRAN application forms can be obtained under NPS from any point of presence service (PoP-SP) or can be downloaded at https://www.npscra.nsdl.co.in/.
- The application form must be filled in with your details, bank details and scheme selection specifics. The application form must be attached to the photograph, address and ID proof for KYC purpose.
- It is necessary to present a duly completed and signed form with documents to the POPSP office. A PRAN is generated and delivered to the correspondence address of the subscriber once the documents are validated and processed successfully.
- The first contribution of a minimum of Rs. 500 is to be rendered to the POP-SP at the point of submission of the application. To follow the payment, a contribution slip (NCIS) must be provided with the payment instrument specifics.
How to open an NPS account using Aadhaar or photograph?
Individuals can also open an NPS account using Aadhaar specifics or photographs. To do so follow the steps below:
To open an NPS account your Aadhaar number, PAN, mobile number must be linked with your current savings account or bank account. Before starting the process your passport size photographs, net banking account, debit/credit card, and scanned image of your signature must be kept ready.
- Visit the eNPS website and click on 'Registration'
- Now choose the type of 'Individual' that you are and then enter your Aadhaar or PAN number.
- An OTP will be sent to your Aadhaar-linked mobile number, authenticate the OTP by entering it on the required space.
- Now choose the type of account from Tier 1 or Tier II
- Quick OTP authentication is required if you have selected Aadhaar. Your bank will confirm your specifics when using the PAN and charge Rs 125 for processing.
- In case Aadhaar is used, the form will be pre-filled with several details, submit the form to generate acknowledgement number.
- Now select the pension fund from the list according to your preference and choose the investment mode from auto mode or active mode. In auto mode, the allocation of equity varies with age. In active mode, the blend is determined by you.
- Specify how to allocate corpus through fund groups if you choose for active mode.
- Now enter the details of the nominee whom you want to nominate to get the corpus after your demise.
- In case you are using Aadhaar to open the account upload your scanned photograph or else only upload the photographs.
- Now make the minimum contribution of Rs 500 in case of Tier I account or Rs 1000 for Tier II account.
- Via Netbanking, credit card and debit card, you can make the payment. You will be issued a PRAN once payment is accepted.
- Now take a print out of the application form and attach your passport size photograph.
- Duly sign the application form and mail it to CRA within 90 days.