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How To Open NPS Account Using OTP-Based Authentication?
The Pension Fund Regulatory and Development Authority (PFRDA) has made the process of opening a National Pension System (NPS) account easier by enabling one-time password (OTP) based authentication process for subscribers.
"This process would ensure seamless account opening, end to end digitization and optimizing of investment returns by deposit of contributions in a faster way," the retirement fund regulator said in a press release.
To improve the reach of NPS, PFRDA had earlier allowed customers to open an online NPS account through e-signature and Aadhaar-based offline paperless KYC process for the new customers. Simplification in KYC (know your customer) formalities with such measures make onboarding of new customer almost instant.
PFRDA administers more than 3.60 crore subscribers under NPS with an aggregate Asset under Management (AUM) of more than Rs 4.55 lakh crore, according to its release. Out of total subscribers, 2.25 crore subscribers are under Atal Pension Yojana (APY).
If you do not have an NPS account and have also missed out on making tax-saving investments for the past year, note that the finance ministry has provided an extension in the tax-saving deadline. Taxpayers can claim deductions and exemptions on investments made till 31 July 2020 for the financial year 2019-20.
Any individual who is subscriber of NPS can claim tax benefit under Sec 80 CCD (1) within the overall ceiling of Rs 1.5 lakh under Section 80C. Further, an additional deduction for investment up to Rs 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under sub-section 80CCD (1B). This is over and above the deduction of Rs 1.5 lakh available under section 80C.
How To Open NPS Account Using OTP-Based Authentication?
You can approach your bank (or any other bank that is registered as POPs - Points of Presence) and open an NPS account through the bank's internet banking (net banking) facility using OTP received on your registered mobile number.
Even if you do not use internet banking, you can still use the OTP received on your registered mobile number and email for paperless NPS account opening.
After the KYC process is completed, your bank will submit your data to the Central Record Keeping Agencies (CRAs) along with your photo and image of signature with an undertaking that the KYC/AML guidelines/rules have been duly complied with.
