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How To Open A NPS Account?

Updated On Nov 18, 2021

In order to enjoy a leisurely and stress-free post-retirement life, it is important to invest in a good pension scheme beforehand. Regulated by the Pension Fund Regulatory and Development Authority (PFRDA), National Pension Scheme (NPS) is one of the most reliable and easily accessible pension schemes out there. In this article,  we will help you understand how to open a NPS account in these quick, easy steps.

With the development of online banking, it is now an easier process than ever. Previously, a NPS account could only be opened by those who had government jobs. But in 2009, the scheme was extended to facilitate all citizens. You can open your NPS account online by using either your Aadhar card or your PAN card.

There are two kinds of NPS accounts available – Tier 1 and Tier II. Tier I accounts allow you to make withdrawals after 15 years. You may also  up to 50% of your money after 25 years.

If you have a Tier II account, you can make unlimited withdrawals. However, a Tier II NPS account can be opened if you have an existing Tier I NPS account.

How To Open A NPS Account Online Using Your Aadhar Card or PAN Card?

Step 1: Visit the official NPS website.

Step 2: Click on the Registration tab and choose ‘Individual’ in the options.

Step 3: Enter your Aadhar number or PAN number. You will receive an OTP on your registered mobile number for verification.

Step 4: Choose the type of account of your choice. Begin by opening a Tier I account and later, you may also decide to open a Tier II account.

Step 5: Fill in your personal details as required on the form and submit. You will then receive an acknowledgement number. You will be sent an OTP on your registered mobile number if you are using your Aadhaar card to open your account. If you are using your PAN card, then your details will be verified by your bank.

Step 6: Choose a pension fund manager and pick from among eight pension funds.

Step 7: Choose your investment mix

Step 8: Assign your nominees. They are the people who will inherit the retirement corpus if the investor dies.

Step 9: Upload your signature. Unless you are using your Aadhar card, you will also need to upload your photograph.

Step 10: Make your first contribution after which you shall be assigned your PRAN, which is your Permanent Retirement Account Number. The minimum amount needed for opening a Tier I account is Rs. 500 and is Rs. 1,000 for a Tier II account. You can make this payment

through Netbanking, or by using your credit card or debit card.

Step 11: Take a print out of your form and email it to the CRA (Central Record Keeping Agency) office along with your photograph and signature within 90 days.

How To Open A NPS Account Offline?

Step 1: Go to a nearby PoP (Point of Presence).

Step 2: Carefully fill and submit the form that will be given to you.

The PoP will charge you Rs. 125 for opening your account. You will then be allotted your PRAN. The CRA will also keep you updated with other relevant information and provide you with your passwords.

Take Away

Whether you choose to open your NPS account online or by visiting the nearest

PoP, we hope this article will guide you in opening your NPS account. By taking these few short steps, you can sit back and rest assured that your post retirement life will be well taken care of!

Also read - What Are The Benefits Of Investing In National Pension Scheme

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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