NPS Scheme: Step-By-Step Guide On How To Open NPS Account Online

National Pension System (NPS) is a pension cum investment scheme launched by the Government of India to provide old age security to Citizens of India. It brings an attractive long-term saving avenue to effectively plan your retirement through safe and regulated market-based returns. The Scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). National Pension System Trust (NPST) established by PFRDA is the registered owner of all assets under NPS.

Any individual citizen of India (both resident and Non-resident) in the age group of 18-70 years (as on the date of submission of NPS application) can join NPS.
Employers have the option to contribute a maximum of 10% of an employee's salary to their NPS account. Opening an account in NPS has its own advantages as compared to other pension products available. Some of these benefits include:

Advantages of Opening an NPS account

• Low-cost product
• Tax breaks for Individuals, Employees and Employers
• Attractive market-linked returns
• Easily portable
• Professionally managed by experienced Pension Funds
• PFRDA regulated

Opening an NPS account online: Steps To Follow
To initiate the online opening of an NPS account, you need to visit the website of one of the Central Recordkeeping Agencies (CRAs). These agencies oversee the NPS database and streamline the processes of account opening and maintenance.

NPS account opening process:

Step 1: Access the registration link provided by one of the three CRAs.
Computer Age Management Services
KFin Technologies
Protean eGov Technologies
Step 2: Enter your mobile number, Permanent Account Number (PAN), and email ID.
Step 3: Authenticate the OTP sent to your mobile number.
Step 4: Proceed to follow and fulfill the pertinent instructions displayed on the screen.
Step 5: Upon completion of registration, you (the subscriber) will receive a PRAN, which can be used to log in to your NPS account.

Offline Method To Open NPS Account:
To initiate the offline opening of your NPS account, one should visit the nearest Point of Presence (PoP). The PoPs play an important role in registering your NPS application and are physical locations authorized to assist in NPS account opening. These include banks, post offices, and certain government offices. You can access a list of PoPs on the websites of the CRAs such as NSDL e-Gov or KFin Tech, or through the Pension Fund Regulatory and Development Authority (PFRDA) website.

• Find the nearest PoP and get an NPS subscriber form. Fill up the form and submit it with photocopies of your KYC documents such as an Aadhaar card, PAN card, passport, etc.
• If you are an existing customer of the bank, then you need not submit the KYC documents as they will already have your KYC information in their database.
• Make an initial deposit into your account. It shouldn't be less than Rs.500 (excluding tax). The minimum contribution to a Tier I NPS account in a year is Rs.1,000. You will have to make a one-time registration fee payment as well.
• You will receive your Permanent Retirement Account Number (PRAN) from the PoP. The welcome kit will contain the PRAN and password which can be used to operate your account online.
• You can log in to your NPS account online through the NSDL NPS portal or your internet banking account.