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New NPS account: The National Pension System (NPS) is a retirement savings scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It allows individuals to invest in various asset classes and enjoy tax benefits. If you are interested in opening an NPS account online, here is a step-by-step guide.
Visit the official website
Visit the official eNPS website (https://enps. nsdl.com/eNPS/NationalPension-System.html) or the website of any authorised bank or financial institution that offers NPS services to begin.
Registration process
Click on ‘registration’ and select ‘new registration’. You will need to provide your Aadhaar or PAN number, mobile number, and email ID. Additionally, you must choose one of the three central recordkeeping agencies to maintain your NPS account details. Once your OTP is validated, fill in your personal information.
Document upload
Next, you will be required to upload a recent photograph, signature, and a cancelled cheque or bank statement as proof of your bank account details.
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Select account type
Then, choose the account type – either Tier I or Tier II, or both. Tier I is the mandatory account with tax benefits but limited withdrawal options, while Tier II is the voluntary account with more flexibility but no tax benefits.
Choose your fund manager
You will also need to select a pension fund manager who will invest your funds in different asset classes. There are multiple fund managers available for you to choose from.
Contribution and activation
Then, make an initial contribution of at least Rs 500 for Tier I or Rs 1,000 for Tier II. Once you make the contribution, you will receive a 12-digit Permanent Retirement Account Number (PRAN). To verify your identity and activate the NPS account, complete the e-sign or OTP-based authentication process.
With inputs from Centre for Investment Education and Learning content which appeared in Economic Times
Visit the official website
Visit the official eNPS website (https://enps. nsdl.com/eNPS/NationalPension-System.html) or the website of any authorised bank or financial institution that offers NPS services to begin.
Registration process
Click on ‘registration’ and select ‘new registration’. You will need to provide your Aadhaar or PAN number, mobile number, and email ID. Additionally, you must choose one of the three central recordkeeping agencies to maintain your NPS account details. Once your OTP is validated, fill in your personal information.
Document upload
Next, you will be required to upload a recent photograph, signature, and a cancelled cheque or bank statement as proof of your bank account details.
ALSO READ | Bucket strategy: What is it, how does it work, benefits in retirement planning and more
Select account type
Then, choose the account type – either Tier I or Tier II, or both. Tier I is the mandatory account with tax benefits but limited withdrawal options, while Tier II is the voluntary account with more flexibility but no tax benefits.
Choose your fund manager
You will also need to select a pension fund manager who will invest your funds in different asset classes. There are multiple fund managers available for you to choose from.
Contribution and activation
Then, make an initial contribution of at least Rs 500 for Tier I or Rs 1,000 for Tier II. Once you make the contribution, you will receive a 12-digit Permanent Retirement Account Number (PRAN). To verify your identity and activate the NPS account, complete the e-sign or OTP-based authentication process.
With inputs from Centre for Investment Education and Learning content which appeared in Economic Times
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