National Pension System popularly known as NPS is a scheme of Government of India for providing pension to the citizen of the country as well as for the non-resident Indian (NRI). This scheme is open for all citizen between the age group of 18-60 years. It is very attractive and beneficial scheme, especially for the youth and women. National Pension Scheme is good for those who are working in the unorganized sector or private sector to make their life financially secure after the age of 60. It is a secure investment opportunity as it is provided by the Government of India.
The government has established an autonomous body Pension Fund Regulatory and Development Authority (PFRDA) to regulate and manage the pension market in India. Under this scheme, the subscribers have to contribute a certain amount per financial year. The current minimum amount for tier 1 contribution in a year is Rs 6000 and tier 2 is Rs 2000. There is no upper limit. Please note that this minimum and maximum limit is subject to change from time to time as per the need of the government. This scheme is also giving you tax benefit up to Rs 2 lakhs (Currently, subject to change) under section 80CCD. After the age of 60, you will get certain monthly pension depending upon your contribution to NPS. There are two types of account under this scheme, you can choose as per your need. These are:-
Opening account online in NPS is very easy and will take only 15 minutes of your time. For this your Aadhar and PAN Card must be linked with your bank account. In the last two year procedure for applying to NPS has been improved a lot. This step is taken by PFRDA to make this process easier, faster and more convenient. With Aadhar now you can verify your identity with just one click. And the facility of making payment to your NPS account with your Debit/Credit Card and Net banking is also added. To register for NPS follow the below steps.
1. Go to https://enps.nsdl.com/eNPS/NationalPensionSystem.html and Click on Registration.
2. Under Registration select the New Registraion and then Choose the method through which you want to register. Example Aadhar or PAN. Fill the Details of your Aadhar or PAN. Then, Generate OTP to your Registered Number.
3. Now, verify your identity by entering that OTP sent to your registered number. Then a next page will appear. Enter your all details correctly and click on Generate Acknowledgement Number. An acknowledgement number will be generated, note it down. Then click next button right after the generate acknowledgement button and follow the instruction.
4. After filling of each details properly as showing in the tabs such as Contact Details, Bank and Other Details, Nomination Details, Documents Upload, Photo and Signature Details and Payments Details. In the last tab that is Payment tab which ask for your initial contribution amount. In the tier 1 box enter the amount you wish to contribute, if you also want to opt for tier 2 then also enter tier 2 amount otherwise leave it blank. At last tick the declaration box and make payment.
5. After making successful payment including transaction and service charge, a transaction receipt will be generated on the screen with your Permanent Retirement Account Number (PRAN). This is your unique NPS account number for lifetime. Remember, this is very important number so note it down as this will require for future transaction and redemption. Also download and print the registration form and payment receipt.
6. Now after PRAN number is alloted you are required to e-sign using option e-sign/print & courier page. OTP for authentication will be send to your Aadhar registered mobile number. After authentication of Aadhar, Registration form will be successfully e-signed. Once document is e-signed, you need to send the physical copy of the form to CRA. There is a charge of electronic sign that is Rs 5 (currently, subject to change in future) plus with service tax applicable on it.
7. Send your physical document to this address:-
Central Record Keeping Agency (eNPS)
NSDL e-governance Infrastructure limited,
1st Floor, Times Tower, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
Mumbai - 400 013
8. After reaching your document to the above-mentioned address and successful reviewing of your documents you will be issued a PRAN Card with your name. Now you are done.
9. For any query regarding this, contact to this official number of Permanent Retirement Account Number (PRAN) issuing authority : 022 4090 4242
10. NPS, National Payment System has also launched Mobile App which you can download from play store. Through this app you can view and manage your NPS account on the go.
The government has established an autonomous body Pension Fund Regulatory and Development Authority (PFRDA) to regulate and manage the pension market in India. Under this scheme, the subscribers have to contribute a certain amount per financial year. The current minimum amount for tier 1 contribution in a year is Rs 6000 and tier 2 is Rs 2000. There is no upper limit. Please note that this minimum and maximum limit is subject to change from time to time as per the need of the government. This scheme is also giving you tax benefit up to Rs 2 lakhs (Currently, subject to change) under section 80CCD. After the age of 60, you will get certain monthly pension depending upon your contribution to NPS. There are two types of account under this scheme, you can choose as per your need. These are:-
- Tier I Account: This is a non-withdrawable account meant for savings for retirement.
- Tier II Account: This is simply a voluntary savings facility. The subscriber is free to withdraw savings from this account whenever the subscriber wishes. No tax benefit is available on this account.
How to open account in NPS?
Opening account online in NPS is very easy and will take only 15 minutes of your time. For this your Aadhar and PAN Card must be linked with your bank account. In the last two year procedure for applying to NPS has been improved a lot. This step is taken by PFRDA to make this process easier, faster and more convenient. With Aadhar now you can verify your identity with just one click. And the facility of making payment to your NPS account with your Debit/Credit Card and Net banking is also added. To register for NPS follow the below steps.
DOCUMENTS REQUIRED:
- Aadhar Number/ PAN
- A mobile number registered with the Aadhar
- Scan copy of Photo in .jpg or .jpeg format with size between 4 kb - 12 kb
- Scan copy of Signature may be needed
- Other details which will require to fill the form
1. Go to https://enps.nsdl.com/eNPS/NationalPensionSystem.html and Click on Registration.
2. Under Registration select the New Registraion and then Choose the method through which you want to register. Example Aadhar or PAN. Fill the Details of your Aadhar or PAN. Then, Generate OTP to your Registered Number.
3. Now, verify your identity by entering that OTP sent to your registered number. Then a next page will appear. Enter your all details correctly and click on Generate Acknowledgement Number. An acknowledgement number will be generated, note it down. Then click next button right after the generate acknowledgement button and follow the instruction.
4. After filling of each details properly as showing in the tabs such as Contact Details, Bank and Other Details, Nomination Details, Documents Upload, Photo and Signature Details and Payments Details. In the last tab that is Payment tab which ask for your initial contribution amount. In the tier 1 box enter the amount you wish to contribute, if you also want to opt for tier 2 then also enter tier 2 amount otherwise leave it blank. At last tick the declaration box and make payment.
5. After making successful payment including transaction and service charge, a transaction receipt will be generated on the screen with your Permanent Retirement Account Number (PRAN). This is your unique NPS account number for lifetime. Remember, this is very important number so note it down as this will require for future transaction and redemption. Also download and print the registration form and payment receipt.
7. Send your physical document to this address:-
Central Record Keeping Agency (eNPS)
NSDL e-governance Infrastructure limited,
1st Floor, Times Tower, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
Mumbai - 400 013
8. After reaching your document to the above-mentioned address and successful reviewing of your documents you will be issued a PRAN Card with your name. Now you are done.
9. For any query regarding this, contact to this official number of Permanent Retirement Account Number (PRAN) issuing authority : 022 4090 4242
10. NPS, National Payment System has also launched Mobile App which you can download from play store. Through this app you can view and manage your NPS account on the go.
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