Opening a National Pension System (NPS) account has become much easier now amid the coronavirus pandemic. In a press release, Pension Fund Regulatory and Development Authority (PFRDA) has allowed the Aadhaar-based online KYC process for onboarding of new subscribers under the NPS.
Currently, the registration under eNPS occurs either through Aadhaar offline e-KYC or through PAN and bank account.
The NSDLCRA has now enabled the Aadhaar based online e-KYC authentication functionality for NPS subscriber registration in the eNPS platform.
A unique digital experience with instantaneous generation of Permanent Retirement Account Number (PRAN) will be offered to subscribers with the online Aadhaar e-KYC and it will simplify the process of account opening.
Prerequisites of registration through Aadhaar
-Aadhaar Number or 16-digit virtual identification (VID) Number provided by UIDAI
-Aadhaar registered mobile number
Here are the process for subscriber registration through Aadhaar based eKYC on eNPS platform
-Subscribers need to visit the e-NPS portal to open an NPS account online using Aadhaar.
-Subscribers need to click on “National Pension System" and subsequently click on the “Registration" option.
-Subscribers are now required to select the category of account opening - “Individual Subscriber" or “Corporate Subscriber" category.
-The applicant’s status has to be selected from “Citizen of India" or “Non-Resident of India (NRI)" or “Overseas Citizen of India (OCI)".
-The subscribers need to select the “Aadhaar Online/Offline KYC" option during registration and select the ‘Tier types’ for account opening.
-To continue with the “Aadhaar online" process, subscribers are required to select and provide “Aadhaar" (12-digit) or “Virtual ID" (16-digit) number provided by UIDAI and click “Generate OTP". In case, Virtual ID is not available then Subscribers need to generate the VID.
-For generation of One-Time Password (OTP) subscribers are required to click on the “Generate OTP" and submit the OTP received on the mobile number registered in Aadhaar.
-After submission of OTP along with the consent to use Aadhaar details, the demographic details (Name, Gender, Date of Birth, Address, photograph, etc.) will be fetched from Aadhaar records.
-Other mandatory details need to be completed by Subscriber in order to complete the NPS registration process.
-Subscribers are required to make an NPS contribution and complete the digital registration process through digital authentication (OTP on the registered mobile number and email ID or eSign).
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
