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NPS Open National Pension System (NPS) Account Online Overview

Aug 25, 2020 Alankit

The government-sponsored pension scheme, National Pension System (NPS), was introduced in January 2004 for government employees. The social security initiative is open to employees from the private, public, and unorganized sectors. The scheme encourages individuals to invest regularly in a pension account during their employment period. On retirement, subscribers can withdraw a specific ratio of the corpus and use the remaining corpus to buy an annuity to secure the post-retirement life. Indian citizens aged between 18 and 65 years can subscribe to the National Pension System online after complying with Know Your Customer (KYC) norms

Register for National Pension System (NPS) Online / How to open National Pension System (NPS) Account Online

Step 1 – Visit https://www.alankit.com/npsnewregistration/

  • Click on Subscriber Registration
  • Fill DOB and PAN

Step 2 – Choose Branch code

  • Select NRI Flag No/Yes
  • Choose Sector Type Flag
  • Contact details as email id and mobile number
  • Fill other relevant information such as occupation, income range per annum, educational qualifications, and whether you are a Politically Exposed Person (PEP), Display name Flag, SOT Language code
  • Fill identity details
  • Fill identity number
  • Declaration of Scheme, Choose Tier 1 Registered Entity - 1612647
  • Tier 2 Registered Entity is 1612647
  • Choose Scheme Preference Option
  • Select Investment option from the two options - Active choice (V) or Auto choice (A)

Step 3 - Fill up corresponding address details, address pin code, relevant address proof, corresponding address number, permanent address details, permanent address pin, permanent address proof

  • Please note that subscriber’s Bank A/c Number, Bank IFSC Code, Bank Address PIN, Bank Details Flag will remain “No”

Step 4 – Add Nomination details that include name, middle name, and surname of your nominee. Also, provide the relationship with the nominee and date of birth of the nominee

  • In case, the nominee is minor, provide nominee’s Guardian name and address

Step 5-Select Pension Fund Manager from the seven pension fund managers in the NPS System listed below:

  • SBI Pension Funds
  • UTI Retirement Solutions
  • LIC Pension Fund
  • HDFC Pension Fund
  • ICICI Prudential Pension Fund
  • Birla Sun Life Pension Fund
  • Kotak Mahindra Pension Fund
  • Subscriber will select only one PFM among all 7 PFM
  • Then choose Scheme ID
  • Fill up Asset Allocation only in case if you want to select “Active choice” as in (Equity cannot exceed 75%), (Corporate Bond max up to 100%), (Government Bond Max up to 100%), (Alternate cannot exceed 5%)
  • Fill up Auto choice option only in case you want to select the “Auto choice” as you can choose only one Life cycle option in LC25, LC75, LC50

Step 6 – For FATCA details, the user can choose a US person option as “No” as for Indian Citizenship person, the user has to fill address details

Step 7 – Upload Documents for KYC Verification such as Passport size photograph, Signature, Identity proof, Address proof, and bank proof

  • Fill Initial amount for contribution in T1CNT amount
  • You can choose a payment gateway to make the payment by using Debit Card/Credit Card/Net Banking
  • On the successful opening of NPS Account online , you will receive your Permanent Retirement Account Number
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