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How Can One Open A NPS Account In India

Apr 30, 2019 Alankit

With the objective of providing social security to its citizens after their retirement, the central government of India started a pension program called the National Pension Scheme or NPS. It is a voluntary contribution based scheme which guarantees higher returns upon maturity. To avail the benefits of national pension scheme India exclusively provides its citizens, individuals must first need to open an NPS Account.

Let us know more about opening an NPS Account.

Know the eligibility criteria

The foremost thing to understand before proceeding to open an NPS account is the eligibility criteria. The scheme is open to all Indian citizens and non-resident Indians (NRIs). The subscribers of this national pension scheme India must be in the age group of 18 to 65 years. They could be salaried or self-employed individuals.

Seek a service provider

The assistance of an authorised service provider goes a long way in making the NPS account opening process smooth and convenient.

Alankit Limited is a leading player in the Indian e-governance segment. The company has extensive experience of over two decades in delivering exceptional NPS related services in a timely and hassle-free manner. As a Point of Presence Service Provider (POP-SP) for NPS across India, Alankit its network spread across 6120 business locations. Alankit brings a package of personalized NPS related services for its customers ranging from Subscriber registration and Know Your Customer (KYC) verification to receipt of Subscriber contributions and Subscriber grievances redressal. With the support of its dedicated staff, Alankit guides applicants through the account opening process.

The NPS account opening process

Here is a simple step-by-step process for opening the NPS account:

Step 1: All subscribers are required to obtain the Permanent Retirement Account Number (PRAN) application form from their POP-SP. They can also visit the official website of Alankit or contact the representative for obtaining the form online and seek further assistance.

Step 2: The subscribers of national pension scheme must fill their form providing accurate details including their signature and scheme preference. Also, they are required to furnish their KYC documents, that is, proof of address and proof of identity. Both, the form and the set of KYC documents, should be submitted to the POP-SP.

Step 3: The POP-SP will provide a receipt number to the subscriber. The number can be used to track the PRAN application status.

Step 4: After the successful processing of the application form, the PRAN card is generated and the central record keeping agency (CRA) will send the PRAN card to the subscriber’s residential address, within a period of 20 days from the receipt of registration form at the CRA centre. The subscriber will receive a PRAN kit consisting of the PRAN card, subscriber’s name, photograph, father''s name, signature as well as I-Pin and T-Pin.

Once the account is successfully opened, the Permanent Retirement Account Number (PRAN) allotted to the subscriber can be used to track the transactions online, at any point of time.

Things to note

Subscribers should remember few points before opening the NPS account:

  • An individual can only use one PRAN which is portable. If a subscriber has more than one PRAN, the nodal office will deactivate one PRAN.
  • The default NPS account which is opened is the Tier I account. Tier-II, on the other hand, is a voluntary account with certain benefits like no lock-in period and option to make additional contributions for building large corpus. For activating Tier-II account, subscribers must provide a copy of the PRAN card and submit the UOS-S10 form, along with a sum of Rs 1,000 to the POP-SP.

Regulated by Pension Fund Regulatory and Development Authority (PFRDA), the National Pension Scheme lets subscribers enjoy tax benefits and secure huge returns with just minimum contribution on regular basis, and is therefore regarded as one of the sought-after investment plans in India.

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