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New Pension System NPS-How To Fill Form

new pension system
Jun 23, 2020 Alankit

National Pension System (NPS) is a Government-sponsored pension scheme designed for Indian residents to contribute regularly in a pension account during their working life and build a secure retired life in a cost-effective way. The investment tool launched by the Government is regulated by Pension Fund Regulatory and Development Authority (PFRDA) and follows transparent investment standards; offering NPS subscribers fixed and reasonable returns based on their long-term investments. Subscribers can operate their NPS account from anywhere, at any point of time and avail NPS tax benefits under Section 80C of the Income Tax Act.

Benefits of NPS

The benefits of NPS are listed below :

  • Can contribute at any point of time in a Financial Year
  • Can choose their own investment option and pension fund manager
  • Can operate NPS account from anywhere regardless of the change in employment
  • Transparent investment norms and regular monitoring by NPS Trust

NPS Registration Process-

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

    1. Click on Subscriber Registration
    2. Then click on New

    Step 2 – Choose Branch code

    1. Select NRI Flag No/Yes
    2. Choose Sector Type Flag
    3. Personal details to be filled that include your name, father’s name, mother’s name, date of birth, city of birth, country of birth, gender, marital status, name of spouse (if applicable), PAN
    4. Contact details as mobile number and email id·
    5. Other details to be filled such as occupation, income range per annum, educational qualifications, and whether you are a Politically Exposed Person (PEP), Display name Flag, SOT Language code
    6. Communication Address Permanent/Correspondence to be mentioned
    7. Combined Form for Tier 1 and Tier 2 – Select Yes/No
    8. Fill identity details
    9. Fill identity number
    10. Declaration of Scheme, Choose Tier 1 Registered Entity - 1612647
    11. Tier 2 Registered Entity is 1612647
    12. Choose Scheme Preference Option
    13. Investment option to be selected from the two options - Active choice (V) or Auto choice (A)

    Step 3 - Subscriber to fill up corresponding address details, address pin code, corresponding address proof, corresponding address number, permanent address details, permanent address pin, permanent address proof, permanent address number

    Subscriber’s Bank A/c Number, Bank IFSC Code, Bank Address PIN, Bank Details Flag will remain “No”

    Step 4 – Nomination details to be added that include name, middle name and surname of your nominee. Also, relationship with the nominee and date of birth of the nominee to be provided

    In case, the nominee is minor, then nominee Guardian name and address to be mandatorily provided and percentage.

    Step 5 - Pension Fund Manager to be selected from the 7 pension fund managers in the NPS System listed below:

    1. SBI Pension Fund
    2. UTI Retirement Solutions
    3. LIC Pension Fund
    4. HDFC Pension Fund
    5. ICICI Prudential Pension Fund
    6. Birla Sun Life Pension Fund
    7. Kotak Mahindra Pension Fund
    8. Subscriber will select only one PFM among all 7 PFM
    9. Then choose Scheme ID
    10. Asset Allocation to be filled up only in case a user has selected “Active choice” as in (Equity cannot exceed 75%), (Corporate Bond max up to 100%), (Government Bond Max up to 100%), (Alternate cannot exceed 5%).
    11. Auto choice option to be filled up only in case a user has selected the “Auto choice” as the user 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, user is required to fill address details.

    Step 7 – Documents for KYC Verification to be uploaded such as Passport size photograph, Signature, Identity proof, Address proof and bank proof.

    Initial amount for contribution to be filled in T1CNT amount

    1. You can choose a payment gateway to make the payment by using Debit Card/Credit Card/Net Banking.
    2. On successful registration of NPS online registration, you will receive your Permanent Retirement Account Number

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