Now You can Open a NPS Account Completely Online via Aadhar without Sending Physical Documents

Till now an NPS account could be opened online via eNPS portal but the printout of the application submitted online had to be sent to the PFRDA's Central Recordkeeping Agency (CRA) to open the account. The PFRDA has now directed that in the case of NPS accounts being opened online on the basis of Aadhar verification followed by e-signature, a physical printout of the application need not be sent. The PFRDA has issued a circular dated December 15th, 2016 to this effect. Earlier a person applying for an e-NPS Account was required to take a printout of the form submitted online, paste his/her photograph, sign the form and send to the CRA within 90 days from the allotment of PRAN. The process for submitting the form online is the same now as it was earlier, the only difference is now the person can e-sign his application and verify the signature through One Time Password (OTP). This process removes the earlier requirement of sending the print out of the application.Applicants who need help in filling the NPS form can open the account via Point of Presence (POPs). The Point of Presence (POPs) is NPS authorised entities which assist a person in the opening of account including filling out the necessary forms and providing information about the NPS. Almost all the Private and Public Sector Banks are enrolled under the NPS system to act as POPs.

As per the PFRDA's circular, in case the PoPs integrate the eSign-online electronic signature service within their applications for online account opening for NPS, the requirement of sending the physical application form to the Central Recordkeeping Agency by the subscribers/Point-of- Presence shall be dispensed with. The Point of Presence shall be allowed to charge a maximum of Rs. 5/- plus service tax and cess thereon, per application, for the e-signature service being provided to the subscribers. In the case of account opened through eKYC, the PoPs will send the soft copy of the application form (along with the supporting documents, if any) to the CRA. NPS or National Pension System is a retirement savings system. It is designed on the defined contribution basis wherein the subscriber contributes to his/her NPS account. The minimum contribution for mandatory TIER - I account is Rs. 6000 per year.