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You can open a National Pension System (NPS) account online within 30 minutes. . The eNPS facility has made the NPS registration and contribution a very easy affair. Through the eNPS, the subscription to NPS has become easier than opening a bank account.
One can contribute to the NPS account regularly. The
accumulated amount along with the interest would be given after the age of 60.
The NPS gives you an option to invest your money into the share market and bond
market. The fund of NPS is managed by the different fund managers. The fund
management charge for such scheme is lowest among all the saving scheme
Benefits of NPS
·
It is the best pension scheme for
those who would not get any pension after the retirement.
·
It can build a big corpus for
retirement as withdrawal before the retirement is very
difficult.
·
The investor can enjoy the benefit of
stocks as well. In the long run, shares can give the best return.
·
It has the proper arrangement to
reduce the risk. You can switch your fund once in a year.
·
It gives an automatic portfolio
allocation. The investment to equity fund reduces with the increase of age.
·
It gives you tax benefit under section 80CCD.
·
It gives extra tax deduction of up to
Rs 50,000 under section 80CCD (1B).
Convenience of Online NPS Registration
Through the eNPS
facility, the NPS registration and
contribution has become a cakewalk.
You can open an NPS account without stepping out of your house.
Most of People was thinking of opening an NPS account since last two years,
but could not visit the intermediary. After the new eNPS
facility, They have completed all the procedure sitting at my desk. Today They have
opened my NPS account and contributed Rs 40,000 as well. Now I can claim an
extra tax deduction in the FY 2015-16. Since
They have the Adhaar number, the registration of NPS was very easy for me. I hope
you would have the Adhaar as well. On this date, more than 100 Crore people
have enrolled into the Adhaar. Because
of the Adhaar, you are not required to give KYC document. The KYC is required
for all type of the investment.
Requirement For Online NPS Registration
The online NPS is very easy but you need to
fulfill some conditions. I hope you would
be able to meet these conditions.
·
You must have the Adhaar or PAN. The
Adhaar Number should have your current address and current mobile number. All
the details in the Adhaar should be correct.
·
You must have a bank account.
·
You must have the internet
banking facility or debit/credit card.
·
You should have your photograph of 4
kb -12kb size.
·
You should have the scanned image of
your signature. It should be less than 12 kb in size.
·
You should also have a physical
passport size photo. It would be used after opening the account.
Steps
to NPS Online Registration [ Click here to eNPS portal ]
To open the NPS
Account online you have to visit the eNPS page of the NPS trust. This
page gives the facility of online registration and online contribution into the NPS account. To register, You have to click on the
Registration Button. But before that, you must read the instruction given at
the left side.
The next page asks your preference about the
NPS account. Go through it thoroughly and choose the option as required.
·
The first row has the radio
buttons for New registration, Complete pending
Application and Printout of the completed application. The new investor should
choose the first one.
·
As you would be an individual
subscriber, so let this option selected. The corporate subscriber should use
the next option for their employees.
·
As you can see, the NRI can also
subscribe to the NPS account. You should choose the applicant status
accordingly.
·
Now you have to choose the account
type. It can be of both the tier I & tier II or only Tier I. Tier-II
account gives you the facility to invest extra in the NPS account. You have the
liberty to withdraw the fund any time from the Tier II account but this account
does not give you the tax benefit. The Tier II account is similar to the mutual
fund.
1.
Tier I is the mandatory account for
long-term savings. Invest in Tier I account to avail exclusive Tax benefit upto
Rs.50,000 u/s 80CCD(1B).
2.
Tier II is an add-on account which
provides you the flexibility to invest and withdraw from various schemes
available in NPS without any exit load.
The
next step is for authentication. If you have chosen the Adhaar as
authentication mode, you are required to enter the Adhaar number. This number
would be authenticated by sending the ‘One Time Password – OTP’. This OTP is
sent to your Adhaar registered mobile number.
The Authentication
through PAN requires the PAN and name of the Bank. Please note, in this mode
your bank do the KYC in place of you. The bank performs this task by using your
PAN. Thus, your personal detail given at the bank should be same as the given
in theonline NPS application form. The bank would
debit maximum Rs 125 for this authentication. Hence, If you don’t have Adhaar
and do not want to pay Rs 125, you should go through the offline mode.
Also,
There are many banks which do not give this facility at all. Indeed, none of my
banks gives this facility. Punjab National Bank, Bank Of Baroda and private
banks do not participate in this facility.
On
the next page, You have to give the personal details. You will notice that your
name, date of birth and address are already there. You can’t edit this
information as it is taken from the Adhaar data. Now you are required to give
your father’s and mother’s name. You have to give mobile number into which you
want NPS authentication OTP in the future.
Now you are required
to give your father’s and mother’s name. You have to give mobile number into
which you want NPS authentication OTP in the future. Also, enter the email ID, PAN number and other details.
After completing the captcha and submitting the details you
would get the acknowledgment slip. You must keep this slip as
acknowledgment number is used to access the application further. After this
step, you can complete your application anytime.
The next page is about
the contact details. The application would fetch these details from your Adhaar
data.
Now
you are required to give the bank details. The bank details are given to get
the NPS maturity amount in the future. You have to also tell about your
earnings.
Under the ‘Nomination details’ you have to choose the fund
manager. You can choose any of the 7 pension fund managers. To assess the
current performance of different fund manager, you can visit the NPS returns page.
In
the next step, you have to choose the investment mode. There are two
investment options. In the auto mode, the equity allocation of your fund
decreases with the increase of the age. This is an automatic system and does
not require your intervention. The automatic shifting of your investment
continues till 80% of your fund gets invested into the government bonds.
While
in the active investment mode you have to fix the asset allocation according to
your choice. However, you can’t invest more than 50% in the equity fund.
The nominee form is as
usual. You have to fix the portion for each nominee if you choose more than one
nominee.
In
the next page, you have to upload the photo and signature. if you are going
through the Adhaar authentication, you would see your photo already uploaded.
However, you can replace it as well. I have uploaded a better photo. The
Adhaar photograph must be the worst one.
You have to upload the
scanned image of the signature as well. However, the image size of the photo
and signature should not be more than 16 KB.
In
the next tab, you have to enter the contribution amount. If you have also opted
for the Tier II account, you must specify the amount separately for
that. The minimum amount for Tier-I and Tier-II accounts are Rs 500 and Rs
1000 respectively.
After the
confirmation, you would reach to the payment gateway. The NPS uses SBI ePay
gateway. The main hindrance of this gateway is the transaction charge. The
transaction charge is as following.
Net
banking – 60 paise
Debit
card – 0.80%
Credit
Card – 0.90%
Along with this 14.5%
service charge is also levied. The payment through the net banking is very
cheap but it is not available for many banks. I could not find link for private
banks, Bank of Baroda and PNB.
I
have went through the debit card and paid Rs 366 as the transaction charge for
the Rs 40K investment.
Once the payment gets approved, you would be allotted the Permanent Retirement Account Number (PRAN). Note it down. This
number is required for any further transaction and redemption. It is also
mailed to you.
Along
with PRAN number, you would see a button to ‘download the completed application
form’. You have to download it.
Take the print of the
downloaded form. You can see all the details into the form. Stick a passport
size photograph at the form and sign it.
The following points may be noted:
• The Subscriber should sign on the block provided for signature.
• The photograph should not be stapled or clipped to the form.
Send
this form to the Central record keeping Agency. The address is given below. It
is also given on the form.
Central Recordkeeping Agency
(eNPS)
NSDL e-Governance
Infrastructure Limited 1st Floor, Times
Tower
Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel , Mumbai – 400 013
You
have to send the form within 90 days of application submission. The subsequent
contribution can be made only after the form reaches to the CRA.
Those who have opted for the
Tier-II account should also send the copy of PAN card and a canceled
cheque.
After
the final approval of your NPS account, you can make a further contribution
online through the same eNPS page i. e.
eNPS portal
Meanwhile,
the PRAN Kit containing a PRAN Card, IPIN/TPIN, Subscriber Master Report,
Scheme Information Booklet along with a Welcome Letter will be sent to your
registered address.
The
T-PIN and I-PIN are sent separately to the same address. The PIN mailers
contain the login credentials required by the subscriber for accessing his/her
account over the internet and telephone. The despatch details of the PRAN kit
and PIN mailers are provided to the subscriber through SMS alert to the
subscriber
eNPS -NPS Account Online: Points To Note
1.
For Authentication through the PAN, your KYC verification will be
done by the Bank selected by you during the registration process. In case, KYC
gets rejected by the bank, the applicant should contact the Bank.
2.
For queries please contact : 022 – 4090 4242 or write to: eNPS@nsdl.co.in
3.
The contribution to the Tier – II
account is not eligible for tax deduction.
4.
The existing NPS member can also use
eNPS portal to submit their contribution online.
5.
The government employee can
contribute extra into their NPS account using eNPS. It can give the extra
chance of tax saving.
6.
NRIs can also invest into the NPS
using the online facility. The all other terms are same.
7.
To change any personal detail you
have to change those in Adhaar database first.
