How to Open an NPS Account: Online & Offline

how to open nps — (Source: businessleague)

So, are you wondering how to open an NPS account? Then, this article is the right resource for you!

NPS, expanded as the National Pension Scheme, was launched by the Central Government of India on 1st January 2004, only for government employees excluding the army! The scheme aimed to establish pension reforms in the country. Moreover, on 1st May 2009, the scheme was opened to all citizens, even those working in the informal sectors.

So, let’s find out how you can open an NPS account in 2021!

Steps to Open an NPS Account

The NPS account opening process can be done in online and offline methods. The steps for both are shown below.

How to Open an NPS Account Online

The steps to open an NPS account online are as follows:

Step 1: Visit the official website of the eNPS.

Step 2: Next, you will first need to register yourself for the scheme before making contributions. So click on the “National Pension System” on the right-hand side of the web page.

Step 3: In the registration process itself, there are three sub-steps. They are:

New Registration
Complete Pending Registration
OTP Authenticate/eSign/Print Registration Form

At this stage, you are under “New Registration.”

Step 4: Enter details such as applicant type, the status of the applicant, the mode of registration (either online or offline with Aadhaar or with PAN) and account type (Tier I or Tier II). Moreover, if you choose the registration mode with PAN, you will have to select a POP (Point of Presence) to verify the KYC. Usually, the POP can be a bank or a non-bank. The list of institutions is available on the website. However, if you choose Aadhaar-based verification, you can pick between Aadhaar, Virtual ID or offline KYC verification modes.

Step 5: Click “Generate OTP.”

Step 6: Then, you will be redirected to a registration form where you will have to fill in the following details:

Contact details
Bank details
Nomination details, etc.

Further, there are 5 steps to pass through before the registration is complete. The steps are:

Generate acknowledgement ID
Submit registration details
PRAN generated
OTP authentication/eSign/print and courier registration form
The registration process is complete

Step 7: Use net banking to make the initial contribution and pay the fees for KYC. In the case of Aadhaar card-based verification, you can utilise a credit or debit card to complete the payment.

Step 8: Once you have completed the form and payment, if you are not able to eSign, then print the form, paste the photo, affix signature, and submit the form to CRA. The address for CRA is:

Central Recordkeeping Agency (eNPS)

NSDL e-Governance Infrastructure Limited,

1st Floor, Times Tower,

Kamala Mills Compound, Senapati Bapat Marg,

Lower Parel, Mumbai - 400 013

By following these steps, you can open an NPS account online with ease!

Note that you can also register for NPS via the KFINTECH website. The steps are completely similar with few differences.

How to Open an NPS Account Offline

If you do not have the facility to open an NPS account online, you can always try the offline process. So, how to open an NPS account offline?

An offline NPS account opening requires a person to fill the registration form offline with a POP. Here are the steps:

Step 1: The registration form can be collected offline from any Point of Presence Service Providers. You can visit either the NSDL website or the KFINTECH website to know your nearest POP-SP.
Step 2: Further, once you visit the POP-SP, they will guide you on what documents and details will be required to fill it. Mostly, it will be the same as the online version such as Aadhaar, PAN, passport, etc.
Step 3: Fill the form with the necessary details and submit it!
Step 4: You have registered for your NPS account. You should receive a PRAN and a password to operate your account online from the POP. Moreover, you may have to pay some fees for KYC verification and the form. The fees come up to ₹200. Check all details related to the fees here.

So, now that you know how to open an NPS account offline and online, let’s check out the documents necessary for NPS account opening!

What Are the Documents Required to Open an NPS Account?

According to the NSDL website, the documents required for an NPS account are:

Aadhaar Paperless Offline e-KYC ZIP file
Scanned copy of PAN and cancelled cheque in jpeg, jpg, png, pdf forms up to a size of 4 KB to 2 MB
Scanned signature and photograph in jpeg, jpg, png of 4 KB to 5 MB

However, for the KYC process, if not done already, the documents required to open an NPS account online are:

Address Proof such as:

1. Copies of your depository account

2. Driving license

3. Electricity bill

4. ID proof from local MP, MLA, gazetted officer, municipal councillor

5. Identity card issued by your employer

6. PAN card

7. Rent receipt and credit card statement

8. School-leaving certificate

9. Water bill

Date of Birth Proof

ID Proof such as:

1. Driving license

2. ID proof from local MP, MLA, gazetted officer, municipal councillor

3. Identity card issued by your employer

4. PAN card

5. School-leaving certificate

Photograph

Details Required to Open NPS Account

The major details required to open an NPS account are:

PAN
Aadhaar number
KYC documents for address and date of birth

What Are the Charges for Opening an NPS Account?

Now that the reader knows how to open an NPS account, they may be curious about the fees required to do the same.

The NPS charges are as follows if you choose to open an NPS account via a POP.

Intermediary	Charge Head and Service Charges for Private Sector
Point of Presence Service Providers	*NA for Government
Point of Presence Service Providers	The initial registration and contribution upload is ₹200
Point of Presence Service Providers	Subsequent transactions charges are calculated as: 0.25% of the contribution, Minimum: ₹20, Maximum: ₹25000, Non-financial transactions: ₹20
Point of Presence Service Providers	Persistency > 6 months & ₹1000 contribution is charged at ₹50 per annum
Point of Presence Service Providers	Contribution through eNPS is charged at 0.10% of the contribution Minimum ₹10, Maximum ₹10,000

The NPS charges are as follows if you choose to open an NPS account via a CRA like NSDL or Karvy Fintech.

Intermediary	Charge Head	Service Charges (Private/Govt)
CRA	PRA Opening Charges	CRA charges for an account for a physical PRAN card (in ₹ ): NCRA: ₹40, KCRA: ₹39.36
CRA	PRA Opening Charges	CRA charges for account opening for an e-PRAN card (in ₹ ) - The welcome kit has been sent physically: NCRA: ₹35, KCRA: ₹39.36
CRA	PRA Opening Charges	CRA charges for account opening for an e-PRAN card (in ₹ ) - The welcome kit has been sent via email only: NCRA: ₹18, KCRA: ₹4
CRA	Annual PRAN maintenance cost per account	NCRA: ₹95, KCRA: ₹57.63
CRA	Charge per transaction	NCRA: ₹3.75, KCRA: ₹3.36

Where to Open an NPS Account?

As mentioned previously, you can open an NPS account online from the official NSDL website or KFINTECH website. But, in case you want to follow the offline process, you can visit a Point of Presence Service Provider.

Listed below are banks and other institutions that act as service providers where NPS can be opened.

Bank and Non-Bank Institutes That Are POPs	Bank and Non-Bank Institutes That Are POPs	Bank and Non-Bank Institutes That Are POPs
Abhipra Capital Limited	Finwizard Technology Private Limited	Punjab National Bank
Alankit Assignments Limited	Gujarat Infotech Limited	Religare Broking Limited
Angel Broking Limited	HDFC Bank Limited	SMC Global Securities Limited
Arihant Capital Markets Limited	ICICI Bank Limited	State Bank of India
Bank of Baroda	IDBI Bank Limited	Steel City Securities Limited
Bank of India	Indian Bank	Stock Holding Corporation Of India Limited
Bank of Maharashtra	Indian Overseas Bank	Tamilnad Mercantile Bank Ltd
Canara Bank	Integrated Enterprises (India) Private Limited	The Karur Vysya Bank
Central Bank of India	Kotak Mahindra Bank Limited	The South Indian Bank Limited
Dayco Securities Private Limited	Marwadi Shares and Finance Limited	UCO Bank
DBFS Securities Limited	Muthoot Finance Limited	Way2Wealth Brokers Private Limited
Monarch Networth Capital Limited	Union Bank Of India	Elite Wealth Advisors Limited
ESAF Small Finance Bank Limited	Narnolia Securities Limited	Yes Bank Limited
Eureka Stock And Share Broking Services Limited	Prudent Corporate Advisory Services Limited	Punjab National Bank

In conclusion, this article discussed how to open an NPS account, where these accounts could be opened, and the documents required.

Therefore, we hope that this piece answers all your queries about “how to open an NPS account” simpler for you!

Frequently Asked Questions

✓ What is the minimum NPS contribution?

There is no minimum contribution limit per year for an NPS account. However, to get a substantial pension, it is recommended to contribute ₹1000 a year.

✓ How long is the NPS account valid?

The NPS account is valid until a person turns 60 and then prolonged until 70 years.

✓ Does NPS contribution have to be made each year?

There is no minimum contribution for NPS each year.