How to Open an NPS Account Using a PAN Card
A defined, voluntary contribution scheme put forth by the Government of India, this retirement scheme aims to provide a solution to various retirement woes experienced by workers in the country. NPS stands for National Pension System.
Under this scheme, an individual’s savings is put into a pension fund, which is then invested by fund managers approved by the PFRDA or the Pension Fund Regulatory and Development Authority into various portfolios of bills, shares, government bonds, and so on. This would then grow over the years based on the returns made as part of the investment.
There are two ways through which individuals can open an NPS account - offline or online.
Offline Procedure to Open an NPS Account Using PAN Card
In order to open an account offline, they would have to follow the steps mentioned below -
Step 1 - Go to a nearby authorized bank or financial institution that provides NPS services.
Step 2 - Fill in the NPS account opening form.
Step 3 - Submit a copy of your Aadhaar card, PAN Card, address proof and a passport-size photo.
Step 4 - Select your Pension Fund Manager (PFM) and your investment option (Auto or Active choice).
Step 5 - Pay the minimum deposit through a cheque or demand draft.
Step 6 - One your application is processed, you will get your PRAN card, welcome kit, and login details.
Online Procedure to Open NPS Account Using PAN Card
Individuals can also apply online by following the steps provided below. This process is also a lot more convenient now as they can use their PAN Card, Aadhaar Card to register through an even more simplified process.
Step 1 - Visit the official website of eNPS that is managed by the Pension Fund Regulatory and Development Authority (PFRDA).
Step 2 - Click on ‘New Registration’ and select the type of account you want to open, i.e. Tier I (main account) or Tier II (optional savings account).
Step 3 - Fill in your Aadhaar number, PAN, and bank details for verification.
Step 4 - Select your preferred Pension Fund Manager (PFM) to handle your investments.
Step 5 - Select the mode of investment, i.e., either Auto Choice or Active Choice.
Step 6 - Upload scanned copies of your PAN, Aadhaar, passport-size photo, and signature.
Step 7 - Pay the minimum contribution (usually ₹ 500 for Tier I and ₹ 1,000 for Tier II).
Step 8 - You will get your PRAN (Permanent Retirement Account Number) after completing your registration process.
Step 9 - Create a password to log in and manage your NPS account online.
FAQs on Opening an NPS Account Using a PAN Card
- What is an NPS account?
An NPS (National Pension System) account helps you save for retirement and earn regular income after retirement.
- How can I open an NPS account online using my PAN Card?
Visit the official NPS website or a registered service provider’s portal, enter your PAN details, and other details to complete the process online.
- Is offline registration possible for opening an NPS account?
Yes, you can open an NPS account offline by visiting a Point of Presence (POP) center with your PAN Card and other required documents.
- Do I need to link my PAN Card with my NPS account?
Yes, linking your PAN card is necessary for verification and account activation.
- Can I open an NPS account with just my PAN Card?
Yes, you can open an NPS account using your PAN Card, along with other basic details like address proof.
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