How Can Non-Resident Indians(NRIs) Open their NPS Account Online?

Sat, 16 Oct 2021 06:05:14 +0000

The Buyt Desk

NPS (National Pension) is the pension scheme run by the Indian Government and monitored by the Pension Fund Regulatory and Development Authority (PFRDA). If an NRI wants to open an NPS account, he can open the account online, provided the applicant has an Aadhaar Card or PAN Card and a bank account in NPS empanelled bank account.

An NRI between the age of 18 to 60 years fulfilling the know your customer standard in India (KYC) is eligible to open a ‘Tier I’ and ‘Tier II’ account.

To open an NPS account, the NRI must visit the website https://enps.nsdl.com/eNPS/NationalPensionSystem.html. On the website, choose option eNPS. The applicant then has to click on the Registration button, followed by new registration to begin the registration process.

Documents Required To Open NPS Account For NRI

The age limit of applicants must be between 18 to 60 years
Must have a PAN card or Aadhaar card
Mobile number registered with Aadhaar card
Bank account in NPS empanelled banks with internet banking service
The bank account should be an NRE or NRO Account
Only an individual can apply for an NPS account
The facility of power of attorney (POA) is not available

NPS Account For NRIs Using Aadhaar Card

Click on the URL and select option eNPS.
Click on the option ‘Registration’, then select the option ‘New Registration’.
Select the option ‘Non-Resident Indian (NRI)’. Click on the account type and then choose one between ‘Repatriable’(NRE) or ‘Nonrepariable’(NRO)
To open an account with Aadhaar, select the option ‘Aadhaar’.
You need to fill in your passport number and Aadhaar number and then click the ‘Generate the OTP’ button.
Enter OTP and click on the continue button.
In the repatriable eNPS account, select the bank listed from NPS empanelled bank and there, fill in the NRO/NRE account specifically.
In a Non-repatriable eNPS account, enter your bank account details followed by NRE/NRO account details on a self-declaration basis.
The system will retrieve demographic details and the photograph from the Aadhaar database and upload the same in the online form. Enter details in the other section of the form.
In the ‘Personal Details’ section, enter the name of your father/mother, your mobile number and your e-mail ID. Here, your proof of identity will be your Aadhaar. To specify your date of birth, choose the document from the drop-down menu.
Click on the option ‘Generate Acknowledgement No’. You can use the acknowledgement number wherever required.
In the ‘Contact Details’ section, the applicant’s address will come from the Aadhaar database and be displayed. It is non-editable. After checking and completing the whole process, click on the ‘Save and Proceed’ button to continue.
In the section ‘Bank and Other Details’, choose your occupation and other details. On the same form, enter the bank account details. Enter all the details correctly for repatriable and non-repatriable accounts. Click on the ‘Save and Proceed’ button to begin the process.
In the ‘Scheme and Nomination Details’, select the option ‘Pension Fund Manager’ and the investment choice, it’s Auto or Active. Select the percentage of allocation in the various asset classes, if you are choosing Active Choice. In the nomination section, you can enter up to three nominees and their percentage share. Click on the button Save and Proceed to continue.
Then comes the ‘Photo and signature details’. It allows you to submit another image in place of the Aadhaar Image. Upload the scanned picture and signature after that in .jpg format. Click on the button Save and proceed.
In the section Payment Detail, make an initial contribution of Rs 500.
After making the payment, you will receive your permanent PRAN number.
A further contribution to the account will be undertaken according to your chosen mode for a repatriable and non-repatriable account.
If you are using a PAN card NPS account opening, after finalizing the registration, take the print-out of the self-generated form, paste your picture on it, sign it and send it to CRA within 90 days of registration.

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How to Open an NPS Account?

Tue, 18 May 2021 06:14:11 +0000

The Buyt Desk

NPS (National Pension Scheme) provides pension after you retire. It allows you to create a retirement corpus. The funds in the NPS account are invested in the asset classes – equity, corporate debt, and Government securities. The investment approach can be conservative, moderate, and aggressive depending on the percentage investment in equity. You can either choose a fund manager to invest on your behalf or choose to manage the investment yourself.

Requirements to subscribe to the NPS scheme

Before opening an NPS account, ensure that you have:

A PAN card,
A bank account with a net banking facility,
Mobile number registered with your Aadhaar card,
Scanned copy of your signature and PAN card,
Scanned photograph.

You can subscribe to the NPS through the POP (Points of Presence) or through the eNPS website. There are 42 banks on the list of accepted POPs.

Registration through POPs:

You can visit either the POP-Service Provider (POP-SP) or the website of the POP to register for an NPS account. The KYC for the NPS account is verified by the bank. Thus, you should have submitted KYC documents such as proof of identity and proof of address with the bank.

To subscribe, fill the Permanent Retirement Account Number (PRAN) application form online or offline with the POP. The mandatory details should be complete. You will also upload the scanned copy of your signature, and your photograph. In case you do not use eSign, then print the filled PRAN application form. Sign in the box at the end of the application and paste your photograph. Submit the form to the nearest branch of POP-SP.

After submission of the form, you will receive the receipt number. You can use this number to track your PRAN application at https://cra-nsdl.com/CRA/pranCardStatusInput.do. The bank will send the PRAN card by post. You can contribute towards the NPS account only after KYC verification and activation of the PRAN.

Registration through the eNPS website:

You can subscribe to the NPS scheme on the eNPS website (https://enps.nsdl.com/eNPS/OnlineSubscriberRegistration.html?appType=main) through the PAN card or the Aadhaar card. You will upload the scanned copy of the PAN card and enter the name of the POP. A small subscription fee with be deducted from your bank account.

In case you use the Aadhaar card for opening the NPS account, upload the Aadhaar Paperless Offline e-KYC Zip file. You can download the file from the website of UIDAI (https://resident.uidai.gov.in/offline-kyc). Also, in the PRAN registration application form, enter the Share code provided by the UIDAI website. The mandatory details, such as the photograph, will be extracted and entered into the form directly from the ZIP file.

If you cannot eSign the online PRAN registration form, you can take a print of the form. Sign the form in the block at the end of the application form and paste the photograph. You can courier the form to the Central Recordkeeping Agency (CRA), Mumbai within 30 days of allotment of PRAN.

The contributions to the NPS account can be made through internet banking, debit or credit card, and UPI. POP service charges apply to every transaction at the rate of 0.10% of the contribution amount. However, the service charge cannot exceed Rs.10, 000 per transaction. Registration made through the eNPS website does not accrue a service charge.

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