✔ NPS account can be opened by All India Citizens between 18-65 years through “NSDL NPS” (Except NRIs)
✔ PRAN in NPS is portable across sectors and locations
✔ Government employees mandatorily covered under NPS, are requested to approach their Nodal Office for opening NPS account
✔ NPS Subscribers can claim tax deduction up to 10% of gross income under Sec 80 CCD (1) with in the overall ceiling of Rs. 1.5 lac under Sec 80 CCE
✔ An additional deduction for investment up to Rs. 50,000 in NPS (Tier I account) is available exclusively to NPS subscribers under subsection 80CCD (1)
Transparency and Low cost Structure
- Fund management cost as low as 0.01%
- Low distribution cost of 0.25%
- Low account maintenance charge
Requirement for opening NPS Account through “myNPS”
➤ A Mobile number and Email ID
➤ Active Bank account with Net Banking facility with one of the Banks linked with Payment Gateway Service Provider (click here for List of Banks)
➤ Scanned copy of photograph and signature is required. Size of document should be between 4KB to 5MB
➤ Scanned copy of cancelled cheque supporting the bank account details and PAN Card. Size of document should be between 4KB to 2MB
➤ Online payment of initial contribution (Minimum amount ₹ 500) through Internet Banking
For features and benefits of NPS please visit NSDL CRA website. www.npscra.nsdl.co.in
Please ensure you have an existing active account with the POP before initiating the registration. Also ensure that the details provided for your NPS account (address and Date of Birth) should match with the records available with the POP for which KYC has been carried out. The name provided under NPS should match with the name appearing on PAN.
Steps for Registration
Step 1: Enter valid PAN and validate the same.
Step 2:Subscriber must provide a mobile number and email ID
(An Acknowledgement ID will be generated which can be used to complete the application at a later date/time, if needed)
Step 3:Subscriber to fill up the Mandatory Details like Personal Details, Nominee Details, Bank Details, Scheme Preference Option, Tier Choice (Tier I or Tier I and II both) etc
Step 4:Scanned copy of cancelled cheque and Income Tax Permanent Account Number (PAN) need to be uploaded by the subscriber(.jpg or .jpeg format with file size between 4 kb and 2 mb)
Step 5:Subscriber to upload Signature and Photograph. (.jpg or .jpeg format with file size between 4 kb and 5 mb)
Step 6: Subscriber to make online payment of initial contribution (Minimum amount Rs.500) through internet banking using payment gateway
PRAN will be generated post payment of initial contribution and will be visible to Subscriber as part of the receipt displayed on the screen. PRAN will also be shared through Email/SMS, sent to Subscriber.
Step 7:Print and Courier the form to the POP address.
✔ Click on Download Registration Form and download the registration form.
✔ You need to take a printout of the form, paste your photograph (please do not sign across the photograph) & provide signature at the designated places
✔ You should sign on the blocks provided for signature
✔ The photograph should not be stapled or clipped to the form
✔ The form should be sent within 30 days from the date of allotment of PRAN to POP or else the PRAN will be ‘frozen’ temporarily
POPs are the first points of interaction of the NPS subscriber with the NPS architecture. The authorised branches of a POP, called Point of Presence Service Providers (POP-SPs), will act as collection points and extend a number of customer services to NPS subscribers including requests for withdrawal from NPS.