New Pension scheme(nps)- What is it? How to join in it?

New pension scheme (NPS) has been launched by the Government of India to provide corpus at the time of retirement.

Read the article about new NPS tax rules beneficial to you?. Click here to read.


New Pension Scheme Introduction…

New Pension scheme(nps)- What is it? How to join in it?
(nps)- What is it? How to join in it?

Prior to 1st April, 2014, All Government Employees are eligible for a pension under Defined Pension Scheme.

But after, 1st April, 2014, Except Armed Forces, for other Government Employees, Defined Pension scheme was withdrawn.

As a replacement to Defined Pension scheme New Pension Scheme has been launched for them.

First it was launched for only Government Employees Now it is available to all Citizen of India.

This scheme is to generate retirement corpus at retirement, it will not give you the pension.

At the time of retirement, you need to buy annuity policy from any life insurance company by depositing the corpus accumulated in NPS.

PFRDA regulates this scheme.

New Pension Scheme Introduction...
NPS Introduction

For all subscribers, Permanent Retirement Account Number (PRAN) will be allotted.


Steps To Join In this Pension Scheme are…

All citizens whose age between 18-65 can join visiting POP-SP or through eNPS(with aadhar or pan card and bank details).

Steps to Join NPS
Steps to Join NPS


You can enroll to NPS at Point of Present- POP-SP…

If you are aged between 18-60 years, you can submit your PRAN application at Point of Presence-service providers (POP-SP) to enroll to NPS.

You need to fill all the fields carefully like Name, Address etc and all the required documents must be submitted.

In addition, You need to complete KYC(know you customer) also for NPS subscription with Pan, aadhar and photo.

Here, You can find NPS offer document in this link. Click here to find the link.

You have to submit the PRAN application along with KYC at point of Presence-Service Provider(POP-SP.

They will provide an receipt.

CRA will courier PRAN card to your address.

You can track the status of your courier with this link.

Track PRAN STATUS

You have contribute minimum contribution of Rs.500 for this scheme submitting NCIS( instruction slip) mentioning the details related to PRAN account.

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Steps to Join NEW PENSION SCHEME online…

With aadhar Kyc…

You can subscriber to this pension scheme with aadhar.

your mobile number should be in your aadhar data base.

You need to complete your KYC using aadhar OTP.

In addition, you need to fill details online.

Moreover, you need to upload your scanned signature of jpg format, and size of the image must be between 4 kb to 12 kb.

Your photo will be fetched from aadhar database.

You may upload other photo of yours.

Then, you can make the payment online using Debit card or internet banking.

At present aadhar based registration is disabled. It may be allowed again.


New Pension Scheme Subscription Online Using Pan KYCVERIFICATION BY BANK…

You should have pan card to get registered in this process.

You need to do KYC with the verification done by your bank.

Bank verifies your kyc

In addition, your address in bank and address provided while getting registered in eNPs should match.

Otherwise, your application may get rejected.

Then you need to contact your bank.

You have to fill details online only.

You need to upload signature image in jpg format, photo. Size should be around 4 kb to 12 kb.

Finally, You need to make the payment online towards your NPS account online.

Click this link to subscribe to NPS online using Pan and Bank kyc verification.

How NRI can subscribe to New Pension Scheme?..

Nri should select Bank account status i.e Repatriable account or Nom Repatriableaccount.

Should upload Nri bank pass book copy and pass port.

They can do verification process using any of the below two methods.

option 1 for nri
option 2 for NRI.

Central Recordkeeping Agency (eNPS) NSDL e-Governance Infrastructure Limited, 1st Floor, Times Tower, Kamala Mills Compound, SenapatiBapat Marg Lower Parel, Mumbai – 400 013

Read article Agent, Distributor, CFP, Sebi Ria-Who is best for you?. Click here to read.

Also, read what happens to your bank account when you die?. Click here to read.

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