The National Pension Scheme (NPS) is a retirement-oriented saving instrument launched by the Indian government in 2004. It is governed by the Pension Fund Regulatory and Development Authority (PFRDA). Any Indian citizen between the ages of 18 and 60 years is eligible for this pension scheme.
Employees from the public, private, and even unorganised sectors can open an NPS account. NPS is a market-linked product. Subscriber funds are pooled and invested in various equity and debt securities to generate long-term returns.
NPS offers multiple options for selecting a pension fund manager (PFM). After selecting PFM, you can choose investment options (auto or active) and four asset classes: corporate bonds, government bonds, equity, and alternative assets. You can also change fund houses if you are not satisfied with the fund’s performance compared to the market.
If you are wondering how to open an NPS account, this detailed guide will familiarise you with the process. NPS account opening can be done offline through the POP (point of presence) service providers or online through the eNPS portal. Opening an NPS account online is easy and convenient. You can open your account by making an initial investment of Rs. 500.
You can open your NPS account online through the eNPS portal or offline by visiting your nearest POP centre.
Before you begin, ensure that your PAN, Aadhaar, and mobile number are linked. You can open an NPS account online using one of the options below:
If you wish to enrol in NPS Tier 2, you must have a Tier 1 account. That means you cannot have a Tier 2 account without a Tier 1 account. However, you can opt-in for an NPS Tier 2 account while opening the primary Tier 1 account.
When you register online, you can select either Tier 1 or both Tier 1 and Tier 2. If you choose the offline registration method, you can mention the same in the physical form. You will have to make a minimum contribution of Rs. 1,000 to open an NPS Tier 2 account.
Below are the key differences between NPS Tier 1 and Tier 2 accounts:
You will need the following documents to open an NPS account online:
To open an NPS account offline, you will need identity proof, address proof, date of birth proof, and a photograph.
You can open an NPS account online from the comfort of your home. It is a very convenient and straightforward process. You will primarily need an Aadhaar card, PAN card, and your registered mobile number linked with both to start investing in the pension scheme.
As part of the NPS account opening process, it is mandatory to make an initial contribution of Rs. 500. Alternatively, you can open an NPS account at your nearest POP centre. Consider choosing a centre where you have an existing account to make the KYC process simpler. After opening an NPS account, you can manage it and make contributions online.
Having a Tier 1 account is mandatory for an NPS subscription. You can open a Tier 1 NPS account online by visiting enps.nsdl.com, or you can visit your nearest POP service provider to open it offline.
If you wish to enrol in NPS Tier 2, you must first have a Tier 1 account. When you register online for an NPS account, you will have the option to select Tier 1 or Tier 1 and Tier 2 both. Alternatively, if you choose an offline method, you can mention your preference in the physical form.
You can open an NPS account by yourself through the eNPS portal. Make sure your Aadhaar card, PAN card, and mobile number are linked. Opening an NPS account online simply requires authenticating your KYC details, providing your primary information, and making your initial contribution.
Yes, you can open NPS through a bank appointed by PFRDA. If you have a bank account in one of the banks registered at NSDL, you can open an NPS account without KYC verification. Since, as an account holder, you have already been verified for KYC by the bank.
You will need to make an initial contribution of Rs. 500 to open a Tier 1 NPS account. For a Tier 2 account, it is mandatory to make an initial contribution of Rs. 1,000.
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