Opening a National Pension System (NPS) account has change into easier than ever. The Pension Fund Regulatory and Development Authority (PFRDA) has introduced that the subscribers can open their new NPS accounts by one-time password (OTP) primarily based authentication course of. To enhance the outreach of the NPS, the pension regulator authority has adopted a slew of measures. The PFRDA has earlier allowed the shoppers to open an internet NPS account by e-signature. It has additionally permitted Aadhaar-based offline paperless KYC course of for the brand new prospects whereas opening a NPS account. This course of permits instant activation of NPS account due to prompt KYC verification.
Here’s how subscribers can open a NPS account utilizing an OTP-bases authentication
The prospects of banks (registered as POPs — Points of Presence) who needs to open a NPS account by web banking of the respective banks, can open NPS accounts utilizing OTP obtained on their registered cellular quantity.
For opening of NPS accounts by non-internet banking digital mode, by POPs (banks in addition to non-bank POPs), OTP obtained on their registered cellular quantity and e-mail can be utilized for opening a brand new NPS account.
Once the KYC course of is full, the POPs have to submit the NPS subscriber’s date to the Central Record Keeping Agencies (CRAs) alongside with his photograph and picture of signature with an enterprise that the KYC/AML pointers/guidelines have been duly complied with.
POPs and CRAs have been suggested by PFRDA to present the required performance of OTP-based authentication.
PFRDA administers greater than 3.60 crore subscribers underneath National Pension System with an combination Asset underneath Management (AUM) of greater than Rs. 4.55 lakh crore. Out of complete subscribers, 2.25 crore subscribers are underneath Atal Pension Yojana (APY).
Due to the coronavirus pandemic, the Central authorities has introduced that the taxpayers have time until July 31 to full their tax-saving train for FY2019-20. The tax-saving funding possibility consists of National Pension Scheme (NPS) and different Section 80C investments like PPF and NSC.