Skip to main content

How to open an NPS Account with Aadhaar and e-Signature

 

NPS account opening 100% paper-less


PFRDA makes NPS account opening 100% paper-less

Pensions regulator PFRDA has taken a big step to make NPS account opening completely paperless. This means you as a potential subscriber do not need to submit any paper physically anywhere to open a NPS account if you do Aadhaar based registration and eSign feature. This will provide a big boost to the government's Digital India initiative. Many financial product investor feel submitting forms and documents are tedious. This slows down the process, besides introducing friction in the experience.



Let us look at what PFRDA has done. In a circular dated Dec. 15, the regulator has directed that in case Points of Presence (PoP) integrate the eSign-online electronic signature service within their applications for NPS account opening, then there is no need by subscribers/POP to send the physical application form to Central Recordkeeping Agency (CRA).


It was way back in 2013 that PFRDA had allowed acceptance of e-KYC (electronic Know Your Customer) as a valid process for KYC verification. But despite making most of the account opening processes online, there was still the requirement to print the filled form, paste photograph, affix signature and submit the form physically to the CRA. The form was to be sent within 90 days from the date of allotment of PRAN to CRA or else the PRAN was 'frozen' temporarily. PFRDA's Dec. 15 circular now opens the possibility for e-Signature process enabled POPs to dispense with the requirement  of physical submission of application form. Now, a large number of Indians will be able to open NPS accounts, the regulator hopes.


So, check out with your chosen PoP service provider about the new integration option. 


This is how registration using Aadhaar works. We will tell you about the eSign feature as well.

  • You must have an 'Aadhaar number' (with a mobile number registered with Aadhaar)
  • Your KYC in NPS will be done using Aadhaar through One Time Password (OTP) authentication
  • OTP for the purpose of authentication will be sent to the mobile number registered with the Aadhaar
  • Your demographic details and photo will be fetched from Aadhaar database and populated in online form
  • You need to fill up all the mandatory details online
  • You would be required to upload your scanned signature (in *.jpeg/*.jpg format having file size between 4kb - 12kb) as part of the registration process

In case, you wish to replace the photo obtained from Aadhaar, you may upload a scanned photograph

You will be routed to a payment gateway for making the payment towards your NPS account from Debit/ Credit card or Internet Banking


In addition, NRI subscribers should

  • Select the Bank Account Status i.e., Non-Repatriable account or Repatriable account
  • Provide the NRE/NRO bank account details and upload scanned copy of passport
  • Select the preferred address for communication i.e., Overseas Address or Permanent Address (communication at overseas address would entail extra charges)

Now after Permanent Retirement Account Number (PRAN) is allotted, subscriber can use eSign option. For Tier I PRANs generated through Aadhaar, you have option to eSign the document by following the below mentioned steps:

1. Select 'eSign' option in the eSign/Print & Courier page

2. OTP for the purpose of authentication will be sent to your mobile number registered with the Aadhaar

3. After Authentication of Aadhaar, Registration form will be successfully eSigned

4. Once a document is eSigned, you need not send the physical copy of form to CRA

5. eSign charge ?5 plus service tax

In case your PoP doesnt integrate the eSign feature in their application, you can still print and courier the form.

In case you dont have Aadhaar also, you have to use the registraion process using PAN (where the verification is done by the bank).




------------------------------------
Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017 - 2018

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact Prajna Capital on 94 8300 8300

------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Call us on 94 8300 8300

------------------------------------

 

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...
Read more

What is Financial Freedom?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)     There were many things common between our Freedom fighters. All had the Single vision (Free India), common goal (independence) and had a disciplined and focused approach. They were ready to do anything and everything and had made so many sacrifices to see India free . But the road to freedom was not easy .They had faced lot many hardships, went to jail so many times and even confronted physical and mental torture from the British. There was one more thing which proved to be an advantage to our fighters that most of them were professional lawyers. The knowledge of legal issues and its impact on our country at large has helped them counter various bills and proposed new laws by the then government. It is due to their continuous effort that we are able to achieve the goal of Independent Indi...
Read more

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...
Read more

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...
Read more

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now