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

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
Read more

Stock Review: Havells

HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating.    Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11.    Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...
Read more

How to generate a UAN Online

Best SIP Funds Online   In order to make Employees' Provident Fund (EPF) accounts portable, the Employees' Provident Fund Organisation (EPFO) had launched the facility of Universal Account Number (UAN ) in 2014. Having a UAN is now mandatory if you have an EPF account and are contributing to it. So far, you got this number from your employer and every time you changed jobs, you had to furnish this number to the new employer.  However, in order to make it easier for you to get a UAN , and without your employer's intervention, the EPFO now allows you to go online and generate a UAN on your own. This facility can be used by freshers, or new employees, who are joining the workforce as well as by employees who have older EPF accounts but do not have a UAN as yet. As a new employee, you can simply generate a UAN and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution. As per a circula...
Read more

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...
Read more

Health for Wealth - How to buy Health Insurance ?

Tax Saving Mutual Funds Online Current open Infra Bond Application form   HEALTH insurance is a relatively new phenomenon in India. Hence, it is not on the top of the mind for most people to make a conscious commitment towards health insurance. However, it is imperative for each one of us to plan for better health for our families and ourselves. There's no better way than to start with making health your top priority this year. So, your health insurance resolution charter would look something like: ■ Invest in health for wealth: Timely investment in health insurance can help build a security net and hedge sudden dilution of another financial asset class in the event of a health emergency, making it imperative to opt for a comprehensive health insurance plan. ■ Buy a comprehensive health cover that fu lfills your health needs for life: Buy a personal health insurance cover even if you have an employee cover because 'employer provided' health insuranc...
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