NPS New Rules: Opening an NPS account now requires only one of two things. The first is a central KYC number, which is a 14-digit number and aggregates the KYC for all financial accounts. If someone doesn’t have KYC, they can
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NPS New Rules: Pension fund regulator PFRDA recently implemented new rules for NPS accounts. This allows anyone to open an NPS account in just a few minutes, without any additional documentation, simply by providing their KYC number or savings bank account number. Opening an account now requires only one of two things: a central KYC number, which is a 14-digit number and integrates KYC for all financial accounts. If someone doesn’t have CKYC, they must have a savings bank account number for which KYC has already been completed.
- KYC verification will also be conducted in two ways:
- 1. Face-to-face
- 2. Non-face-to-face
Document-based: Officials will verify their identity by checking their passport, Aadhaar, or voter ID.
Video call: Identity verification will be done via live video.
Aadhaar Biometric KYC: Identification will be done through fingerprints, face, and eye scans.
Two ways to open an account
1. Online
Accounts can be opened directly through the NPS website or app.
KYC verification will be done through Aadhaar or bank account.
No need to visit an authorized center.
Aadhaar OTP: Received via an OTP on your Aadhaar-linked mobile phone.
Digi Locker/CKYC: If your identity is already registered in the government database, the system will automatically pull the data.
Video KYC: Customers can record videos using a secure app.
2. Offline
You will need to visit an authorized bank or post office branch (POP). Fill out a new form. The official there will review the customer’s documents and complete the process.
What was the problem before?
Previously, to open an account, a person had to physically submit several documents, such as an Aadhaar card, PAN card, and proof of address. They had to visit an authorized center (such as a bank or post office). The KYC process had to be completed separately. Filling out the form took hours. This kept many people, especially those in rural areas or with less education, away from NPS. Previously, account opening took two to three days, but with the new process, this process will be completed in a matter of minutes.
How to open an account
1. Visit the official NPS website (www.npscra.nsdl.co.in) or the mobile app of an authorized agency. Click on “Open a New Account” or “Quick Digital Onboarding.”
2. This will open a form. Fill in the details. Enter your email address and CKYC number or bank account number.
3. The system will automatically pull information such as name, address, and date of birth from government records. Confirm this.
4. KYC verification will then take place. The customer can choose any method.
5. Then, add a nominee. Then, make the first deposit. Once this process is complete, the system will generate a Permanent Pension Account Number (PRAN).
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