After you retire, it is important that you have a stable financial condition so that you get to live your sunset years amongst peace and harmony. The National Pension Scheme is a scheme, which was launched by the government of India, with the motive of expanding the retirement fund to all the people, who apply for this scheme. It is managed and regulated by the Pension Fund Regulatory and Development Authority (PRFDA).
Types of NPS account
Generally, there are two types of NPS accounts:
1. Tier-I account- The tier-I account is a non-withdrawal permanent retirement account. However, according to the new rules and regulations, account holders can make premature withdrawals after they complete 15 years in the service.
2. Tier-II account- The tier-II account grants you permission to make unlimited withdrawals and functions as a savings account. The only catch is that withdrawing money from this kind of an account is comparatively more cumbersome than withdrawing money from a savings account.
How can you open an NPS account online?
There are two ways, through which you can open an NPS account online and they are:
1. Registration through PAN card
• Your KYC or Know Your Customer will be handled by the bank, and because of that, your savings account must be in an NSDL empanelled bank.
• The details that you provide in your form should completely match the details that are already with your bank. If your details do not match, then the bank has every right to reject your registration application and then you would have to contact the bank personally.
• Make sure that all the compulsory areas are duly filled
• Upload your signature and scanned picture
• In order to make the initial monetary contribution, you will have to do it through Internet Banking
2. Registration through AADHAR card
• Your valid AADHAR card should be linked to your valid mobile number
• You will receive an OTP on your registered mobile number. Once you provide the OTP number, your KYC will be done and authenticated.
• Once your KYC is done, your picture and all your relevant information will be extracted from the AADHAR database and used for your NPS online form
• You will have to fill out the remaining compulsory fields online
• You will have to upload your signature in a jpeg or jpg format, for registration purposes. Remember that the file size should be between 4 kb to 12 kb.
• You can make your initial contribution to your online NPS account through debit card or credit card
Opening an NPS account is one of the best things you can do for yourself keeping in mind the years to come. Retirement does not have to signify financial trouble and that is why the National Pension Scheme has become an imperative option for many.
Types of NPS account
Generally, there are two types of NPS accounts:
1. Tier-I account- The tier-I account is a non-withdrawal permanent retirement account. However, according to the new rules and regulations, account holders can make premature withdrawals after they complete 15 years in the service.
2. Tier-II account- The tier-II account grants you permission to make unlimited withdrawals and functions as a savings account. The only catch is that withdrawing money from this kind of an account is comparatively more cumbersome than withdrawing money from a savings account.
How can you open an NPS account online?
There are two ways, through which you can open an NPS account online and they are:
1. Registration through PAN card
• Your KYC or Know Your Customer will be handled by the bank, and because of that, your savings account must be in an NSDL empanelled bank.
• The details that you provide in your form should completely match the details that are already with your bank. If your details do not match, then the bank has every right to reject your registration application and then you would have to contact the bank personally.
• Make sure that all the compulsory areas are duly filled
• Upload your signature and scanned picture
• In order to make the initial monetary contribution, you will have to do it through Internet Banking
2. Registration through AADHAR card
• Your valid AADHAR card should be linked to your valid mobile number
• You will receive an OTP on your registered mobile number. Once you provide the OTP number, your KYC will be done and authenticated.
• Once your KYC is done, your picture and all your relevant information will be extracted from the AADHAR database and used for your NPS online form
• You will have to fill out the remaining compulsory fields online
• You will have to upload your signature in a jpeg or jpg format, for registration purposes. Remember that the file size should be between 4 kb to 12 kb.
• You can make your initial contribution to your online NPS account through debit card or credit card
Opening an NPS account is one of the best things you can do for yourself keeping in mind the years to come. Retirement does not have to signify financial trouble and that is why the National Pension Scheme has become an imperative option for many.
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