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 that aggregates the KYC for all financial accounts. If someone doesn’t have KYC, they must have a savings bank account number for which KYC has already been completed.
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 done in two ways
1. Face-to-face
2. Without face-to-face
Document based: The officer will identify by looking at passport, Aadhar, Voter ID.
Video Call: Identity will be confirmed through live video.
Aadhaar Biometric KYC: Identification will be done by scanning fingerprints, face and eyes.
Two ways to open an account
1.Online
Account can be opened directly from the NPS website or app.
KYC verification will be done through Aadhaar or bank account.
No need to go to the authorized center.
Aadhaar OTP: From the OTP received on the mobile linked to Aadhaar.
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 from the secure app.
2. Offline
You will need to visit an authorized bank or post office branch (POP). You will need to fill out a new form there. The official there will review the customer’s documents and complete the process.
What was the problem before?
Previously, to open an account, individuals had to physically submit numerous documents, such as their 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 required a separate process. Filling out the forms 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 the new process will complete this task in just a few 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 your details here. 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. Verify this.
4. This will be followed by KYC verification. 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).
