How to Open an NPS Account Online in India

How to Open an NPS Account Online in India

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How to Open NPS Account Online

The National Pension System(NPS) (commonly called out as the National Pension Scheme/New Pension Scheme) is a government-backed retirement savings plan that enables Indians to build a financially secure future. This tax-saving scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and provides a range of investment options to choose from. With NPS, individuals can save regularly and watch their money grow over time, ensuring a comfortable retired life.

NPS Account Openings are now simpler than ever, and in this blog, we will take you through the types of NPS Accounts, explain how to open NPS Account Online and more. Let’s begin.

Methods to open an NPS Account Online

An NPS Account opening can be done through these primary methods:

Via the Kotak app for Savings Account holders
Via the Kotak website
Via the NPS website

How to Open NPS Account Via the Kotak App

Open your NPS account swiftly via the Kotak App—effortless, paperless. Follow the simple steps demonstrated in the video to complete the process seamlessly.

How to invest in National Pension System (NPS) via Kotak Mobile Banking App (online)?

how-to-open-nps-account

How to Open NPS Account Via the Kotak Website

Opening an NPS account online through Kotak's NPS portal: it’s a swift and paperless process. Here's what you need and the steps involved. Let's break down the documents required and the steps involved for each of the 5 registration methods for Kotak's "myNPS" portal:

1. Aadhaar Paperless Offline eKYC-based registration

Documents Required to Open NPS Account With Kotak Website (Offline eKYC-based registration)

A valid Mobile number and Email ID
Aadhaar card
Scanned copy of photograph and signature in .jpeg/.jpg/*.png format (4KB - 5MB each)
Scanned copy of Cancelled Cheque in .jpeg/.jpg/*.png format (4KB - 2MB each)
Online payment of initial contribution (Minimum amount ₹ 500)

Steps to Open NPS Account With Kotak Website (Offline eKYC-based registration)

Visit the "NPS" section on the Kotak website.
Choose "Aadhaar Paperless Offline eKYC" as your registration mode.
Ensure your mobile number and email are linked to your Aadhaar.
Upload the required documents - photograph, signature, and Cancelled Cheque.
Make the initial contribution payment online.
Complete registration through OTP Authentication or eSign.
For cases without OTP/eSign, print the form, attach a photograph (without signature), and send it to Protean eGov with attestation.

2. Permanent Account Number (PAN) based registration

Documents Required to Open NPS Account ( PAN Based )

A valid Mobile number and Email ID
PAN card
Scanned copy of photograph and signature in .jpeg/.jpg/*.png format (4KB - 5MB each)
Scanned copy of Cancelled Cheque in .jpeg/.jpg/*.png format (4KB - 2MB each)
Online payment of initial contribution (Minimum amount ₹ 500)

Steps to Open NPS Account With Kotak Website ( PAN Based )

Visit the "NPS" section on the Kotak website.
Choose "PAN-based registration" as your mode.
Ensure your mobile number and email are linked to your PAN.
Upload the required documents - photograph, signature, and Cancelled Cheque.
Make the initial contribution payment online.
Complete registration through OTP Authentication or eSign.
For cases without OTP/eSign, print the form, attach a photograph (without signature), and send it to Protean eGov with attestation.

3. Driving Licence Registration

Documents Required to Open NPS Account With Kotak Website (Driving Licence Based)

A valid Mobile number and Email ID

Scanned copy of Driving Licence in Digilocker
Scanned copy of PAN card and Cancelled Cheque in .jpeg/.jpg/*.png format (4KB - 2MB each)
Scanned copy of photograph and signature in .jpeg/.jpg/*.png format (4KB - 5MB each)
Online payment of initial contribution (Minimum amount ₹ 500)

Steps to Open NPS Account With Kotak Website (Driving Licence Based)

Visit the "NPS" section on the Kotak website.
Choose "Registration using Driving Licence" as your mode.
Ensure your mobile number and email are linked.
Complete authentication using your Digilocker Driving Licence.
Upload the required documents - PAN card, Cancelled Cheque, photograph, and signature.
Make the initial contribution payment online.
Complete registration through OTP Authentication or eSign.
For cases without OTP/eSign, print the form, attach a photograph (without signature), and send it to Protean eGov with attestation.

4. Registration using Aadhaar through Digilocker

Documents Required to Open NPS Account With Kotak Website (Digilocker Based)

A valid Mobile number and Email ID
Scanned copy of Aadhaar card in Digilocker
Scanned copy of PAN card and Cancelled Cheque in .jpeg/.jpg/*.png format (4KB - 2MB each)
Scanned copy of photograph and signature in .jpeg/.jpg/*.png format (4KB - 5MB each)
Online payment of initial contribution (Minimum amount ₹ 500)

Steps to Open NPS Account With Kotak Website (Digilocker Based)

Visit the "NPS" section on the Kotak website.
Choose "Registration using Aadhaar through Digilocker" as your mode.
Ensure your mobile number and email are linked.
Authenticate using your Digilocker Aadhaar.
Upload the required documents - PAN card, Cancelled Cheque, photograph, and signature.
Make the initial contribution payment online.
Complete registration through OTP Authentication or eSign.
For cases without OTP/eSign, print the form, attach a photograph (without signature), and send it to Protean eGov with attestation.

5. KYC verification by POP (Point of Presence)

Documents Required to Open NPS Account With Kotak Website (Point of Presence Based)

A valid Mobile number and Email ID
Permanent Account Number (PAN) card
Existing active account (Account number/Folio number/Demat) with the empanelled POP for KYC verification after subscriber registration through myNPS.
Scanned copy of photograph and signature in .jpeg/.jpg/*.png format (4KB - 5MB each)
Online payment of initial contribution (Minimum amount ₹ 500)

Steps to Open NPS Account With Kotak Website (Point of Presence Based)

Visit the "NPS" section on the Kotak website.
Choose "KYC verification by POP" as your mode.
Ensure your mobile number and email are linked.
Complete authentication using your existing active account with the empanelled POP.
Upload the required documents - photograph and signature.
Make the initial contribution payment online.
Complete registration through OTP Authentication or eSign.
For cases without OTP/eSign, print the form, attach a photograph (without signature), and send it to Protean eGov with attestation.

How to login into your NPS account for the first time

Accessing your NPS account for the first time is essential to start managing your retirement investments. Follow these step-by-step instructions:

Visit the NSDL NPS portal: https://cra-nsdl.com/CRA/
Click on the "Login with PRAN/IPIN" option.
Enter your PRAN (Permanent Retirement Account Number) and the IPIN (Internet Personal Identification Number) provided in your welcome kit Or use the Reset option via OTP.
Solve the Captcha for security purposes.
Click on the "Submit" button.
You will gain access to your NPS account dashboard, where you can view your contributions, balance, and other account details.

3. Navigate to the investment summary" section.

4. Select "Statement of Transaction."

Salient Features of NPS Accounts

NPS accounts offer several unique features that make them attractive for retirement savings. Some of these include:

Flexible investment options: NPS allows you to choose from various asset classes, such as equity, corporate bonds, and government securities. You can also select the proportion of your investment in each class.
Portability: Your NPS account remains active even when you switch jobs or move to another city. You can easily access and manage your account online.
Tax benefits:

The tax benefit which is available for NPS subscribers as under:

Employee/Individual Contribution: Employee’s/Individual contribution is eligible for tax deduction U/S 80 CCD (1) of IT Act upto 10% of salary (Basic + DA). This is within the overall ceiling of Rs. 1.50 Lacs under Sec. 80 CCE of IT Act.
Exclusively for NPS: Additional tax deduction available on contribution upto Rs. 50000 U/S 80CCD (1B).
Employer Contribution: The contribution in NPS by the employer in employee account upto 10% of Basic + DA is exempt from tax U/S 80CCD(2). This is over and above the limits of 80C. (Under new tax regime this is capped at 7.5lacs pa combined with employer providing PF, SAF & NPS contribution)

Regulated by PFRDA: NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) of India, ensuring transparency and security for subscribers.

Conclusion

In conclusion, the National Pension System (NPS) online registration and account opening process via Kotak's "myNPS" portal offer numerous advantages like convenience, swift transactions, real-time monitoring, and secure transactions. This paperless, accessible approach ensures a hassle-free experience, encouraging individuals to secure their retirement through flexible and market-based investments.

FAQs on How to Open NPS Account Online

1. When can I open a Tier II account?

A Tier II NPS Account Opening can be done along with a Tier I account at the outset or subsequently, providing flexibility.

2. Can I change the data in my NPS account?

Yes, you can update personal information like address and phone number by visiting online NPS login (cra-nsdl.com). Alternatively, by submitting modification forms through your Point of Presence (PoP)

3. Can I create more than one NPS account?

No, you are allowed only one Tier I NPS account.

4. Is it possible to open an NPS account offline?

Yes, visiting a Point of Presence (PoP), such as a bank or post office, allows you to open an NPS account offline.

5. How can I obtain a PRAN number?

Your Permanent Retirement Account Number (PRAN) is assigned upon successful registration of your NPS account, regardless of the registration method used.

6. Can NRI open an NPS account?

YES, Non-Resident Indians (NRIs) are not eligible to open an NPS Tier-1 account only. Also OCI subscriber can also opt for Tier-1 account

7. What is NPS, and why should I consider opening an account online?

NPS offers a structured platform for individuals, including salaried or self-employed individuals, aged between 18 to 70, to invest systematically and build a pension corpus.

8. Who is eligible for NPS online registration and account opening?

The NPS is a defined contribution scheme accessible to all Indian citizens aged between 18 to 70 years. Non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) can also participate in this pension scheme.

9. What are the features and investment options available with NPS accounts?

NPS accounts offer features like portability, tax benefits, and a choice of investment options comprising equities, government securities, corporate bonds, and alternative investment funds, catering to varied risk appetites and retirement goals.

10. Is there a minimum or maximum contribution limit for NPS online accounts?

Yes, there are specific limits for contributions in NPS online accounts. The minimum contribution amount for NPS accounts is ₹500 per contribution in Tier I account, and there is no specified maximum limit for contributions. However, the maximum tax benefit is capped at ₹2 lakh per annum across various sections of the Income Tax Act.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.