How to open an NPS account online

Visit the official eNPS website (https://enps. nsdl.com/eNPS/NationalPension-System.html) or the website of any of the authorised banks or financial institutions that offer NPS services.

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Click on ‘Registration’ and select ‘new registration’. The applicant needs to provide his Aadhaar or PAN number, mobile number, and e-mail ID. He will also need to choose from among three central recordkeeping agencies to maintain the NPS account details. After OTP validation, personal details need to be filled.

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The applicant needs to upload a recent photograph, signature, and a cancelled cheque or bank statement as proof of bank account details.

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Next, the applicant will need to choose the account type, either Tier I or Tier II, or both. Tier I is the mandatory account that offers tax benefits, but has restrictions on withdrawals. Tier II is the voluntary account that allows more flexibility, but has no tax benefits.

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The applicant will also need to choose his pension fund manager, who will invest in different asset classes. One can choose from the fund managers available in the list.

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The applicant can start with an initial contribution of at least Rs.500 for Tier I, and Rs.1,000 for Tier II account. The applicant will then get a 12-digit Permanent Retirement Account Number (PRAN). The applicant will have to complete the e-sign or OTP-based authentication process to verify his identity and activate the NPS account.

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