National Pension Scheme Details, Procedure To Apply For Scheme

PFRDA is regulating and administering the National Pension System (NPS) along with the Atal Pension Yojana (APY), which offers pension scheme for the unorganized sector, guaranteed by the Government of India.

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National Pension Scheme Details, Procedure To Apply For Scheme

In India, Pension Fund Regulatory and Development Authority (PFRDA) is the pension regulator since 2003. As of now, the PFRDA is regulating and administering the National Pension Scheme (NPS) along with the Atal Pension Yojana (APY), which offers pension scheme for the unorganized sector, guaranteed by the Government of India.

Also Read: Atal Pension Yojana – An Easy Guide for Masses

Statistics suggest that the elderly will constitute nearly a quarter of India’s population by 2050. Since they are expected to constitute such a huge chunk of the population there is a high need for a publicly-funded, universal scheme that will overcome destitution among the aged. Some states in India, including Kerala, West Bengal and Tamil Nadu, have considerably comprehensive social security schemes but the scale of the benefits is modest.

National Pension Scheme is a quasi-EET, debt taken on that has some traits of equity, instrument where 40% of the corpus escapes tax at maturity, while 60% of the corpus is taxable.

Also Read: Pradhan Mantri Suraksha Bima Yojana Benefits, PMSBY Scheme Benefits

Eligibility Criteria

  • All the Indian citizens are eligible for a pension account under National Pension Scheme through eNPS.
  • Aadhaar is mandatory for opening an NPS account.
  • KYC for NPS is done using Aadhaar through One Time Password (OTP) authentication using your mobile number registered with Aadhaar.
  • All the demographic details and photo are fetched from Aadhaar database.

Also Read: PMJJBY Scheme Benefits, Pradhan Mantri Jeevan Jyoti Bima Yojana

Below are mentioned steps to register under the scheme

  • Visit the official website of NPS website – ttps://enps.nsdl.com/eNPS/NationalPensionSystem.html# and click on the Register tab
  • Click on ‘Online Subscriber Registration’ option. Fill in all the details and click on the Generate OTP tab.
  • An OPT will be sent to your mobile number, enter that.
  • Upload your scanned signature and photograph
  • After you upload the form, you will be routed to a payment gateway for the initial contribution to your NPS account. The minimum amount is Rs 500, which you can pay either by debit/credit card or Internet banking.
  • A Permanent Retirement Account Number (PRAN) will be allotted to you. After which within a few days, you will receive a welcome kit from the PFRDA which will have a PRAN card, IPIN, TPIN and scheme details.
  • Take a print of the online form you have filled, affix your photograph on it and sign in the space given for the signature. This form should then be sent to the Central Recordkeeping Agency.

Source Link- https://timesofindia.indiatimes.com/.

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