Until now opening a National Pension System (NPS) account was a laborious process with the usual paperwork, which is a huge put off to those so used to the online route to managing their finances. Today, there is a full electronic route to opening an NPS account, which is easy and simple for those who have an Aadhaar.

All you need is to follow the steps mentioned below:

• You must have an 'Aadhaar number' (with a mobile number registered with Aadhaar)
• Your KYC in NPS will be done using Aadhaar through One Time Password (OTP) authentication
• OTP for the purpose of authentication will be sent to the mobile number registered with the Aadhaar
• Your demographic details and photo will be fetched from Aadhaar database and populated in online form
• You need to fill up all the mandatory details online
• You would be required to upload your scanned signature (in *.jpeg/*.jpg format having file size between 4kb - 12kb) as part of the registration process
• In case, you wish to replace the photo obtained from Aadhaar, you may upload a scanned photograph
• You will be routed to a payment gateway for making the payment towards your NPS account from debit or credit card or Internet banking

That’s all. Unlike earlier, when you had to submit the physical form within 90 days of following the online application to the central record keeping agency (CRA), you don’t have to follow such a process anymore. The eNPS can be opened online at https://enps.nsdl.com/. And, once the OTP is verified, you will have to fill up information such as your bank details, and choose your pension fund manager and your asset allocation. The facility is not free; you need to pay Rs 5, which will be debited from your contributions to open an account this way.

olmdesk@outlookindia.com