eNPS | Now, you can avail Aadhaar-based online KYC process to open NPS account

At present, the registration under e-NPS occurs either through aadhaar offline e-KYC or through PAN and bank account.

Opening a National Pension System (NPS) account has become much easier now amid the coronavirus pandemic. In a press release, Pension Fund Regulatory and Development Authority (PFRDA) has allowed the Aadhaar-based online KYC process for onboarding of new subscribers under the NPS.

Currently, the registration under eNPS occurs either through Aadhaar offline e-KYC or through PAN and bank account.

The NSDLCRA has now enabled the Aadhaar based online e-KYC authentication functionality for NPS subscriber registration in the eNPS platform.

A unique digital experience with instantaneous generation of Permanent Retirement Account Number (PRAN) will be offered to subscribers with the online Aadhaar e-KYC and it will simplify the process of account opening.

Prerequisites of registration through Aadhaar

-Aadhaar Number or 16-digit virtual identification (VID) Number provided by UIDAI

-Aadhaar registered mobile number

Here are the process for subscriber registration through Aadhaar based eKYC on eNPS platform

-Subscribers need to visit the e-NPS portal to open an NPS account online using Aadhaar.

-Subscribers need to click on “National Pension System" and subsequently click on the “Registration" option.

-Subscribers are now required to select the category of account opening - “Individual Subscriber" or “Corporate Subscriber" category.

-The applicant’s status has to be selected from “Citizen of India" or “Non-Resident of India (NRI)" or “Overseas Citizen of India (OCI)".

-The subscribers need to select the “Aadhaar Online/Offline KYC" option during registration and select the ‘Tier types’ for account opening.

-To continue with the “Aadhaar online" process, subscribers are required to select and provide “Aadhaar" (12-digit) or “Virtual ID" (16-digit) number provided by UIDAI and click “Generate OTP". In case, Virtual ID is not available then Subscribers need to generate the VID.

-For generation of One-Time Password (OTP) subscribers are required to click on the “Generate OTP" and submit the OTP received on the mobile number registered in Aadhaar.

-After submission of OTP along with the consent to use Aadhaar details, the demographic details (Name, Gender, Date of Birth, Address, photograph, etc.) will be fetched from Aadhaar records.

-Other mandatory details need to be completed by Subscriber in order to complete the NPS registration process.

-Subscribers are required to make an NPS contribution and complete the digital registration process through digital authentication (OTP on the registered mobile number and email ID or eSign).