Multiple options for subscribing to pension scheme

Citizens can use their bank account or eAadhaar and permanent account number (PAN) as know your customer (KYC) document to register online for the national pension scheme (NPS).

In a notification on Wednesday, the Pension Fund Regulatory and Development Authority said eAadhaar in addition to bank account and PAN would reduce cost and operational time and ensure more subscribers to the old age income scheme.

Citizens can open an NPS account online through any of the points-of-presence-service provider, using PAN and net banking, with KYC verification by the bank. Possibility of opening duplicate retirement (PRAN) accounts is ruled out online.

Subscribers can also get their PRAN generated by opening their account using Aadhaar number and one-time password from the Unique Identification Development Authority of India (UIDAI).

The subscriber can go to eNPS platform of NPS Trust website (npstrust.org.in) and enter Aadhaar to validate it using OTP (one-time password) sent to mobile.

The subscriber has also to pay online a minimum of Rs.500 for the service as advance and transaction cost.