The on-line opening of the NPS is referred to as eNPS account opening.
The investment created in any of the fund possibilities of the National Pension System (NPS) will now get the similar-day NAV. The Pension Fund Regulatory and Development Authority (PFRDA) has revised the reduce-off timing for providing the NPS subscriber the similar day’s NAV. Effective from 12th November 2020, the timing has been revised and now the voluntary contributions received at Trustee Bank till 9.30 am. on any bank functioning day (other than Saturday, Sunday and Holidays) would be regarded as for providing the similar day’s NAV. The contributions received post 9.30 am. shall be regarded as for the subsequent functioning day NAV.
Earlier, the similar day NAV was provided on NPS contributions created till 8.30 am on any bank functioning day. Back in October 2020, PFRDA had introduced the D-Remit facility for the subscribers of all the sectors of NPS wherein they could deposit their voluntary contributions with higher ease by developing a static virtual ID linked to their Permanent Retirement Account Number (PRAN), and get similar day’s NAV, offered contributions are received at Trustee Bank inside the reduce-off time of 8.30 am.
Under the D-Remit facility, which is a new mode of NPS contributions, the NPS subscriber can set up systematic investment via net banking. Thereafter, 1 can make periodical and standard contributions into the NPS. It implies, 1 can straight invest in NPS from the net banking facility of one’s bank account.
In its endeavour to supply digital options, PFRDA has currently enabled the opening of on-line NPS Account in a paperless manner via e-signature. In order to additional facilitate ease of NPS Account opening, the subscribers are now permitted to open their NPS account via One Time Password (OTP) also. The on-line opening of the NPS is referred to as eNPS account opening.
In this method, the consumers of banks (registered as POPs- Points of Presence), who want to open NPS Account via online banking of the respective banks, can open NPS Accounts utilizing OTP received on their registered mobile quantity. The investment created in NPS not only aids 1 save tax but also aids in saving towards one’s retirement.