Bringing further cheer to millions of Pension subscribers, Pension Fund Regulatory and Development Authority (PFRDA) has said that it has received approval from the Department of Revenue for undertaking e-KYC services for NPS and APY subscribers.
National Pension System (NPS) and Atal Pension Yojana (APY) are the two flagship schemes of the PFRDA. NPS caters to the organised sector employees. APY is mainly targeted to meet the pension needs of those working in the unorganised sector.
The online e-KYC (Know Your Customer) will further simplify the process of account opening as it offers the subscribers a NPS digital journey, PFRDA said in a release.
“With ‘Entry to Exit’ (E2E) digital tool kits provided to subscribers, PFRDA has transformed the journey of NPS subscribers and the travel of NPS subscribers from entering the scheme till exit from the scheme, including annuity issuance, is seamless and can be performed in a paperless digital mode,” it said.
PFRDA said it has enabled various digital enablers such as OTP-based authentication, paperless on-boarding, e-sign-based authentication, video customer identification to facilitate remote on-boarding, online exit tools, online enrolment for government sector subscribers, among others.
The regulator had allowed NSDL e-Governance Infrastructure Limited, one of its central record keeping agency, to act as the Global Aadhaar User Agency (AUA) for the purpose of NPS and APY.
Who can open National Pension System (NPS) Account?
Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on the date of submission of NPS application) can join NPS. Although, opening multiple NPS accounts for an individual is not allowed under NPS, an Individual can have one account in NPS and another account in Atal Pension Yojna.
Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on the date of submission of NPS application) can join NPS. But, don’t be confused with joint account.
National Pension System account can be opened only in individual capacity and cannot be opened or operated jointly or for and on behalf of HUF.
Who can open Atal Pension Yojna Account?
APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account. APY is a government scheme administered by PFRDA through NPS architecture. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.