Step-by-step guide to open an NPS account online

To open an NPS account online, you need to have Adhaar or PAN. Adhaar should have current address and mobile number, PAN should be linked to bank account.

By Babar Zaidi, ET Bureau | Updated: May 01, 2017, 11.18 AM IST

NPS gives you the option to choose the pension fund scheme where you want to invest your money and also lets you decide the fund manager. You can further give your preferences of fund allocation i.e. what proportion of your contribution you want to invest in equity, corporate or government bonds and so on. However, this preference can also be changed if you wish to do so. Here are 5 points you need to understand on how to go about it.

Here's a step-by-step guide for new applicants to open an NPS account online.

HAVE THE FOLLOWING READY
* Adhaar or PAN. Adhaar should have current address and mobile number, PAN should be linked to bank account.
* Netbanking facility, debit or credit card.

* Passport size photograph (4-12 kb)
* Scanned image of signature (12 kb)

LOG ON TO NPS TRUST WEBSITE
Click on registration and choose ‘Individual’

ENTER YOUR AADHAR OR PAN
You will be sent an OTP on the registered mobile number for verification.

CHOOSE TYPE OF ACCOUNT
Start with Tier I account. I investing for other goals, you can also choose Tier II.

Also Read: Top-performing NPS schemes (Option C) in our new NPS page

KEY IN OTP FOR AUTHENTICATION
If you chose Aadhar, simple OTP authentication is required. If using PAN, your bank will verify your details and charge Rs 125.

FILL IN PERSONAL DETAILS

If Aadhar is used, many details will be prefilled in the form. Submit to generate acknowledgement number.

CHOOSE PENSION FUND MANAGER
Choose any of seven pension funds. Read our cover story to know best pension funds.

CHOOSE INVESTMENT MODE
In auto mode, equity allocation changes with age. In active mode, you decide the mix.

Also Read: The best NPS funds

CHOOSE INVESTMENT MIX
If you opt for active management, specify how to spread corpus across fund classes.

ASSIGN YOUR NOMINEES
Give details of the people who should get the corpus in case the investor dies.

UPLOAD PHOTOGRAPH AND SIGNATURE
If not using Aadhar, upload picture. Else, just upload signature.

MAKE CONTRIBUTION AND GET PRAN
Minimum amount is Rs 500 for Tier I and Rs 1,000 for Tier II. You can invest through Netbanking, credit card and debit card. After payment is approved, you will be allotted a PRAN.

DOWNLOAD COMPLETED FORM
Take a print of form, stick your photo, sign it and mail within 90 days to CRA office.

Also Read: "NPS investors should be able to gradually withdraw corpus"

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5 steps to change scheme preference in NPS

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NPS gives you the option to choose the pension fund scheme where you want to invest your money and also lets you decide the fund manager. You can further give your preferences of fund allocation i.e. what proportion of your contribution you want to invest in equity, corporate or government bonds and so on. However, this preference can also be changed if you wish to do so.

Here are 5 points you need to understand on how to go about it.