New Pension Scheme account is a security account started by the government of India for providing a steady income to the individuals after retirement. Earlier for opening an NPS account, it is required by an applicant to fill the Permanent Retirement Account Number(PRAN) application form and submit it along with the KYC documents to the POP-SP(Point of Presence-Service Provider such as authorized bank branch which is a cumbersome process.
In case of an online process too, the applicant was required to download the form and take the print. On the printed copy, the applicant needs to affix photo, sign it and send it to CRA(Central Recordkeeping Agency) within 90 days of issuance of PRAN.
To ease out the process, the PFRDA( Pension Fund Regulatory and Development Authority) released a circular stating that those who wish to open an NPS account can do it online by verifying through aadhar and applicant's e-signature. This process not only simplifies the opening of NPS account but also ensures that information entered in the data is correct.
The process of Opening NPS Account Online with Aadhar Card: