NPS stands for National Pension System and it is a scheme put forward by the Government of India to provide security to the ex-employees. It is a retirement scheme that aims to give financial independence to people post-retirement.
In this scheme, the savings of an individual are put into the pension fund and invested by fund managers who are approved by the Pension Fund Regulatory and Development Authority of India. The funds are invested in mutual funds, index funds, government bonds and securities, etc. Any individual who wishes to open an NPS account can do so by following two ways, online or offline.
Find a Point of Presence that could help you subscribe, verify and receive contributions for NPS
Fill out the application and provide the required documents
The minimum amount that can be deposited under the NPS is Rs.500, and the applicant must also submit a PRAN or Permanent Retirement Account Number
The online procedure of applying for NPS account is way more convenient and user-friendly than the offline mode of opening an NPS account. Here are the steps that an individual needs to follow to open the NPS account through online mode:
If you wish to open NPS account by using your Aadhar Number, then you can follow these steps: