How to Open New Pension Scheme (NPS) Account?

A New Pension Scheme (NPS) account can be opened by any Indian Resident or Non Resident Indian (NRI), aged between 18 to 55 years. You can open NPS account Offline (would need to visit the nearest Point of Presence (POP) or POP Service Providers (POP-SP)) or Online (ICICI Direct, Fundsindia etc.). Lets check out step-by-step process of opening Offline NPS account –

Step 1

– To register for a NPS account, you would need to fill up the Prescribed Application Form. The application form depend on the type of NPS account you want to open –
1- Form UOS S1 : Composite Application Form for Subscriber Registration (Tier-I and Tier-II Account)
2- Form UOS S10 : Tier II Activation Request Form (for subscribers having a Tier-I account and PRAN card)

Step 2

– On the filled application form, you would need to provide the preferred scheme, and asset allocation choice. Bear in mind that the NPS caps the equity allocation at 50%.

Step 3

– With the above filled Application Form, you also need to submit following supporting documents –
1- Two Recent Colour Photographs (3.5 x 2.5 cm)
2- Two Copies of Know Your Customer (KYC) documents – Identity Proof*, Proof of Address*, Age Proof and PAN card (Only in case of cash contribution of Rs. 50,000 and above). You are required to bring original documents & two photocopies (Originals will be returned over-the-counter after verification)
3- Cheque (if paying initial contribution by cheque)
4- An NRI subscriber would also need to furnish an Indian address for communication and bank details within India.

*Passport, Voter’s Identity Card and Driving Licence, serves as both Identity Proof and Proof of Address.

Step 4

– An initial contribution is collected, via NPS Contribution Instruction Slip (NCIS), at the time of opening of account. This contribution is a minimum of Rs.500/-for Tier-I and Rs.1000/-for Tier-II. Subscriber will receive acknowledgement number.

Step 5

– Once the account is opened, Central Recordkeeping Agency (CRA) of the NSDL would send a Permanent Retirement Account Number (PRAN), an information brochure, the Internet PIN (I-PIN) and Telephone PIN (T-PIN), within 15 days.

The T-PIN can be used to access your NPS account on the call centre number of CRA (1800 22 2080). While your I-PIN can be used to access your account (by using your acknowledgement number) on CRA website.

In case of any queries or delay regarding application form, Investors could view it’s status online (by using the acknowledgement number) on CRA website.