The National Pension System (NPS) is a government-backed retirement savings scheme designed to provide financial security and pension benefits to indian citizens. Recently, the Pension Fund Regulatory and Development Authority (PFRDA) has updated its guidelines for onboarding new subscribers, introducing a new Subscriber Registration Form (SRF) and streamlining the KYC process.

This article explains how to register a new member, complete KYC, and start contributing to NPS.

🔹 Who Can Subscribe to NPS?

The NPS is open to:

· Indian citizens aged 18–65 years (for Tier-I accounts)

· Resident individuals, including salaried employees and self-employed professionals

· Foreign citizens of indian origin (PIOs) and Non-Resident indians (NRIs) (with some restrictions)

Note: There are two types of accounts:

· Tier-I: Mandatory pension account with restricted withdrawals

· Tier-II: Voluntary savings account with flexible withdrawals

🔹 Step 1: Obtain the Subscriber Registration Form (SRF)

The new SRF issued by PFRDA is the standardized form for all NPS registrations. You can get it:

· From Point of Presence (PoP) banks or financial institutions

· From the official NPS website (downloadable PDF)

The form collects:

· Personal details (Name, Date of Birth, Address)

· PAN number and Aadhaar

· bank account information

· Nominee details

🔹 Step 2: Complete KYC

KYC (Know Your Customer) is mandatory for NPS registration. You need to submit:

1. Identity Proof: Aadhaar card, PAN card, Passport, Voter ID, or Driving License

2. Address Proof: Aadhaar, Passport, Utility Bill, or bank Statement

3. Photograph & Signature

For Aadhaar-linked registrations, you can complete eKYC instantly online using OTP verification.

🔹 Step 3: Submit the Form and Initial Contribution

Once your form and KYC documents are ready:

· Submit them at a PoP bank branch or through the online portal

· Make the minimum initial contribution:

o Tier-I account: ₹500

o Tier-II account: ₹1,000 (optional)

After submission, you will receive:

· Permanent Retirement Account Number (PRAN)

· Welcome kit with pran card and account details

🔹 Step 4: Choose Investment Options

NPS offers two types of funds:

1. Active Choice: Subscriber selects the allocation among equity, government bonds, and corporate bonds.

2. Auto Choice: Fund allocation is done automatically based on the subscriber’s age (default option for beginners).

You can also choose Pension Fund Manager (PFM) and Nominee Details during registration.

🔹 Step 5: Manage Your NPS Account

Once registered, you can:

· Check pran status and contributions online

· Change PFM or investment allocation once a year

· Download account statements anytime from the NPS portal

· Make additional contributions to Tier-II accounts anytime

Subscribers can also use NPS mobile apps for easy account management and transaction tracking.

🔹 Key Tips for New Subscribers

· Ensure Aadhaar and PAN are linked for smooth registration.

· Keep bank account details updated for auto-debit of contributions.

· Choose the investment option carefully based on your risk profile.

· Nominate at least one family member to secure benefits in case of unforeseen events.

🔹 Conclusion

Registering a new member in NPS is now simpler and more streamlined, thanks to the new Subscriber Registration Form and eKYC facility. By following these steps, subscribers can start building a secure financial future while enjoying tax benefits under Section 80C.

The NPS is not just a pension scheme; it’s a long-term wealth creation tool that ensures financial stability after retirement.

 

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.