NPS is a defined contribution retirement savings scheme administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA).
New Delhi: In a recent move, India Post is now offering online services for the National Pension System (NPS) to investors. So, if you are an existing NPS subscriber or plan to start saving with the popular scheme, you can use India Post’s services without the need to visit the Post Office. India Post started its online services on April 26, 2022.
For the unversed, NPS is a defined contribution retirement savings scheme administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA).
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Any resident or non-resident Indian aged between 18 to 70 can open an NPS account in India Post. Investors have to comply with the KYC requirements to start saving for their future with NPS.
Currently, NPS subscribers can pay their contributions via several methods, including cash, cheque, and demand draft, among others. However, subscribers can now pay for their contributions online.
Investors can start online SIPs on India Post by following a few simple steps:
Step 1: Investors will first have to provide their PAN number and Date of Birth.
Step 2: In the next step, they will have to verify either their email, mobile, or both via OTP. For this, they have to enter the details and click on the “Submit OTP” option.
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Step 3: Enter the OTP online and continue.
Step 4: Select the “New SIP Registration in NPS” option and click on the “Submit” button.
Step 5: You will now enter the asked details such as SIP Amount, Date, Maturity Month, Year, etc.
Step 6: You will also need to share your bank information for the online e-mandate process.
Step 7: Select the “Continue” option after you have confirmed all the shown details.
Step 8: Your bank will have to approve your SIP, and only after the approval, contributions towards your investment will be detected from the account.
