The National Pension System (NPS) is a government-backed investment initiative aimed at securing pension benefits for Indian citizens during their retirement years. Governed by the Pension Fund Regulatory and Development Authority (PFRDA), the NPS ensures a reliable retirement income for individuals.
Linking Aadhaar to an NPS account is now a mandatory requirement for accessing various services. This mandatory linkage streamlines data storage, simplifying the process for individuals to claim their pensions when necessary, and acts as a deterrent against fraudulent activities.
To prevent forgery, the Government of India mandates the linking of personal documents, such as Aadhaar card details, with pension accounts under the NPS.
Steps for Online Aadhaar Linking with NPS Account:
-Go to the NSDL e-NPS portal: https://enps.nsdl.com/eNPS/NationalPensionSystem.html.
-Choose the ‘Registration’ option from the menu.
-Input your Aadhaar number in the provided field and click ‘Generate OTP.’
-After OTP generation, select the disclaimer and click ‘Proceed.’
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-Enter the OTP in the designated space and click ‘Continue.’
-Complete the NPS registration form thoroughly, and make the required payment for your acknowledgement number.
-Review and submit your registration details to obtain your Permanent Retirement Account Number (PRAN).
Benefits of Linking Your Aadhaar with NPS Account:
-Instant KYC: Linking your Aadhaar with your NPS account enables instant fulfillment of KYC requirements.
-Seamless Online Account Opening: Aadhaar authentication streamlines the process of opening an NPS account through online channels.
-Time-Efficient E-KYC: Aadhaar-based E-KYC eliminates paperwork, and OTP verification occurs instantly, saving time for account holders.
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-Enhanced Financial Tracking: The government recommends Aadhaar linking for NPS account holders to facilitate more efficient tracking of financial transactions. Additionally, eligible taxpayers may enjoy potential tax exemptions.
