To open New Pension Account use Aadhaar eKYC; all you want to know in brief

New subscribers of National Pension System (NPS) will not have to submit physical application for opening the account in case it is e-verified by through Aadhaar number. *With e-signature facility, a large number of people having Aadhaar number will be able to open NPS account without needing physical documents.

*Pension Fund Regulatory and Development Authority (PFRDA) had allowed acceptance of eKYC as a valid process for KYC verification.*

E-authentication technique using Aadhaar eKYC services is legally valid authentication.

*In case of account opened through eKYC, the points of presence will send the soft copy of the application form along with the supporting documents to the central recordkeeping agency.

*The points-of-presence will adhere to the requirement of KYC details of the subscribers to Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).

*Subscribers can open eNPS account for Tier I and Tier II and make initial and subsequent contribution to the account.

*For opening the account online, the subscriber will have to provide mobile number, email ID and an active bank account with net banking facility.

*The subscriber must have an Aadhaar (with a mobile number registered with Aadhaar) and a PAN card.

*In case, an applicant opens individual pension account with PAN, the activation of the PRAN is subject to KYC verification by the empanelled banks.

Source:Financial Express