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Demystifying NPS Account, NPS Login, and National Pension Scheme Types

TeamAckoOct 26, 2023

Is it difficult to imagine yourself being old and on a yacht in the Maldives? Then it is probably because you haven’t yet delved into the National Pension Schemes!

But pension? It is a discussion for the future!

We hate to break it to you because we need to discuss it, right now! So in this article, we will aim to demystify all the aspects you need to know about the NPS Account, NPS Login, and the various National Pension Scheme Types available to you

Contents

Key points to remember while filling the NPS Registration Form
Steps to fill the NPS Registration Form
Steps to login to the NSDL NPS portal
KARVY NPS login
NSDL App
Frequently Asked Questions(FAQs)

Understanding the NPS Account: Your Financial Superpower

First things first, let's break down the NPS Account. NPS stands for National Pension Scheme, but don't let the formal name fool you. It's your financial sidekick, your retirement plan with a twist. Imagine putting your money to work while you live your life – that's NPS for you. This isn't a piggy bank; it's a smart investment that grows over time.

When you contribute to your NPS account, you're not just stashing money away. You're investing in a mix of things like stocks, bonds, and government securities. These work together to make your money multiply, so you can sip that fancy coffee on a beach far, far away. Plus, it's not just about the here and now – it's about creating a safety net for your golden years.

NPS Login: Your Gateway to Financial Empowerment

Now, let's talk about NPS Login – your digital key to the NPS kingdom. Imagine logging into an app that allows you to look at your financial future, that’s what this does. With NPS Login, you're just a few clicks away from managing your investments, checking your savings, and even giving your future a boost by contributing more.

Setting up your NPS Login is a breeze. Just hop onto the official NPS website or app, and like a true digital pro, create your account. Remember that password you came up with during your "security-first" phase? Yes, you'll need that. Once you're in, you're in charge. No need to decode complicated financial jargon – it's all laid out in the most simplest way.

Cracking the Code: NPS Types Unveiled

Now, let's break down the different NPS Types.

1. Tier-I NPS Account – The Foundation of Security: This is like the sturdy base of your NPS journey. Your contributions here are locked in until retirement. It's a long-term commitment that comes with a sweet deal – tax benefits! The government rewards your forward-thinking with tax deductions, so you can save while you invest.

2. Tier-II NPS Account – Your Flexible Sidekick: Imagine having a financial sidekick that's as flexible as a rubberband. That's Tier-II for you. Unlike Tier-I, you can dip into this account whenever you need. It's like having a financial cushion that's always there for you.

3. Auto Choice – Let the Experts Handle It: If financial decisions make you scratch your head, Auto Choice is your superhero. Professionals manage your investments based on your age and risk preference. You can sit back and relax, knowing your money is in good hands.

4. Active Choice – Your DIY Investment Adventure: Are you the captain of your financial ship? Active Choice is your jam. You get to handpick your investments and sculpt your financial future just the way you like it.

Getting Started: Your NPS Adventure Begins

Ready to take the plunge into the world of NPS? Here's a step-by-step guide to get you started on your financial adventure:

1. Gather Your Documents: You'll need your PAN card, Aadhaar card, and a bank account. These are your tickets to the NPS journey.

2. Choose Your NPS Type: Decide if you're in for Tier-I or Tier-II, Auto Choice or Active Choice. Find the type that aligns with your financial dreams.

3. NPS Login Time: Visit the NPS portal, create your account, and set a password that even Sherlock Holmes couldn't crack.

4. Contribute and Watch It Grow: Time for the exciting part – contributing to your NPS account. The more you invest, the more your future self will thank you.

5. Stay in the Loop: Life changes, and so might your investment strategy. Keep an eye on your account, make adjustments if needed, and watch your retirement dreams unfold.

Key points to remember while filling the NPS Registration Form

Download the PDF and take a printout of the same
Fill your details using only BLOCK LETTERS
Use a black pen to fill the form
Don’t overwrite or strikeout
Fill a new form in case of any mistakes

Steps to fill the NPS Registration Form

1. Select the right category:

For Central Government employees - NPS (Central government)

For State Government employees - NPS (State government)

For corporate employees - NPS (Corporate)

For all others - NPS (All Citizens)

2. Duly fill in your personal details

3. Provide proof of identity: The following documents are accepted:

School leaving certificate
Matriculation certificate
Degree certificate
Bank account statement
Water Bill
Ration Card
Property tax order
Voter ID
Driving licence
Passport
PAN card

4. Provide address and address proof: The following documents are accepted:

Electricity bill
Telephone bill
Bank account statement
Water Bill
Ration Card
Voter ID
Driving licence
Passport
AADHAR card

5. Enter additional information such as occupation, range of income etc

6. Enter your bank details

7. Enter nomination details:

You can nominate a maximum of 3 people
Percentage value for nominees must be mentioned in integers only
The sum of percentage across all nominees should be equal to 100
If a nominee is a minor, guardian details should be published

8. Select your pension fund manager: The following are the 8 available pension fund managers:

SBI pension fund
UTI Retirement solutions
Reliance Capital pension fund
LIC pension fund
ICICI pension fund
Aditya Birla pension fund
HDFC pension fund
Kotak pension fund

9. Select your investment option: You can choose between Active Choice and Auto Choice

Active Choice: This option enables you to choose the split between the four NPS asset classes (Equity, Corporate bonds, Government bonds, and alternative assets)
Auto Choice: This option automatically chooses the asset classes based on your age
Specify you are a US person: Refers to all tax residents of the US as well as US citizens paying tax outside of the US. (Applies to all NRIs)

1. Open the NSDL CRA website

2. Enter the necessary details

3. Create a new password

4. Click to submit

Once you submit, your IPIN will be generated. Use the IPIN to further log in to the NSDL portal.

Step 1: Log in to the NSDL eNPS portal and click on login with PRAN/IPIN

Step 2: Access your NPS account

Open the KARVY website and click on the ‘Login for existing subscriber’ option.
Enter your PRAN and password to log in

NSDL App

The NSDL app is available to download for FREE on the App Store and Play Store. You can easily access your NPS balance via the app.

In a nutshell, the NPS Account, NPS Login, and the types of National Pension Scheme are your keys to a financially secure future. It's all about building a comfortable life for yourself while enjoying the journey.

Frequently Asked Questions(FAQs)

Below are some of the frequently asked questions on Demystifying NPS Account, NPS Login, and National Pension Scheme Types

How can one check their NPS balance online?

One can check the accumulated balance on the NSDL portal or the KARVY website. To access the information, login using your ID and password along with PRAN.

What is a PRAN and PRAN kit?

After registering, the individual gets a PRAN card with their name, father’s name, photograph, signature, and date of birth. This card acts as proof for completion of all information on the CRA system. The PRAN kit includes the individual's name, PRAN card and an informational booklet.

What is IPIN?

IPIN is the password used to access the NPS portal.

Can I get a duplicate PRAN card?

Yes. To get a duplicate PRAN card, fill out the S2 form at the closest PoP-SP.

Can I avail NPS service online?

Yes, one can avail some of the services online via the official online portal.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet, and is subject to changes.