Whether you have just started earning or are nearing retirement, one thing is for sure – you need to give a serious forethought about old age, as expenses continue to propel.
Investing in NPS (National Pension Scheme), which is available for all citizens of all sections, aged 18-60, would ensure a decent return on investments post-retirement.
The application for this is fairly easy. You can register using your PAN or Aadhaar card.
Here’s how to apply for NPS online, step-by-step:
- Open the official website of NPS and click on “register”.
- Click on ‘Online Subscriber Registration’ option. Fill details and click on generate OTP.
- Enter the OTP you receive on your mobile.
- Upload your scanned signature and photograph.
Submit the form and you will be redirected to a payment gateway. Pay the minimum amount for NPS i.e. INR 500/-.
- Permanent Retirement Account Number (PRAN) will be allotted to you followed by an IPIN, TPIN, and scheme details within a few days.
- Take a printout of the online form that you filled, affix a photo and sign it, and send to Central Record Keeping agency.
The Offline Method To Apply:
- Go to the nearest bank and fill a Permanent Retirement Account Number (PRAN) application form and submit it along with a minimum payment of INR 500/-.
- Submit the first contribution slip as well as an NCIS (instruction slip) that states the details of the payment made towards the PRAN account.
- Track your application at: https://cra-nsdl.com/CRA/pranCardStatusInput.do
Also, it is useful to remember that Tier-I NPS Account is a basic type of pension account with withdrawal limitations i.e. you can’t withdraw until retirement. However, Tier-II NPS Account allows partial withdrawals for specific reasons (medical, higher education, and marriage of children).