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Investing in e-NPS is faster than making maggi !

It’s that time of the year when everybody wants to invest their hard earned money to avail tax benefits.

But not everything is so simple. Isn’t it?
Do you think you can open some scheme and invest when you have just a week left for the fiscal year end?

But this time the answer is YES!  And yes you can do it in 5-10 minutes.

The most attractive part about NPS is that you can save an additional amount of Rs.50,000 from your taxable income.

eNPS

  • PFRDA has set the following guidelines with regard to subscriber contribution:
  • Minimum amount per contribution: Rs. 500
  • Minimum number of contributions: 1 per year
  • Minimum annual contribution: Rs 6,000 in each subscriber account.
  • The minimum contribution is Rs. 6,000 per year.
  • There is no limit on maximum contribution.But whatever amount you invest in the scheme ,only 50000 is maximum allowed to deduction under section 80CCD of the Income Tax Act,1961.
  • This proposes to give NPS,an additional tax benefit on investments of up to Rs 50,000 a year, over and above Rs. 1.5 lakh a year under section 80C, for financial year 2015-16.

How to apply online

Any individual can open a pension account under NPS through eNPS using one of the following option

Option 1 – Registration using Aadhaar

✔  You must have an ‘Aadhaar number’ (with a mobile number registered with Aadhaar).

✔  Your KYC in NPS will be done using Aadhaar through One Time Password (OTP) authentication.

✔  OTP for the purpose of authentication will be sent to the mobile number registered with the Aadhaar.

✔  Your demographic details and photo will be fetched from Aadhaar database and populated in online form.

✔  You need to fill up all the mandatory details online.

✔ For investments you can select auto, if you are not particular about which mutual funds to invest.

✔  You would be required to upload your scanned signature (in *.jpeg/*.jpg format having file size between 4kb – 12kb) as part of the registration process.

✔  In case, you wish to replace the photo obtained from Aadhaar, you may upload a scanned photograph.

✔  You will be routed to a payment gateway for making the payment towards your NPS account from Debit/ Credit card or Internet Banking.

The form should be sent within 90 days from the date of allotment of PRAN to CRA at the  address given at the end of the article or else the PRAN will be ‘frozen’ temporarily:

Option 2 – Registration using PAN (KYC verification by Bank)

✔  You must have a ‘Permanent Account Number’ (PAN).

✔  Bank account with the empanelled Bank for KYC verification for subscriber registration through eNPS.

✔  Your KYC verification will be done by the Bank selected by you during the registration process. In case of rejection of KYC by the selected Bank, applicant is requested to contact the Bank.

✔  You need to fill up all the mandatory details online.

✔  You need to upload your scanned photograph and signature in *.jpeg/*.jpg format having file size between 4kb – 12kb.

✔  You will be routed to a payment gateway for making the payment towards your NPS account from Internet Banking.
After successful payment of initial contribution, a Permanent Retirement Account Number (PRAN) will be allotted to you. After online account opening process is completed,
➤  The PRAN Kit containing a PRAN Card, IPIN/TPIN, Subscriber Master Report, Scheme Information Booklet alongwith a Welcome Letter will be sent to your registered address.

➤  You need to take a printout of the form, paste your photograph (please do not sign across the photograph) & affix signature.

➤  You should sign on the block provided for signature.

➤  The photograph should not be stapled or clipped to the form.

➤  The form should be sent within 90 days from the date of allotment of PRAN to CRA at the following address or else the PRAN will be ‘frozen’ temporarily:

Address: 

Central Recordkeeping Agency (eNPS)
NSDL e-Governance Infrastructure Limited,
1st Floor, Times Tower,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013

Please note that registration for APY cannot be done through https://enps.nsdl.com/. For registration under APY please contact your Bank Branch.
Processing of subsequent contribution:
All existing subscribers (registered through both online and offline mode) can contribute in Tier I & Tier II account using ‘eNPS’. To contribute online, you need to

✔  Have an active Tier I / Tier II account

✔  Authenticate your PRAN using the OTP sent to your registered mobile number

✔  Pay through your Debit / Credit card or use Internet Banking option.
For queries please contact : 022 – 4090 4242 or write to: [email protected]

You can also contact The Indian Iris team – [email protected]

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