Pension Saving Alert! Planning to open New Pension System (NPS) Tier 1 Account? Know the ONLINE process to open the account

National Pension System (NPS) is a government offered retirement cum pension scheme. An investor gets the dual benefit of tax-saving and retirement planning by investing in NPS. Contribution towards an NPS account provides a benefit to individuals by way of a deduction under Section 80C.   

Not just it secures your retirement planning, but it also saves taxes of up to Rs 1,50,000 a year. The best part is both private and government employees can invest in this retirement planning scheme. Anyone in the group of 18-65 years can invest in this. The minimum amount to invest in their NPS account is Rs 1,000. 

Applicants can open the NPS account both online and offline. To open an NPS account offline, one must follow this step-by-step rule.  

Step 1: Log onto the eNPS website and navigate to the registration section 

Step 2: Enter all the requested information and authenticate with the OTP sent on the mobile 

Step 3: Select the preferred account type; under this, you must choose ‘Tier 1’. You should note that you cannot open a Tier II account without having a Tier 1 account already 

Step 4: Select the fund manager (there are eight fund houses, choose your preferred one)

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Step 5: Select the mode of investment (auto and active modes). Auto mode is the one that allocates and rebalances your portfolio as per the age while the active mode is the one under which you are in charge to choose the assets in your portfolio 

Step 6: Provide the details of the nominees and specify their respective share 

Step 7: Upload the requested documents in the prescribed format 

Step 8: Make the initial contribution (Rs 500) and complete the registration 

Step 9: Your Permanent Retirement Account Number (PRAN) would be generated on completing the registration, store it for the future.