Skip to content

NOOBFEEDS

Tech for innovators.

Menu
  • Finance
  • New In Tech
  • Tech for Innovators
  • Business
  • About
  • Stocks Tips & Recommendations
Menu

Approval of Aadhaar based e-KYC for opening NPS account, know details

Posted on February 6, 2021February 6, 2021 by Nidhi Malviya

The expansion of mobile network in the country has made e-KYC much easier. In the coming days, its importance in financial services will increase significantly.

Now online Aadhaar KYC process can also be used to open National Pension System i.e. NPS. The pension fund regulator PFRDA i.e. PFRDA has approved this. This will make the process of e-KYC easier for the NPS subscriber. Earlier, the subscriber had to be present for KYC at the point of physical presence. This delayed the process of withdrawal and exit. But now the facility of video KYC through Aadhaar will be greatly facilitated. With this, the process of KYC will be completed in minutes.

E-KYC gained momentum in lockdown

In fact, the RBI had started the social distance maintenance e-KYC and V-KYC process in lockdown. Due to the expansion of mobile network in the country, now e-KYC will become normal. In Budget 2021, Rs 1500 crore has been allocated to promote the adoption of digital methods in financial services.

No tax benefit for investment in NPS Tier-2

Those wishing to contribute to NPS can join e-NPS by giving Aadhaar details and PAN or by giving other KYC details. NPS accounts can be opened between 18 and 65 years. There are two types of accounts. Tier-1 and Tier-2. A Tier-1 account is a pension account, while a Tier 2 account is an investment account. This is a voluntary saving account which is linked to PRAN. Income tax benefit is available in a tier account. While there is no tax benefit on investment in Tier 2 account.

The National Pension System (NPS) is the government’s retirement saving scheme. It was launched on 1 January 2004 by the central government. This scheme is necessary for all government employees joining after this date. Since 2009, the scheme has also been opened to people working in the private sector.

Nidhi Malviya

Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *




  • Documents required for home loans (Complete list here)
  • Binance crypto TradingBinance: You Are 3 Steps Away from Crypto Trading
  • PAN cardAfter marriage, surname change has to be done in PAN card, in this way update name follow this easy process
  • Unemployed are getting a government job in lieu of an application of Rs 1280! Know the truth of this news
  • LIC IPOLIC IPO Update: LIC appoints Sunil Agarwal of Reliance Nippon Life Insurance as CFO before launching IPO

Looking For Something

Let’s Connect

  • Instagram
  • Twitter
  • Facebook

Navigate

  • ABOUT
  • Privacy Policy
  • Contact Us

Pages

  • ABOUT
  • Contact Us
  • Our team
  • Privacy Policy
  • Stocks Tips & Recommendations
  • Terms Of Service