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Opening an NPS Account

The NPS is the least-cost product that can be used invest for retirement. Here's how you can open an NPS account

I want to open an NPS account. What is the way to open it?
- Ramesh Suri

The National Pension System (NPS) is the least cost financial product to accumulate for your retirement corpus. To enrol in the NPS, you need to submit the registration form along with your identity and address proof to the point of presence (POP).

Step 1: You need to procure your Permanent Retirement Account Number (PRAN) application form. As a subscriber between 18 and 60 years, you can procure your PRAN application form from any of the POP- Service Provider (POP-SP) you wish to register with.

Step 2: You have to ensure that your PRAN application form is filled up with your photograph, signature, mandatory details, scheme preference details etc along with the necessary KYC documentation with respect to proof of identity and proof of address.

Step 3: Once you submit the PRAN application form to your nearest (POP-SP) and submit the PRAN application along with the KYC documents. PRAN card will be sent to your correspondence address by the central recordkeeping agency.

Step 4: At the time of submission of the PRAN application, the POP-SP will give you a receipt number. You can track the status of your PRAN online.

Step 5: Finally, you should make your first contribution, which is a minimum of ₹1,000 at the time of applying for registration to any POP-SP. For this, you will have to submit NCIS (Instruction Slip) mentioning the details of the payment made towards your PRAN account.



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