Updated on: Feb 24th, 2023
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7 min read
India has traditionally been a “Pension-less” society, where only government employees had a reliable source of pension to support their lifestyle after retirement. Private-sector employees and self-employed professionals had to plan for their retirement themselves. Through the National Pension Scheme, the government intends to make India a “Pensioned” society and offer financial security to everyone during their golden years.
You need to provide the following information in your NPS registration form to open a new NPS account.
Aside from a duly filled NPS registration form, you require a recent photograph and a cheque or demand draft for the initial contribution to the nearest NSDL office or PoP.
When you submit your form offline with the NSDL, you will receive a PRAN (Permanent Retirement Account Number). This number will be your identity for the NPS account and will be required for completing every transaction related to your NPS account.
After your NPS account has been created, and PRAN is allocated to you, you can now log-in to your E- NPS account through various channels, i.e. through the NSDL NPS portal, through the KFintech portal or your internet banking account.
Following is the step-wise guide to help you with logging into your PRAN account.
If this is the first time that you are logging in to your account, you will need to create a new password by following the steps mentioned below:
If you are logging in for the first time, you need to follow the following process:-
Many banks provide the facility of accessing your e-NPS account through your internet banking. You need to log-in to your internet banking account, browse to the NPS page to check your account details. You can make contributions, select schemes or perform all actions related to your NPS account through your internet banking screen.
If you are looking for a reliable source of income after your retirement, then NPS is an excellent option for you. It not only offers you significant tax benefits but also helps you create a corpus for your retirement. With the option of opening a new NPS account and performing all activities related to it online, it has become more accessible than ever to enrol yourself in a pension scheme.
Partial withdrawal from NPS exempt from tax -Introduced in Budget 2017
Calculate monthly Pension & Tax Benefits through Cleartax NPS Calculator
The entire corpus in the NPS account can be withdrawn by the nominee/ legal heir of the subscriber. However, in the case of a government employee’s death, it is mandatory to purchase the annuity plan. The nominee cannot withdraw the entire amount.
You can withdraw the amount from NPS as below-
India is transitioning to a pensioned society with the National Pension Scheme. NPS registration requires details like applicant type, bank info, nominee. NPS login can be done online through NSDL or KFintech portals or via internet banking. This scheme provides financial security post-retirement with tax benefits. Withdrawal from NPS has specific rules based on age and circumstances.