New Delhi. Amidst the demand for restoration of Old Pension Scheme (OPS) in the 8th Pay Commission, a new digital facility has been started regarding National Pension System (NPS). Pension Fund Regulatory and Development Authority (PFRDA) has launched 'NPS Tatkal' facility. Its aim is to make the process of opening an NPS account faster and easier.
NPS account will be opened from mobile
Now through NPS Tatkal, pension account can be opened through mobile without any paper process. For this the facility of digital KYC and UPI will be used. PRAN will also be issued after account opening.
Registration will be easy with BHIM app
This facility has been integrated with the BHIM UPI app. The user will have to select the NPS option in the app and enter the required information. After this, by selecting the bank account, an initial contribution of at least Rs 250 will have to be made through UPI. After completion of payment, PRAN will be generated and the account will be activated.
These bank customers will get the facility
At present, customers of SBI, ICICI Bank, HDFC Bank, Axis Bank and IDFC FIRST Bank can use this facility through BHIM app. There are plans to connect other banks also in the coming time.
Preparation to connect more people with NPS
According to PFRDA, simplifying the digital process can help in expanding the scope of NPS. Especially for small towns, people working in the unorganized sector, shopkeepers and freelancers, opening an account can be easier than before. PFRDA expects to add two to three crore new subscribers in the next two years.