Categories: Business

PFRDA made KYC process to open NPS account easy, open account with offline basis


PFRDA allows paperless Aadhaar-based KYC process for opening NPS account

New Delhi Pension fund regulator PFRDA said on Wednesday that opening of accounts has been made easier under the new pension system (NPS). Under this, the KYC (Know Your Customer) process has been made paperless for new shareholders. Now the account can be opened only with offline basis and there will be no need to give a physical copy.

The Pension Fund Regulatory and Development Authority (PFRDA) said that it has allowed e-NPS / Point of Presence Centers (where NPS account is opened) to open NPS account through offline basis with the consent of potential shareholders.

Paperless verification with offline basis will not require physical copy of 12-digit identity card. Under the new process, the applicant can visit the UIDAI (Unique Identification Authority of India) portal and download the password protected Aadhaar XML file through e-NPS. This can be shared for KYC. This facility can also be availed in opening an NPS account through Point of Presence.

This process takes place in the read XML format of the KYC detailing machine which has a digital signature of UIDAI. This allows ENPS / POP to check and verify it. Identification and address verification can be done in this. Through this, the NPS account can be opened immediately and the shareholders can also deposit instant money in it.

This post was published on May 28, 2020 2:12 am

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