NPS or The National Pension System is a pension programme launched by the Indian government that provides a sizable corpus to the people who retire from their government job roles. The NPS is overlooked by the Pension Fund Regulatory and Development Authority (PFRDA). The PFRDA has recommended its members to link their aadhaar cards to their NPS accounts respectively. The Indian Government began the plan of linking aadhaar card with NPS accounts in 2004 and decided to provide benefits just to the government employees. However, later in 2009, the plan was expanded to include all Indian citizens. Moreover, in order to take advantage of the benefits the subscriber has to establish one NPS account and submit at least INR 6000 per month. The NPS subscriber can then take a portion of this cash amount in a lump sum payment and use the leftover as to purchase an annuity, which will ensure a monthly income after retirement. The government has also made it mandatory to link PAN with Aadhaar card along with various other documents in order to avail benefits associated with them.
Process of Linking NPS Account to Aadhaar Card
The process to link your aadhaar card to your NPS account is very easy and can be done online. Just remember the fact that the online process for new users differs from the process of existing users in order to avoid confusion at the time of linking your aadhaar card. Both process are briefly explained below:
Process for Existing Subscribers
The online process to link your aadhaar card to your NPS account for existing subscribers is simple and is as follows:
- Visit the official NPS website
- Login to your NPS account using your ID and Password
- Select the “Update Aadhaar Details” option
- Provide your Aadhaar number twice
- Click “Generate OTP”
- You will then receive an OTP on your registered mobile number
- Submit the OTP
- Click “Continue” to begin the aadhaar card linking process
- After successful authentication of your details, your Aadhaar card will be linked to your NPS account.
Process for New Subscribers
A new subscriber, on the other hand would have to open a new NPS account and link it with their aadhaar card at the time of registration. The steps involved in the process of new subscribers to link their NPS account with their aadhaar cards are as follows:
- Head over to the official NSDL eNPS website
- Select the “Registration” option to register yourself as a new user
- Fill in the required information along with your aadhaar number in the appropriate fields
- Click on the “Generate OTP” option
- Read the disclaimer and click “Proceed”
- An OTP will be sent to your registered mobile number
- Submit the “OTP’ and click “Proceed”
- An NPS registration form will open on your next screen
- Fill in the details and pay the required fees
- You will then receive your acknowledgment number
- Use this acknowledgment number to generate your Permanent Retirement Account Number (PRAN)
- E-sign the registration form to complete the NPS subscription process.
Points to Remember while linking your NPS Account to Aadhaar Card
Below mentioned are a few points that you should keep in mind while linking your NPS account to your aadhaar card:
- The name on your aadhaar card should match with your name on your Permanent retirement Account Number (PRAN)
- The subscriber must complete his Aadhaar NPS linking process, irrespective if he provided his aadhaar at the time of subscription
- Aadhaar card can only be linked to your NPS account with the help of OTP authentication
- Therefore, to avail the OTP authentication, it is mandatory to link your mobile number to your aadhaar card
- For government officers to link their NPS account with their aadhaar cards, the appropriate Nodal Officer would have to authorise the linking request.
Benefits Aadhaar NPS Account Link
There are a number of benefits that you can avail if you have linked your aadhaar card to your NPS account. The process to link your NPs account to your aadhaar card is simple and can be easily done online. The benefits for the same are as follows:
- No extra paperwork is required because of OTP authentication. Also the OTP ensures real time verification.
- Individuals can easily track their financial transactions.
- Government provides various exemptions to taxpayers who have linked their NPS account to their Aadhaar cards.
- The process is now very simple and quick with the help of Aadhaar e kyc OTP
- You can instantly meet the KYC requirements with the help of Aadhaar seeding.
