Pension Fund Regulatory and Development Authority or PFRDA recently allowed Aadhaar-based offline paperless KYC (Know Your Customer)
process for on-boarding of new subscribers under the National Pension System (NPS). The Aadhaar-based offline paperless KYC verification eliminates the need to provide a physical copy of the 12-digit identifier.As per this new process, an applicant can download the password-protected Aadhaar XML file in the offline mode by accessing Unique Identification Authority of India (UIDAI) portal through eNPS and share the same for KYC.
The facility can also be availed for opening NPS accounts through Points of Presence (POP), which are offering this facility.
( Also read: National Pension System: Know about eligibility, premature withdrawal, tax benefits, other details)
"Besides making the authentication process more secure with Aadhaar, this move will also help in increasing the awareness and penetration of NPS in India," said Gagan Rai, managing director and chief executive officer, NSDL e-Governance Infrastructure.
Here are the steps to open NPS account through eNPS (using XML file downloaded through UIDAI website): Step 1: Upload Aadhaar paperless offline e-KYC zip file. If .xml zip file is not generated, individual will have option to migrate to UIDAI website to download the same and set a four digit pass-code. After this, registration can be done on eNPS website. Step 2: Now, select appropriate options on eNPS portal for registration and provide details like mobile number (registered with UIDAI) and upload zip file along with four digit pass-code for paperless offline eKYC process. Step 3: On submission of OTP, demographic details (name, gender, date of birth, mobile number, address and photograph) will be fetched from UIDAI database and other mandatory details will be required to be filled up by subscriber. Step 4: Then, upload scanned copy of PAN card and cancelled cheque in *.jpeg/*.jpg/*.png format having file size between 4KB - 2MB and signature between 4KB - 5MB. Step 5: Users will be routed to a payment gateway for making the payment towards NPS account. Step 6: On successful payment, PRAN will be allotted. Step 7: Subscriber will have an option to eSign or 'Print and Courier' the registration form to CRA.