Pension regulator PFRDA has launched e-NPS, a convenient online based subscriber registration and contribution facility for NPS.
The new e-NPS facility is a Permanent Account Number (PAN) (income tax) based initiative that has recently gone live, Hemant Contractor, PFRDA Chairman told Business Line.
He also said that PFRDA has abandoned the earlier proposal of introducing Aadhar-based e-NPS facility.
"The initiative we have now launched is only IT-PAN based one. Any person with an IT PAN card and a bank account could subscribe for NPS online. We will validate the PAN details online with the income tax department".
Banks will provide online verification of know-your-customer (KYC) for the customers of their banks willing to open NPS account online.
As on date, ten banks –Allahabad Bank, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, South Indian Bank, State Bank of Travancore, State Bank of Hyderabad, State Bank of Patiala, TamilNadu Mercantile Bank and United Bank of India have provided the facility of online KYC verification.
PFRDA has advised all other bank point of presence (POP) to join the e-NPS platform and provide online verification of KYC.
The launch of e-NPS would also mean subscribers need not visit any point of presence and could register from anywhere through an internet connection.