New subscribers of National Pension System (NPS) will not have to submit physical application for opening the account in case it is e-verified by through Aadhaar number.
*With e-signature facility, a large number of people having Aadhaar number will be able to open NPS account without needing physical documents.
*Pension Fund Regulatory and Development Authority (PFRDA) had allowed acceptance of eKYC as a valid process for KYC verification.
* E-authentication technique using Aadhaar eKYC services is legally valid authentication.
*In case of account opened through eKYC, the points of presence will send the soft copy of the application form along with the supporting documents to the central recordkeeping agency.
*The points-of-presence will adhere to the requirement of KYC details of the subscribers to Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI).
*Subscribers can open eNPS account for Tier I and Tier II and make initial and subsequent contribution to the account.
*For opening the account online, the subscriber will have to provide mobile number, email ID and an active bank account with net banking facility.
*The subscriber must have an Aadhaar (with a mobile number registered with Aadhaar) and a PAN card.
*In case, an applicant opens individual pension account with PAN, the activation of the PRAN is subject to KYC verification by the empanelled banks.