How to Pay NPS Contribution Online Using eNPS - Alankit Management Consultancy



NPS Overview


NPS (National Pension System) is a government-sponsored scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It is a sustainable and efficient voluntary defined contribution pension system in India that provides assured old-age income to retired individuals. This pension system is easily accessible, low cost & tax-efficient and acts as an encouragement for subscribers to invest in their retirement fund during their course of employment. The bigger the amount of the contributions made, the bigger investments gained. Under this pension system, individuals contribute to their retirement account and their employer can also contribute to the welfare of the individual.


Minimum contribution


During the NPS account opening, subscribers have to initially contribute a minimum amount of INR 500 for Tier I and INR 1000 for the Tier II account. Each financial year, a subscriber can make a minimum contribution subject as per his convenience based on the following conditions:


For Tier I account:


Minimum amount to be contributed per financial year is INR 1000


The minimum frequency of contribution to be made is one.


For Tier II account:


No minimum balance is required for contribution per financial year.


The minimum frequency of contribution to be made is one.


Modes of contribution


There are various ways for individuals to contribute to both Tier I and Tier II account of NPS. Subscribers can contribute their share of amount using physical mode or online mode of payment through eNPS. It could be made through their debit or credit card or by using the Internet banking facility. Also, subscribers can avail the facility of paying regular contributions through pension accounts maintained under the National Pension System (NPS).


Form


To open an NPS account, individuals have to fill a form available both online and offline. To fill the NPS account opening form using the physical mode, it is a must for subscribers to fill up an NPS contribution instruction slip. The physical copy of the form can be obtained from the nearest POP-SP or the NPS website. Subscribers must provide necessary information like the name of the subscriber, subscriber’s PRAN, contribution, and payment mode.


Visit to POP-SP


Alankit is a leading Point of Presence Service Provider (POP-SP) for NPS across India through a network of over 8000 business locations. Subscribers need to submit duly filled up NCIS (NPS Contribution Instruction Slip) to the nearest POP-SP.


Using eNPS


It is a must for NPS subscribers to submit mandatory details such as PRAN (Permanent Retirement Account Number), date of birth, for authenticity. An OTP is sent to the subscriber on his registered mobile number /email. The online contribution can be made using the net banking facility, debit or credit cards.


Overview of How to make a contribution to NPS online using eNPS


Individuals who have their NPS account opened online or offline can make a contribution to NPS online using eNPS. The overview of contributing to NPS is listed below:


  1. Step 1: NPS subscribers are required to go to the eNPS website to make an online contribution to NPS.
  2. Step 2: It is mandatory to fill the important details such as PRAN and Date of Birth.
  3. Step 3: On the successful authentication of details, an OTP is sent to the registered mobile number/email of the subscriber.
  4. Note: The OTP is valid for the next ten minutes as of receiving it.
  5. Step 4: Payment is to be made for the Tier I or Tier II account through debit /credit card/net-banking.
  6. Step 5: Subscribers get notified of their contribution to NPS via email/SMS.

Overview of eNPS


By eNPS or electronic National Pension System, it is meant that individuals can open an NPS account using electronic platforms and make contributions to it. The online process of making a contribution is easy and convenient; it can be opened by using PAN or Aadhaar. The overview of portable retirement savings account is mentioned below:


Individual Pension Account under NPS: Individuals can open this account by using their Aadhaar or PAN. When opening with PAN, bank details are required to complete the KYC (Know-Your-Customer) process. Opening the account with Aadhaar is a simple process. Subscribers have to provide Aadhaar details on the online platform and validate the details with an OTP.


Note: It is essential to have a Tier I or Tier II account to make an online contribution to NPS.


Charges on Contribution to NPS using eNPS


A Point of Presence Service Provider (POP-SP) for NPS charges 0.05% (subject to a minimum of INR 5 and a maximum of INR 5,000) of the contribution amount. Individuals who register eNPS through Aadhaar will not have to bear any charges for future contributions.


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