NPS Account Open: It is very easy to invest in the National Pension System i.e. NPS, a pension scheme launched by the Government of India. If you want to open an NPS account in SBI, then you can easily open your NPS account sitting at home through YONO SBI app. Keep in mind, more than one NPS account cannot be opened.
What is step by step process?
- First of all, log in to YONO SBI app and click on the Investments option present on the home page.
- Now select NPS Account opening option here. On selection you can see the features of the product here.
- After this you check eligibility here. Further read the term and condition, tick it and click on I Agree.
- After this the page for choosing bank account will open in front of you. Here select the bank account for account contribution. There will be an option of Tier 1 or Tier 1 and 2.
- By doing this, TPRN i.e. Temporary Pension Reference Number will be generated in front of you. After this, the page filled as per the bank records will appear, click on Next below.
- On the next page you will have to take a selfie or upload your recent photo. As soon as the upload is done, the next page will appear in front of you in which you have to enter the details of parents or spouse and then click on Next below. After doing this, on the next page you have to enter occupation, income details and educational qualifications.
- After this, a copy of the signature made on white paper has to be uploaded. Then tick mark and click on Confirm.
- On clicking, automatically filled bank details page opens. Now click on Next below.
- Then you will be on the next page where you have to fill your nominee details. Names of maximum three nominees can be entered. Now click on Next below.
- Next page will open. Here you enter the scheme details or investment option. As soon as you do this, a page filled with FATCA details will appear in front of you. Now click on Next below.
- Now you will be on the declaration page. Tick it and now click on Next below. Now enter the contribution amount (Tier 1/Tier 2) on the next page.Then review the contribution amount and charges on the next page that opens. Now click on Next below.
- By doing this the next page will open in which you can review all the details.
- Now click on Next below. On doing this you will get an OTP which you have to enter in the next page. Now click on Next below.
- As soon as you click, the Congratulations page will open in front of you, in which the details of Registration Receipt Number, Contribution Receipt Number and PRAN Number will be visible. You can download it if you want. In this way your NPS Account gets opened on YONO SBI App (NPS Account through YONO SBI).
How does NPS work?
On successful enrollment under the National Pension System, the subscriber is allotted a Permanent Retirement Account Number (PRAN). Upon generation of PRAN, an SMS alert along with an e-mail alert is sent by NSDL-CRA (Central Record Keeping Agency) to the registered e-mail ID and mobile number of the subscribers. Subscribers make periodic and regular contributions to NPS during their working life to accumulate funds for retirement. On retirement or exit from the scheme, the fund is made available to the subscriber with the condition that a portion of the fund will be invested annually so as to provide him a monthly pension after exit from the scheme or retirement.