1 hr ago

NPS Tatkal Account Opening Arrives on PhonePe and BHIM

NPS is a savings plan for retirement.

PFRDA has introduced a way to open an NPS account using PhonePe or BHIM.

People aged 18 to 85 can apply if they have a KYC-verified bank account.

The process is digital and does not require paper forms.

A new Tier 1 account needs at least Rs 500.

Someone who already has a Tier 1 account can open Tier 2 with at least Rs 250.

The article says BHIM registration is currently available to customers of six listed banks.

After verification and payment, the applicant can get a PRAN.

PFRDA says it hopes the facility will bring in 2 to 3 crore new subscribers over two years.

Key facts

Eligible age: 18 to 85 years
Minimum contribution: new Tier 1: Rs 500
Minimum contribution: Tier 2: Rs 250 for someone who already has a Tier 1 account
BHIM-eligible bank customers listed: State Bank of India, ICICI Bank, HDFC Bank, Bank of Baroda, Axis Bank and IndusInd Bank
UPI contribution limit cited: Rs 2,000, including charges
Same-day investment cut-off: Contributions received by the Trustee Bank before 9:30 AM are invested at that day's NAV; later or non-working-day contributions are reflected on the next working day.
PFRDA subscriber target: 2 to 3 crore new NPS subscribers through Tatkal over two years, according to Chairperson S Ramann

financialexpress.com · 1 hr ago