NPS System account opening gets easier – Here’s how to apply for Aadhaar-based paperless KYC verification

New Delhi: The Pension fund regulator Pension Fund Regulatory and Development Authority of India (PFRDA) has now allowed Aadhaar-based paperless KYC process for new subscribers under the National Pension System (NPS).

Here is what the PFRDA decision means

The PFRDA has permitted e- NPS/Points of Presence facilities to use offline Aadhaar of prospective subscribers with their consent for opening NPS accounts.

The Aadhaar-based offline paperless KYC verification eliminates the need to provide a physical copy of the 12-digit identifier.

How can NPS Subscriber apply for paperless KYC verification

Under the new process, an applicant can download the password-protected Aadhaar XML file by accessing the UIDAI portal through eNPS

The subscriber can share the same for his or her KYC

The KYC details are in machine-readable XML format, which is digitally signed by UIDAI allowing eNPS/ POPs to verify the demographic contents of the file and certify the same to be authentic.

The identity and address of the applicant can be verified in the process. The facility can also be availed for opening NPS accounts through Points of Presence (POP), which are offering this facility