A formal regulatory body called the Pension Fund Regulatory and Development Authority (PFRDA) was established under the PFRDA Act, passed on 01.02.2014, with the objective of promoting old age income security and safeguarding the interests of the National Pension Scheme (NPS). Subscribers.
PFRDA has now enabled users to open NPS account through DigiLocker using their driving license. Through the new facility users can update their address details in NPS account.
NPS is a wonderful way to save for retirement. Investors can deduct a maximum of Rs 2,00,000 in NPS taxes every year.
NPS tax deduction under this clause is limited to a maximum of Rs 1,50,000. Over and above the Section 80C deductions, an additional contribution of up to Rs 50,000 can be claimed as NPS tax deduction.
PFRDA has provided additional features through DigiLocker “in honor of 75 years of India’s Independence Day and commemoration of Azadi Ka Amrit Mahotsav”.
Prospective subscribers can use the facility to open their account with protein Central Record Keeping Agencies (CRAs) while existing users can update their address through the new method.
Following are the steps to open a new NPS account using your driving license through DigiLocker:
Step – 1 Visit Protein CRA website and open NPS registration system
Step – 2 Click on “New Registration with Documents with DigiLocker” and then select Driving License from the list of options
Step – 3 You will be redirected to DigiLocker website where you need to login using your credentials and also provide consent to CRA to share documents.
Step – 4 Now allow NPS to access DigiLocker and the documents it provides
Step – 5 Your demographic information and photo on the driving license will be automated on the account opening page.
Step – 6 Now provide your personal details and your PAN card, bank account and scheme and nomination details as required.
Step – 7 Complete the application after which payment can be made for NPS contribution
Step – 8 Your NPS account has been created successfully
Follow the steps below to update your address in NPS account using Driving License through DigiLocker:
Step – 1 Login to your NPS account on Protein CRA website
Step – 2 Click on ‘Demographic Changes’ tab and select ‘Update Personal Details’ option
Step – 3 Select ‘Address Details’ and select the DigiLocker option. Then select Driving License under Documents
Step – 4 You will be redirected to DigiLocker website where you can login and agree to share documents with CRA
Step – 5 Allow NPS to access your DigiLocker account and click Submit
Step – 6 Your address as per driving license will be updated in NPS account