NPS account opening rule change: eNPS for Government Sector, who can use it, process and more
Central Government Employees can now open National Pension System (NPS) accounts through eNPS, a digital platform. «It (eNPS) facilitates the effortless opening of NPS accounts for the Government employees, empowering them to do so in a paperless, user-friendly manner,» according to the master circular recently released by the Pension Fund Regulatory and Development Authority (PFRDA).
What is eNPS? Who can open NPS accounts through eNPS?
eNPS is a digital platform that will allow Government sector employees — the employees of the Central Government, the employees of the State Government employees, the employees of Central Autonomous Bodies (CABs), the employees of the State Autonomous Bodies (SABs) to open NPS account in an easy paperless mode.
The digital platform will also enable Inter Sector Shifting (ISS) of existing subscribers of other sectors to seamlessly transfer their NPS account into the Government Sector, according to the master circular dated December 29, 2023.
There are two ways to register through eNPS:
Through Aadhaar online/offline e-KYC: Under this option, the subscriber is required to use Aadhaar-based KYC.
Through Permanent Account Number (PAN): Under this option, the Subscriber is required to provide a valid PAN and upload the relevant KYC documents.
The pension body has also asked the Government Nodal Offices to use eNPS for the Government Sector for the onboarding process of their new employees.
eNPS for Government sector employees: How it will help you
How will this new eNPS process make opening NPS accounts easier and more seamless manner? The adoption of the eNPS Government Sector has multiple advantages, listed in the PFRDA.
