NPS is a pension scheme that allows an individual to contribute towards his/her retirement account. His/her employer can also co-contribute towards the retirement account of the employee. There is no defined benefit that would be available at the time of exit from the system. The accumulated wealth in NPSs depends on the contributions made and the income generated from investment of such wealth. Both the salaried as well as self-employed get income tax benefits on investing in NPS.
How to open NPS account through ICICI internet banking account:
Log in into the bank's retail internet banking account:
Click on enroll for NPS in the 'Service Requests' section.
Confirm details and authenticate with Aadhaar OTP
The customer is required to confirm auto-populated account details like PAN, e-mail id, contact number etc and update few details like nominee, choice of fund manager and investment percentages
Thereafter, he/she needs to enter the Aadhaar OTP received on his/her mobile number and upload a scanned image of his/her signature.
Upon submission of the online form, the NPS account gets activated on the next working day through generation of 'Permanent Retirement Account Number' (PRAN) which is sent to the customer via SMS on the registered mobile number by ICICI Bank and NSDL.