ICICI Bank Account Holders Can Open NPS Account Online. How To Do It

New ICICI facility for opening NPS account online is expected to increase enrolment in the pension scheme.

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ICICI Bank Account Holders Can Open NPS Account Online. How To Do It

NPS is a pension scheme that allows an individual to contribute towards his/her retirement account.

ICICI Bank has announced the launch of online facility for opening National Pension System (NPS) account. Customers of ICICI Bank can register for NPS through their internet banking account. "This new facility improves customer's convenience significantly as they are no longer required to visit a branch and submit physical documents to enroll for NPS," ICICI Bank said in a statement. Once the initial payment and registration is completed, subsequent contributions can also be made at anytime of the year through ICICI Bank's internet banking platform.

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 

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Thereafter, he/she needs to enter the Aadhaar OTP received on his/her mobile number and upload a scanned image of his/her signature.

PRAN Generation


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. 


 

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