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NPS Account: Invest in Your Future! Open Account From the Cool Confines of Your Home; Benefits and Opening Process Explained

The simple steps for opening an NPS account with SBI utilising the YONO SBI app for a safe retirement.

NPS Account: The National Pension System, or NPS, a pension programme introduced by the Indian government, is fairly simple to invest in. If you want to register an NPS account with SBI, you may do it quickly and effortlessly from your home using the YONO SBI app. Remember that you cannot open more than one NPS account.

What is NPS

The term “National Pension System” (NPS) refers to the contributory pension system in which a subscriber’s contributions are gathered and accumulated in a personal retirement account, or PRAN, using a network of points of presence, a centralised recordkeeping agency, and any pension funds that may be specified by regulations.

How NPS Works

A Permanent Retirement Account Number (PRAN) is given to the subscriber upon successful National Pension System membership. When a PRAN is generated, NSDL-CRA (Central Record Keeping Agency) sends an SMS alert and an email alert to the subscribers’ registered email addresses and mobile numbers. To build up assets for retirement, subscribers periodically and consistently make payments to NPS during their working lives. The fund is made accessible to the subscriber at retirement or exit from the plan on the condition that a portion of the fund will be invested annually to give him a monthly pension following retirement or exit from the plan.

Steps to open NPS Account

  • Log into the YONO SBI app first, then select the Investments option on the home page.
  • Select the option to open an NPS account now. You may view the features of the product here after selection.
  • You then verify your eligibility here. Continue reading the terms and conditions, tick the box and press I Agree.
  • Following that, a page where you can select a bank account will open in front of you. Choose a bank account for the account contribution here. Tier 1 or Tier 1 and 2 will be offered as options.
  • This will generate a TPRN, or temporary pension reference number, in front of you. Following this, the page filled out according to the bank records will appear; click Next to continue.
  • You must submit a recent photo or take a selfie on the following page. As soon as the upload is complete, the next page will show up in front of you, where you must enter the information for your parents or spouse before selecting Next below. Following this, you must input your occupation, financial information, and educational background on the following page.
  • After then, a digital copy of the original white paper signature must be uploaded. Then check the box and select Confirm.
  • A page with automatically filled bank information opens when you click. Next, click the button below.
    The following page requires you to fill out information about your nominee. There can be a maximum of three nominees listed. Next, click the button below.
  • A new page will load. The details of the investment choice or scheme are entered here. As soon as you complete this, a page with FATCA information will be shown in front of you. Next, click the button below.
  • You have now reached the declaration page. Tick it, then click the Next button below. On the following screen, enter the contribution amount (Tier 1/Tier 2).On the following page that appears, review the contribution amount and charges. Next, click the button below.
  • By doing this, the next page will load, allowing you to review all the information.
    Next, click the button below. You will receive an OTP after completing this, which you must input on the following page. Next, click the button below.
  • The Congratulations page will appear in front of you as soon as you click, displaying information about your Registration Receipt Number, Contribution Receipt Number, and PRAN Number. If you wish, you can download it. Your NPS Account is afterwards opened through the YONO SBI App (NPS Account with YONO SBI).

One of the most affordable pension plans in existence. NPS accounts can be moved across jobs and locations/geographies.

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