NPS Lite - India Infoline Finance Limited
NPS Lite - India Infoline Finance Limited
NPS Lite - India Infoline Finance Limited
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How can I open an <strong>NPS</strong> <strong>Lite</strong> account?<br />
Opening an <strong>NPS</strong> <strong>Lite</strong> account is very simple. You need to fill the <strong>NPS</strong> <strong>Lite</strong> form and<br />
provide the required documentation along with a minimum investment amount of Rs.<br />
100 to the authorised aggregator approved by PFRDA. You can also download the<br />
application form from the PFRDA website or Payment can be made in cheque or<br />
cash. The account has to be opened in the name of an individual. It cannot be<br />
opened in joined names. Subscriber can nominate a maximum of three nominees.<br />
Pankaaj Maalde, head-financial planning, ApnaPaisa.com, said, “Any individual<br />
between 18 years to 60 years who is citizen of <strong>India</strong> can enroll in <strong>NPS</strong>. Even an NRI<br />
can enroll for <strong>NPS</strong>. However, Hindu Undivided Family is not allowed to invest in<br />
<strong>NPS</strong>.”<br />
Documents to be submitted include two photo copies of identity proof and address<br />
proof and a recent passport size photo. Identity proof documents would include your<br />
PAN (permanent account number) card, ration card, voter’s ID card, etc. Address<br />
proof documents consists of driving license, passport, electricity bill, telephone bill,<br />
bank account statement, rent receipt and credit card statement among others. These<br />
copies should be self attested. The forms are to be mandatorily filled in black pen.<br />
What is PRAN?<br />
The PRAN (Permanent Retirement Account Number) card will be issued to each<br />
subscriber on the registration of his <strong>NPS</strong> <strong>Lite</strong> account.<br />
The PRAN card is a document with PRAN No, subscriber’s name, father’s name,<br />
photograph and signature/thumb impression. The Card is issued by Central<br />
Recordkeeping Agency i.e. NSDL (National Securities Depository Ltd). A subscriber<br />
can hold only one PRAN card. The PRAN card will be unique, permanent and<br />
portable. The subscriber will get the PRAN card within 20-30 days after the<br />
submission of documents. A subscriber cannot open two different accounts in similar<br />
name. In case of rejection of application, the amount is refundable.<br />
What is the role of an aggregator?<br />
Entities approved by PFRDA would be acting as aggregator in <strong>NPS</strong> <strong>Lite</strong> for their<br />
subscribers. Aggregator performs functions relating to registration of subscribers,<br />
undertaking KYC (know your customer) verification, receiving contributions and<br />
instructions from subscribers and transmission of the same to designated <strong>NPS</strong> <strong>Lite</strong><br />
intermediaries.<br />
Opening an <strong>NPS</strong> account is very simple. All you have to do is open an account<br />
through your Aggregator and get a PRAN. List of aggregators appointed website.<br />
Investment amount<br />
There are no lower & upper limits to the number of contribution per year. The<br />
subscriber is free to manage the frequency and amounts of contributions. However,<br />
more than 12 transactions in a year will cost you Rs. 5 per transaction.<br />
Swavalamban scheme<br />
There is no minimum investment requirement each year, however minimum of Rs.<br />
1,000 contribution per year is recommended. Those desirous of availing<br />
Swavalamban scheme of the government must invest at least Rs. 1,000 during the<br />
year so that they can get government contribution of Rs. 1,000 in the account each