Srinagar, Oct 16: The BHIM Payments App has introduced Tatkal NPS, allowing eligible users to open National Pension System (NPS) accounts through a three-step digital process without visiting a bank branch or submitting fresh paperwork.
NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of the National Payments Corporation of India, announced the facility on October 15. Introduced by the Pension Fund Regulatory and Development Authority (PFRDA), the service uses existing bank-verified KYC details. Users need to enter their date of birth, select an eligible bank account and make their initial NPS contribution through UPI.
The facility is currently available to customers of State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Bank of Baroda, with more banks expected to join subsequently.
Lalitha Nataraj, Managing Director and CEO of NBSL, said the initiative would improve access to pension products by enabling users to open accounts directly through a UPI application.
PFRDA Chairperson S Ramann said the initiative aimed to make retirement planning more accessible to eligible citizens.
Indian citizens aged 18 to 85 can open an account through the facility. The minimum initial contribution is Rs 250, while subsequent contributions can start at Rs 10, subject to applicable NPS rules. The scheme offers market-linked investments and applicable tax benefits.
