Pension Fund Regulatory and Development Authority (PFRDA) allows Aadhaar-based offline paperless KYC process for its new subscribers under the National Pension System (NPS). The process enables immediate activation of NPS account due to instant KYC verification and also facilitates the immediate deposit of NPS contribution by the subscriber.
The Aadhaar-based offline paperless KYC verification eliminates the need to provide a physical copy of the 12-digit identifier. As per this process, an applicant has to download the password-protected Aadhaar XML file in the offline mode by accessing the Unique Identification Authority of India (UIDAI) portal through eNPS and share the same for KYC. This facility can also be availed for opening NPS accounts through Points of Presence (POP).
How does the Aadhaar-based eKYC process work?
Upload Aadhaar paperless offline e-KYC zip file. If .xml zip file is not generated, individuals will have the option to migrate to the UIDAI website to download the same and set a four-digit passcode. After this, registration can be done on eNPS website
Now, select appropriate options on the eNPS portal for registration and provide details like mobile number (registered with UIDAI) and upload zip file along with four-digit pass-code for paperless offline eKYC process.
On submission of OTP, demographic details (name, gender, date of birth, mobile number, address, and photograph) will be fetched from the UIDAI database and other mandatory details will be required to be filled up by subscriber.
Then, upload a scanned copy of the PAN card and canceled cheque in *.jpeg/*.jpg/*.png format having file size between 4KB - 2MB and signature between 4KB - 5MB. It is advisable that users should keep these documents ready before starting the process
Users will be routed to a payment gateway for making the payment towards the NPS account. On successful payment, PRAN will be allotted.
Subscribers will have an option to eSign or 'Print and Courier' the registration form to CRA.
Note that PFRDA has allowed various digital enablers like a one-time password (OTP) based authentication, paperless onboarding, e-sign based authentication, D Remit, Video Customer Identification to facilitate remote onboarding, online exit tools, online enrollment for those in government jobs, self-authentication based exit by offline Aadhaar, self-declaration based partial withdrawal, instant bank account verification before passing on NPS benefits, among others.
