One of the most frequent questions on the NPS post is how one can open a NPS account, and though things have improved in the past few months – most of the times opening a NPS account is not as easy as it should be.
I tried to look at the various ways you can open a NPS account, and thought I’d make a list of NPS account opening options I’m aware of. In doing this research I found that there is reasonably good information about where you can go to open an account, but it’s just that it’s not very well known.
For instance, on the PFRDA website – you can see the number of PoP-SP (Point of Presence Service Providers) (pdf) and it’s quite clear that SBI with 3,820 registered branches is quite clearly in the lead, followed by Alankit Assignments with 890 branches, India Post NPS Nodal Office with 807 branches and State Bank of Hyderabad with 714 branches.
This is an interesting stat, and the PDF itself has got a list of number of all PoPs, and gives an approximate idea of where you’re more likely get someone who can open an account for you.
With that said let’s take a look at the various options to open a NPS account.
Open a NPS Account with ICICI DIRECT
This is probably the easiest way to open a NPS account because if you have a ICICI DIRECT account, then you can log into your account and open a NPS account without any additional documentation. They don’t currently have the facility to open a Tier II account, but say that it will be introduced shortly.
I don’t know of any other online broker other than ICICI at this point in time that’s offering this service.
Open a NPS account through CAMS Online
CAMS is another registered PoP-SP that allows you to fill up the form online and enter information to open a NPS account.
This info was left by Dr. Shetti in a comment, and I’m not familiar with how the entire process looks like, so before you start entering the details there I suggest giving them a call and find out more.
Here is their contact information:
Point of Presence(POP)
Computer Age Management Services Pvt. Ltd.
PFRDA Unit
Rayala Towers, 158, Anna Salai
Chennai – 600 002.
Phone : 044 – 30212 636 / 662 / 678 / 789 / 808 / 900 / 987 / 989
Fax : 044 – 2841 1893
Email :pfrda@camsonline.com
If someone has first hand experience with this then please do leave a comment.
Go to a bank branch that’s a registered NPS PoP-SP
This is going to be the way most people open a NPS account – going to a bank branch and opening one. The trouble is that a lot of people find that when they go to the bank – the employees don’t even know what NPS is!
The PFRDA website has this excel sheet which has a list of all branches along with address and phone numbers where you can open a NPS account. So, if you’re in Gurgaon – you can just search for that in this file and it will show you the branch that’s present near you.
If you don’t have an ICICI Direct account and are interested in opening a NPS account, then this file should prove to be a good starting point for you as it will tell you where you can go and find some people who actually know what NPS is.
In due time – the number of branches will increase, and it will become easier to open an account, but till then some of you might have to struggle a little bit with this.
Manshu – Its indeed very informative discussions that U and other guys are conducting on this blog which really makes others powerful on NPS scheme. Though its a good move by GOVT. but lacks on many aspects like marketing of products, for how many years Rs 1000 will be added by GOVT. in every account, also the prospects in the future and many more things to come in this scheme.
Hope All is Well
Your post is quite informative but practicaly i am facing hell lot of problems for opening my NPS Account.Since all the POP esp SBI & its subsidiaries is reluctant for opening NPS account.Alankrit & other POP simply shows lack of knowledge about this product.
Kindly help me out
Dear Ashish,
I faced same situation with SBI. They refused to open the account. Thankfully I moved to SBH (State Bank of Hyderabad) and they opened the account for me promptly.
Thanks,
Nitin
HI.
MANSHU
Can I get details about “SWAVLAMBAN” .CAN I GET ONLY PRAN CARD FIRST.HOW MUCH ITS COSTING? WHAT IS TERMS AND CONDITIONS OF SWAVLAMBAN .AND GETTING PRAN CARD.WHERE CAN IT GETS.CAN I GETS ADDRESS IN MAHARASHTRA.
REGARDS
PRAVIN
thanks for giving nps details.GOOD STUDY AND RESEARCH.
PRAVINMARATHE
SHCIL is best place to start you NPS ACCOUNT and once you open NPS account pay online through SBI online. (www.stockholding.in) you can more detail
i want to open through online and any branch ok for me.is any preference like SBI, ICICI which is good and what option like where to put money or auto option please suggest.
I am Govt. Employee.I joined in 2007.I already under in PRAN. But I want to another NPS open on SBI. I eligble to open to this a/c.
Hi,
I went to open the pension account in SBI Madhapur, Hyderabad yesterday (30th March 2013). This branch is listed in the xls sheet you have refered in this article. To my surprise, the Branch Manager (Operations) refused that they deal with NPS accounts. When I told him that your branch is listed on PFRDA website as POP-SP, he blankly told that they dont have any information on working with NPS accounts.
I tried raising this issue by making a complaign on SBI website. Also I mailed to PFRDA grevience mailbox (grc@pfrda.org.in) and SBI’s mail box to handle NPS queries (nps.ccmum@sbi.co.in ) but did not get any response.
Has anybody faced similar situation? If yes, how did you deal with it?
yes not only SBI but all other Banks do same things.
SHCIL is best place to open your NPS ACCOUNT .
sir, i want to know that wheather an CSP subscriber and an EPS subscriber apply for the new pension scheme??
If we opt for ECS , do we still have to pay INR20 for every transaction?
Costs involved in NPS
The cost structure of NPS is very transparent and clearly defined. It includes:
i) account opening charge of Rs 50,
ii) annual account maintenance cost of Rs 350 and per transaction cost of Rs 10,
iii) service charge by the PoP of Rs 40 for registration and Rs 20 per transaction,
iv) fund management charge of 9 paise for every Rs10,000 of funds under management and
v) custodial charges of 0.0075% p.a. for electronic investments and 0.05% p.a. for physical investments. Despite the multiple charges, NPS is one of cheapest pension products available in the Indian financial market.
1) What happens to the subscriber of NPS if he discontinues with payment towards Tier II account , Pays back the penalty to revive the account & again is he eligible to open another Tier II account .
2) List of companies assigned under each of the PFM’s
3) What if the employee of a company already having an NPS account ( TIer I) can he open another Tier I account at other bank .
These are the questions i am unable to fathom with the given data , I would be highly obliged if you can help me out for the same sir.
Tier II account is not mandatory account.You have to maintain a minimum balance of Rs 2000 in any financial year.Its totaly your wish either you contribute or withdraw any amount in your Tier II account
You can only open one NPS account (Tier-I & Tier-II)
ADD DETAILS OF LAKSHMI VILAS BANK LIMITED ALSO IN YOUR WEBSITE.
LVB IS ALSO A POP FOR NPS.
FOR DETAILS : SEE http://www.lvbank.com
Kindly add the details of LVB also, which is providing all services like : DEMAT / NRO / NRE DEPOSITS / NPS / ONLINE TRADING / ONLINE BILL PAYMENT / PHONE BANKING / MOBILE PAYMENT / IMPS / NET BANKING / ASBA FACILITY / POS / INSURANCE PRODUCTS / ALL TYPE OF RETAIL AND CORPORATE LOANS / CURRENT FLEXI ACCOUNTS / RD / FD / SB and everything related to Banking and Para Banking.
HI,
SIR, I WANTS TO KNOW HOW MANY BANKS HAVE PROVIDING ECS FACILITY FOR PPF ACCOUNT
THANKS & REGARDS
Hello,
I have an NPS A/C with ICICI as my Fund manager. I would like to know the rate of return for last yr for same. Recently there was a similar declaration for the govt. employee funds which was little more than 9% (SBI, UTI, LIC). I would like to know the rate of return for the private sector by various fund managers.
I had opened an NPS account through CAMS last year, made an one time payment and did not opt for ECS as I was not sure how much I should be putting into the account. Is it possible to make a lump-sum payment online without going to CAMS office?
Thanks in advance.
Yes, you can add that account to your online banking and pay it that way as well. If you call up CAMS they will tell you the exact procedure to do that.
How to open N.P.S account. my age 43. How much min amt.can i invest? plz. guide me fully.
Wanted become a POP-SP
Kindly give answers.
and what are benefits of pop-sp.
Thanks and regards
Hi,
I am from kolkata. For a long time I was trying to open a NPS account and get th PRAN card. First I was checking with the list of POS (given in the PFRDA website) near my locality. Axis bank, India Post both refused to do so. However, they agreed that they received the circular for the same. They are more interested to sell their insurance product. Then I called Alankit Assignment (R N Mukherjee branch) and they finally help me to open the NPS.
So, if you are from kolkata, directly go to Alankit office and open NPS, without wasting your time with the other POS (like Axis bank or Post office).
Thanks,
Amitava
Thnaks,
Amitava
sir,
i have opened nps account
how to make ecs to pay future instalments ?
kindly enlighten me in this aspect
k.v. prabhakar
You will have to check with the bank for the procedure, I’m not aware of the steps involved – sorry.
Hi
I am a sftware engineer getting 6 lakhs p.a.I am aged 28.Is it a good idea to open a NPS account? To get a descent pension after 60 years of age how much you suggest me to invest per month?
With Regards/
Vishnu – There’s a lot of confusion with respect to NPS, and at present I wouldn’t advice anyone to open a NPS account. You have a long time to go before retirement so continue saving and investing in other places, and that will act in the same or even better way as opening a NPS account.