If you are planning for your retirement, there is some significant news for you. The payment app PhonePe has launched an impressive new feature that allows you to open an NPS (National Pension System) account directly through the app, with an initial contribution of as little as ₹250. Let’s look at the process.

Open an account without paperwork
PhonePe has introduced this new facility, called 'Tatkal NPS.' It utilizes the existing, verified KYC details already linked to your bank account. This means you do not need to upload any new documents or go through a lengthy, cumbersome KYC process.

Your account will be verified via an OTP, and the entire process is completely digital—so there is no need to visit any office.

How to open an NPS account?
If you wish to open an NPS account via PhonePe, follow these steps:

Open the PhonePe app on your phone.
Type 'NPS' into the search bar.
Select the 'National Pension System' option.
Tap on 'Start Pension Account Journey.'
Select the bank account linked to your PhonePe and verify it using an OTP.
Enter your initial contribution amount.
Note: You can open this account with a minimum contribution of ₹250.

Once the payment is complete, your PRAN (Permanent Retirement Account Number) will be generated. This number will serve as the primary identifier for your NPS account.

Who will benefit from this?
This new service from PhonePe will be highly convenient for those who wish to start saving for their retirement with a small initial amount. Young people just starting their careers, freelancers, gig workers (such as delivery personnel, cab drivers, etc.), and those involved in small businesses can easily take advantage of this facility.

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