Planning for retirement has become easier with the new Tatkal NPS facility on the BHIM Payments App. Eligible users can now open a National Pension System (NPS) account digitally without visiting a bank branch or submitting fresh paperwork. With an initial contribution of ₹250, the facility aims to make retirement savings more accessible.
The National Pension System is a market-linked retirement savings scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). Subscribers contribute money that is invested through pension fund managers. The returns depend on market performance, making it important to understand the risks before investing. (File Photo)
The Tatkal NPS facility allows eligible BHIM Payments App users to open an NPS account without visiting a bank branch. Introduced by PFRDA, the service uses existing bank-verified KYC details to simplify registration and reduce the need for fresh paperwork. (File Photo)
Indian citizens aged 18 to 85 years can apply through the facility if they meet the applicable eligibility requirements. The digital process is designed to make retirement savings more convenient for eligible users, allowing them to begin planning for their financial future through their smartphones. (Image: Moneycontrol)
Users must make an initial contribution of at least ₹250 to open an NPS account through BHIM. After the account is opened, additional contributions can start from ₹10, subject to applicable NPS rules. This allows subscribers to continue building their retirement savings over time. (Image: News18 Marathi)
Open the BHIM Payments App and select the NPS option. Enter your date of birth, choose an eligible bank account and make the first contribution of at least ₹250 through UPI. The account-opening process is digital and uses your existing bank-verified KYC details. (Image: CNBC TV18)
The Tatkal NPS facility is currently available to customers of State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Bank of Baroda. According to NPCI BHIM Services Limited, more banks are expected to be added to the facility in the future. (Image: Moneycontrol)
NPS offers tax benefits subject to the applicable provisions of the Income Tax Act and the tax regime chosen by the subscriber. However, returns are market-linked and not guaranteed. Before investing, review the scheme’s investment risks, withdrawal rules and tax treatment to make an informed decision. (File Photo)
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