The National Pension Scheme (NPS) subscribers’ interests were protected and an official regulating organization named the Pension Fund Regulatory and Development Authority (PFRDA) was founded by the PFRDA Act, which was passed on 01.02.2014.
Users can now utilize their driver’s license to open an NPS account using DigiLocker thanks to the PFRDA. Through the new facility, users can also alter their address information in their NPS account.
A great approach to saving for retirement is through NPS. NPS taxes are deductible by investors up to $2,000 per year.
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PFRDA has provided the additional features through DigiLocker “as a tribute to 75 Years of India’s Independence Day celebration and to commemorate Azadi Ka Amrit Mahotsav.”
The NPS tax deduction allowed by this section is capped at 1,50,000. Additional contributions up to $50,000 can be claimed as NPS tax exemptions in addition to Section 80C deductions.
Prospective subscribers can use the facility to open their Protean Central Record Keeping Agencies (CRAs) account, while current customers can utilize the new approach to amend their addresses.
The procedures for opening a new NPS account through DigiLocker with your driver’s licence are as follows:
Step 1: Open the NPS registration system on the Protean CRA website.
Step 2: From the list of possibilities, click “New Registration with Documents with DigiLocker,” and then choose “Driving Licence.”
Step 3: You will be sent to the DigiLocker website, where you must log in with your credentials and give the CRA permission to share your papers.
Step 4: Now provide NPS access to DigiLocker and any papers it has issued.
Step 5: On the account opening screen, your demographic data and driving licence photo will automatically populate.
Step 6: Provide your personal information, as well as information on your PAN card, bank account, scheme, and nomination, if necessary.
Step 7: Fill out the application completely before paying for your NPS donation.
Step 8: Your NPS account will be successfully created.
To update your address in your NPS account using your driver’s licence and DigiLocker, follow the procedures below:
Step 1: Visit the Protean CRA website and log in to your NPS account.
Step 2: Select “Update Personal Details” under the “Demographic Changes” tab.
Step 3: Choose “Address Details” and then “DigiLocker.” then click Documents and then choose Driving Licence.
Step 4: You will be taken to the DigiLocker website, where you can log in and grant CRA your permission to access your papers.
Step 5: Click “Submit” to grant NPS access to your DigiLocker account.
Step 6: Your address in the NPS account will be adjusted in accordance with your driver’s licence.
