Pension Fund Regulatory and Development Authority (PFRDA), in October 2013, had allowed acceptance of e-KYC as a valid process for Know Your Customer verification in addition to the other permitted ID and address proof.

New Delhi: Simplifying the process, pension fund regulator PFRDA has dispensed with the requirement of submission of physical application form for NPS account opening if done through Aadhaar verification and e-Signature.

Pension Fund Regulatory and Development Authority (PFRDA), in October 2013, had allowed acceptance of e-KYC as a valid process for Know Your Customer verification in addition to the other permitted ID and address proof.

“It has now been decided that in case the Point-of Presence (PoPs) integrate the e-Sign within their applications for online account opening for NPS, the requirement of sending the physical application form to the Central Record keeping Agency by the subscribers/PoPs shall be dispensed with,” it said.

NPS is the government’s flagship social security programme. As on November 30, there were about 1.4 crore subscribers under NPS with over Rs 1.61 lakh crore asset under management.