NPS Accounts Can be Opened Easily Now by Scanning QR Code at Bank of India; See How

Public sector lender Bank of India has launched a brand new service, which will simplify the process for opening an NPS account for customers. Bank of India, along with pension fund regulator PFRDA, has launched a digital platform that  will allow customers to open NPS accounts using mobile phones. The Pension Fund Regulatory and Development Authority (PFRDA) and Bank of India launched the digital platform for NPS enrolment in association with K-fintech.

PFRDA chairman Supratim Bandhyopadhyay inaugurated the digital platform in presence of A K Das, MD & CEO, Bank of India, and Swarup Dasgupta, executive director of the bank.

“We are happy to announce that Bank of India has launched its digital mode in association with K-fintech for new NPS registration. I believe that this digital initiative by the bank will complement our efforts in a dynamic way in realising our vision of a pensioned society,” Bandyopadhyay said.

According to Das, the public sector lender’s technological integration with K-fintech has made the NPS subscription process “easy, fast and hassle-free” and it will act as an impetus to further the growth of NPS. ” “The NPS scheme offers a number of benefits to subscribers to enhance and secure their future. Through our technological integration with K-fintech, We have made the NPS subscription process easy, fast, and hassle-free for the customers. This may act as an impetus for further expansion of NPS accounts,” he said.

Two executive directors of the Bank of India, including, Swarup Dasgupta, M Karthikeyan, and Monika Kalia were also present at the occasion. Other attendees were Mono Phukon, CGM, PFRDA along with DS Shekhawat, General Manager, Government Business Department, BOI, and Mukesh Sharma, ZM, New Delhi, BOI, along with the K-fintech team.

How Does the New System Work?

The PFRDA and Bank of India said that the lender’s customers will be able to open their NPS accounts by scanning a QR code. Customers can now open NPS (National Pension System) account in a hassle-free and paperless manner by scanning a QR code, said in a joint release by PFRDA and Bank of India.

Scanning of the QR code will lead to NPS account opening web page wherein an applicant will have to provide his or her mobile number and apply for registration using the OTP. After that is done, the applicant has to fill in the Aadhaar number to fetch picture and other details from DigiLocker. When all the details are entered digitally, the NPS account will be opened.

What is NPS?

The NPS is a pension-cum-investment scheme launched by the government to provide old-age security to citizens of India. Launched in 2004, the government-sponsored retirement saving option enables subscribers to contribute a monthly amount to withdraw regular income after retirement. It brings an attractive long-term saving avenue to effectively plan your retirement through safe and regulated market-based returns.

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