Here is how all NPS subscribers, including state and central govt. subscribers can make online contributions to NPS. This is post is meant for existing individual, corporate and government subscribers and is not a recommendation to invest in NPS.
If you have an existing account with valid PRAN no (permanent retirement account number), you can,
- Go to the ENPS page
- Enter your PRAN number and DOB.
- After authentication by OTP via both mobile and email, you can make contributions to Tier I or Tier II accounts.
- You can pay through debit card, credit card or internet banking options.
- I think Rs. 500 is the minimum amount, which I paid to check if the facility works for Government employee accounts. The whole process was quite smooth.
- As of now the Tier option shows ‘voluntary’. This implies a voluntary contribution to Tier I. There seems to be no option to invest in Tier II account. This can be done via an online SBI SB account.
Yes, this facility can be used for investing the extra Rs. 50, 000 tax benefit. However, do not Invest Rs. 50,000 in NPS For Saving Tax!
Remember that tax on this amount is being deferred until withdrawal and you need to pay tax as per slab, on not just the capital gains but on your contributions as well! Stay away from Corporate NPS, if You Wish to Retire ASAP!
If you wish to calculator your NPS corpus and annuity, you can use the recently published NPS Calculator.
Update 2: NPS: Partial Withdrawal Rules 2016 are just awful! Beware.
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