NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), announced that Tatkal NPS is now available on the BHIM Payments App.
Introduced by the Pension Fund Regulatory and Development Authority (PFRDA), Tatkal NPS enables users to open a National Pension System (NPS) account through the app in three steps, without a branch visit or submission of fresh paperwork.
The onboarding process uses existing bank-verified KYC. Users need to enter their date of birth, select their eligible bank account and make their first NPS contribution through UPI.
Tatkal NPS is currently available on BHIM App for customers of State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Bank of Baroda. Additional banks are expected to be added subsequently.
NBSL Managing Director and CEO Lalitha Nataraj said, “UPI has already become a daily financial behaviour for hundreds of millions of Indians. The next opportunity is to improve access to products such as NPS.
Tatkal NPS on BHIM addresses the first barrier, getting started, by allowing eligible users to open an NPS account directly through a UPI app.
Tatkal NPS now enables eligible users to open an NPS account through the app, extending BHIM’s role from facilitating contributions to supporting NPS onboarding.”
NPS is a low-cost pension scheme regulated by PFRDA. Contributions are invested in market-linked funds managed by regulated pension fund managers, with tax benefits available as applicable. Tatkal NPS supports PFRDA’s vision of a pensioned society, where every citizen can work towards a secure income in old age.
How to use it:
- Open the BHIM Payments App and select NPS.
- Enter your date of birth and choose your bank account.
- Make your first contribution of a minimum of ₹250
For more information on NPS and applicable terms and conditions, users can refer to PFRDA’s official NPS resources.
