NPCI BHIM Services Limited (NBSL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), announced on Wednesday that users can now access Tatkal NPS through the BHIM Payments App.
The Pension Fund Regulatory and Development Authority (PFRDA) introduced Tatkal NPS to help users open a National Pension System (NPS) account through the app in three simple steps, without visiting a branch or submitting fresh paperwork.
The onboarding process relies on existing bank-verified KYC details. Users need to enter their date of birth, select an eligible bank account and make their first NPS contribution through UPI.
Currently, Tatkal NPS on the BHIM Payments App supports banking customers of State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Bank of Baroda.
NBSL said it expects to add more banks to the service in the coming months.
Lalitha Nataraj, Managing Director and CEO of NBSL, said UPI has become part of the daily financial routine for hundreds of millions of Indians. She added that the next opportunity lies in expanding access to financial products such as NPS.
“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,” Nataraj said.
NPS offers a low-cost retirement savings option under PFRDA regulation. Subscribers invest their contributions in market-linked funds managed by regulated pension fund managers and can claim applicable tax benefits.
Tatkal NPS also supports PFRDA’s vision of building a pensioned society in which every citizen can work towards financial security in old age.
PFRDA Chairperson S. Ramann said UPI had transformed how Indians make payments and expressed confidence that Tatkal NPS could similarly change how they prepare for retirement.
“With just three clicks, any eligible citizen can open a pension account through our partnership with NPCI, banks and UPI apps. Our mantra is simple: Grow rich before you grow old. And we want this message to reach every street, every village and every Indian,” Ramann said.
Indian citizens aged 18 to 85 can open an NPS account through Tatkal NPS on the BHIM Payments App with a minimum initial contribution of Rs 250. They can make subsequent contributions starting at Rs 10, subject to applicable NPS rules.