Chennai, Oct 30:
PhonePe has launched Tatkal NPS on its platform in partnership with leading banks, enabling users to open National Pension System accounts digitally with an initial contribution starting at Rs 250.
The paperless process allows users to open an account in three steps without uploading fresh documents or completing a new KYC process. Existing bank KYC details are verified through a one-time OTP authentication, following which a Permanent Retirement Account Number (PRAN) is generated instantly.
The facility, developed under the framework of the Pension Fund Regulatory and Development Authority, is aimed at making retirement planning accessible to first-time investors, gig workers, freelancers and small business owners.
Users can access the service by searching for NPS on the PhonePe app, selecting their linked bank account, completing OTP verification and making the initial contribution through UPI.