Icici Bank introduces digital enrolment for National Pension System

Source: Icici Bank

ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a facility that enables customers to register in the National Pension System (NPS) in a completely online and paperless manner.

With this unique service, customers of the bank can register conveniently for NPS through their internet banking account. This new facility improves customer’s convenience significantly as they are no longer required to visit a branch and submit physical documents to enroll for NPS.

In its endeavour to augment customer experience through digitisation of prominent investment products, ICICI Bank has worked closely with the ‘Pension Fund Regulatory and Development Authority’ (PFRDA) and the ‘NSDL e-Governance Infrastructure Ltd.’ the Central Record Keeping Agency, for the introduction of this facility.

Talking about the launch, Mr. A.G. Das, ED, Pension Fund Regulatory and Development Authority said, “PFRDA is committed to providing new ways of enabling quicker and simpler ways of enrolling for the National Pension System (NPS). We are delighted to know that ICICI Bank has developed a completely digital and paperless facility for applying for NPS account. We believe this will offer significant convenience to the citizens of the country as they would not have to visit their bank branch for completing the formalities. This new service will definitely strengthen the Government's Digital India Mission.”

Anup Bagchi, Executive Director, ICICI Bank said, “At ICICI Bank, our philosophy is ‘Ready For You. Ready For Tomorrow’, wherein we are committed to offer innovative products and services to our customers at the fastest possible speed and with the highest level of convenience. In line with this philosophy, we are delighted to have worked closely with the ‘Pension Fund Regulatory and Development Authority’ (PFRDA) and the ‘NSDL e-Governance Infrastructure Ltd.’ to create a fully digital and paperless procedure for convenient enrolment for NPS. We believe that this new service has significantly enhanced customer experience by eliminating the need to visit a branch for enrolling into NPS. We foresee that this digital initiative will appeal to our customers, thereby leading to an increase in their investments towards securing their future.”

Available 24x7 and on all days, customers can login to their internet banking account with the bank to enroll for NPS.

Here is how it works in a few simple steps:

• Login into the bank’s retail internet banking account: The customer needs to login to his/her retail internet banking account > Click on enroll for NPS in the ‘Service Requests’ section.

• Confirm details & authenticate with Aadhaar OTP: The customer is required to confirm auto-populated account details like PAN, e-mail id, contact no etc. and update few details like nominee, choice of fund manager and investment percentages. Thereafter, he/she needs to enter the Aadhaar OTP received on his/her mobile number and upload a scanned image of his/her signature.

• PRAN Generation: Upon submission of the online form, the NPS account gets activated on the next working day through generation of ‘Permanent Retirement Account Number’ (PRAN) which is sent to the customer via SMS on the registered mobile number by ICICI Bank and NSDL.

Once the initial payment and registration is completed, subsequent contributions can also be made at anytime of the year through ICICI Bank’s internet banking platform.

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