NPCI subsidiary NBSL launches Tatkal NPS on BHIM Payments App for opening pension accounts via UPI

Key facts

• 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.
• Tatkal NPS, introduced by the Pension Fund Regulatory and Development Authority (PFRDA), enables users to open a National Pension System (NPS) account in three steps using existing bank-verified KYC, without a branch visit or fresh paperwork.
• Users must enter their date of birth, select an eligible bank account, and make their first NPS contribution through UPI.
• Tatkal NPS is currently available on the BHIM App for banking customers of State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank and Bank of Baroda, with more banks to be added later.
• Eligible Indian citizens aged 18 to 85 years can open an NPS account through Tatkal NPS with a minimum initial contribution of Rs 250, while subsequent contributions start from Rs 10, subject to applicable NPS requirements.
• NPS is a low-cost pension scheme regulated by PFRDA, with contributions invested in market-linked funds managed by regulated pension fund managers and tax benefits available as applicable.