Tatkal NPS now available on BHIM app

NPCI BHIM Services Limited (NBSL) has announced that Tatkal National Pension Scheme (NPS) is now available on the BHIM Payments App. The Pension Fund Regulatory and Development Authority (PFRDA) introduced Tatkal NPS, an app that allows users to open a National Pension System (NPS) account in three steps without visiting a bank or submitting any documentation.

Who can avail the NPS Tatkal facility on the BHIM app?

NPS Tatkal is currently available on the 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.

How to open a Tatkal NPS account on the BHIM app

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 the Unified Payments Interface (UPI).

Step 1: Open the BHIM Payments App and select NPS

Step 2: Enter your date of birth and choose your bank account.

Step 3: Make your first contribution of a minimum of Rs 250.

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Which investment choices does the NPS offer?

The NPS offers four asset classes:

Asset class E - Equity and related instruments

Asset class C - Corporate Bonds and related instruments

Asset class G - Government Securities and related instruments

Asset Class A - Alternative Investment Funds (AIFs), including instruments like Commercial Mortgage-Backed Securities (CMBS), Mortgage-Backed Securities (MBS), Real Estate Investment Trusts (REITS), etc.

You may choose your allocation or let the system automatically allocate based on age and risk profile.

What is the BHIM app?

BHIM (Bharat Interface for Money) is an Indian mobile payment app that allows users to send and receive money directly through their bank accounts using the UPI.

What is the National Pension System (NPS)?

The National Pension System (NPS) is a pension-cum-investment scheme launched by the central government to provide old age security to Indians and Non-resident Indians (NRIs). The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

Who can join the NPS?

Any individual citizen of India (both resident and Non-resident) in the age group of 18-70 years (as on the date of submission of the NPS application) can join the NPS.