Short Update
NPS Tatkal Opens Pension Accounts Through UPI
NPS Tatkal lets customers open pension accounts through UPI apps in three clicks, using existing bank KYC records.
At the launch, PFRDA Chairperson Sivasubramanian Ramann said banks could help expand NPS through UPI. PFRDA expects NPS to attract 4 to 5 crore subscribers over the next 2 to 3 years through digital onboarding and awareness campaigns, he said.
Ramann said NPS can deliver better long-term returns than mutual funds when tax benefits and switching without capital gains tax are considered. Annuity income is taxed at the subscriber's marginal rate.