PhonePe has launched ‘Tatkal NPS’ on its platform in partnership with leading banking institutions, allowing users to open a National Pension System (NPS) account digitally and begin retirement planning with contributions starting at Rs 250.
The digital payments and financial services company said the new offering is aimed at making long-term retirement planning more accessible to millions of Indians through a fully digital and paperless onboarding process. The service enables users to create a government-backed pension account and obtain a Permanent Retirement Account Number (PRAN) within minutes without the need for fresh document uploads or additional KYC procedures.
The Tatkal NPS service allows customers to complete account opening in three simple steps by leveraging existing bank KYC records, according to PhonePe. The platform has integrated with leading banks to facilitate seamless onboarding, with plans to broaden coverage across the banking sector in the future. The initiative is powered by the Tatkal NPS framework developed by the Pension Fund Regulatory and Development Authority (PFRDA).
How users can open a Tatkal NPS account on PhonePe
With the launch of Tatkal NPS, PhonePe is expanding its financial services portfolio while seeking to drive greater participation in formal retirement savings among India’s growing digital user base.