Is cancelled cheque mandatory for NPS?

As most employees are aware that the Indian government offers a voluntary retirement savings program called the National Pension Scheme (NPS). It enables salaried people to make contributions towards their retirement savings, which are invested in different financial products. However, one common question arises here: Is cancelled cheque mandatory for NPS? This is typically the basic criterion for NPS, although there is an alternate method. Scroll down to know more.

NPS cancelled cheque alternative way

To my understanding, you can sign up for NPS without a cancelled cheque if you have access to net banking at any Indian bank. As Monali H mentioned, you only need to present a copy of your passbook or statement from your bank that includes your name, bank account number, and IFSC code. Moreover, I would suggest you submit your cancelled cheque. 

• A cancelled cheque's primary objective is to confirm an individual's financial account information, including the account number and MICR code. 

• A cancelled cheque is required by the company when acquiring an insurance policy in order to confirm the account information.

• For effective financial transfers and contributions to the NPS account, this is essential. 

• You will need to provide a voided cheque if you selected an NPS Tier 2 account.

Moreover, you can follow the steps to create an NPS account as mentioned by Aadar Shukla above. You just need to have your PAN, Aadhar number, and KYC documents before creating an NPS account. I hope you got an alternative to cancelled cheque for NPS.

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Among the different financial methods accessible in the market, I think cheques are the most well-known ones. They are a customary technique for banking cash exchanges. But do you know if cancelled cheque for NPS registration is required or not? Cancelled cheques are the most common form of account ownership documentation in any given bank. Let me explain it to you.

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A cancelled cheque is a blank cheque on which the words "Cancelled" are written by hand and two diagonal lines are drawn from one end to the other, as the name suggests. The word 'Dropped' is composed between those two lines. The money being cancelled is not withdrawn using this cheque. It fills in as proof of record holding for the sake of a specific client.

Is cancelled cheque mandatory for NPS tier 1?

There are various spots where you will be expected to deliver your record subtleties or bank subtleties, as opposed to giving them in composed which isn't so much as a validated verification, a dropped really take a look at fills the need. Following are a few cases that would expect you to deliver a dropped cheque.

• Purchasing an insurance policy: In order to verify the details of the account, the company will ask for a canceled cheque when you buy an insurance policy.

• Option for NPS: A cancelled cheque must be submitted if you select the NPS tier II account. So, NPS without cancelled cheque for tier 1 is not required but it is required for tier 2.

NPS cancelled cheque alternative

There is an option in contrast to a dropped cheque for opening an NPS account. You can provide a copy of your passbook or a bank statement with your name, account number, and IFSC code. The account that you want to link to your NPS account should be on the bank statement or passbook. You can also give a copy of the front page of your bank, which includes your name, account number, and IFSC code.

NPS cancelled cheque sample: How to Write a Cancelled Cheque?

• While presenting a cancelled cheque to a bank or non-banking monetary organization (NBFC), it is vital to adhere to the directions given.

• Take a brand-new cheque. Don't write anything else on the cheque, like the Payee's name, amount, signature, or anything else.

• Make sure the account number, IFSC code, MICR code, account holder's name, bank's name, or address are not hidden by drawing two parallel lines across the cheque. 

• Write "CANCELLED" in capital letters in between the lines.

I hope this answer was helpful to you in understanding about cancelled cheque for NPS registration.

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Only central government personnel had access to the National Pension System (NPS) in the past. But now I know, it became accessible in 2009 for all Indian nationals. Pension Fund Regulatory and Development Authority has jurisdiction over the programme (PFRDA). So let me tell you if a cancelled cheque for NPS required or not. Invest your pension amount with NoBroker and get the best deals on properties. Use NoBroker to pay the utility bills and get rewarded with cashback.

Is NPS cancelled cheque required or not?

Bank information is not required for Tier I accounts. But, you must include a cancelled check with the registration form if you plan to supply the same. You will need to send a cancelled check if you selected an NPS tier II account. Now you know is cancelled cheque mandatory for NPS.

How to create an NPS account online?

• You need to go to the eNPS portal to register online.

eNPS Official Website

• Select "National Pension System" and then select "Registration."
• You should link your phone number, Aadhaar, and Permanent Account Number (PAN) to the NPS account.
• Then you have to use the OTP that will be issued to your registered phone number to confirm the registration.
• The Permanent Retirement Account Number, or PRAN, will be given to you once the registration process is complete.
• In the future, you can access your profile by logging in with the PRAN.

How to create an NPS account offline?

• You can open an NPS account by going to the nearby Point of Presence (PoP) centre, a bank, or a post office.
• You must submit your Know Your Customer (KYC) paperwork with a properly completed and signed form.
• Following your initial deposit, the PoP centre will provide you with a PRAN.
• A password and the PRAN will both be in the welcome pack.
• You will need to log into your account using your PRAN and password.
• A one-time registration fee of Rs. 125 is further required.

How to check NPS balance online?

• Open the National Pension System link

eNPS Official Website

• Then you need to log in to your account using your PRAN.
• Select "Transaction Statement" from the menu.
• Obtain the "Holding Statement" and "Transaction Statement" from the options menu.

This is your guide about the cancelled cheque for NPS. Read More: Does a cancelled cheque require NPS? Where to open an NPS account? How to open an NPS account? What is NPS PRAN number?