8 New Features Added To Benefit NPS Subscribers

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National Pension System (NPS) is a retirement fund which is regulated by Pension Fund Regulatory and Development Authority (PFRDA). The government is taking various measures to make the scheme attractive and make citizens aware of importance for contributions towards retirement.

Recently, PFRDA has taken initiatives to improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc.

Also now many new functionalities have been added for the benefit of subscribers and to make the process easy.

Mobile Application

The subscriber of NPS will be able to raise the request for Transaction Statement for a particular financial year which will be sent to his registered mail ID at end of the day.

Now subscribers can view his/her NPS account, latest details of scheme wise units along with latest NAV and the total value of the schemes, details of the last five contributions credited, can change contact details (Telephone/Mobile no./Email ID), change password through Mobile App.

Address change using Aadhaar authentication

The NPS subscribers can now update or modify their address on their own using Aadhaar based authentication.

Subscriber can authenticate by submitting the OTP, address details from Aadhaar system will be fetched and updated in the CRA system.

Scheme Preference change facility

Subscriber can opt to change their scheme after logging in. An OTP will be sent to their registered mobile number.After authentication is done with OTP, one can change their PFM, Asset Class, Allocation Ratio, Scheme Options.

Activation through eNPS

Any subscriber having Tier I account in NPS can now activate Tier II account online through eNPS by entering his / her PRAN, DOB and PAN.

KYC re-verification

A Subscriber whose bank has not confirmed or rejected KYC verification request can now update the address details and confirm KYC using Aadhaar based authentication.

The Subscriber needs to simply go to eNPS site, click on update details and proceed.

Online contribution

Earler, subscribers could contribute through online mode using eNPS portal of NPS Trust. Now, a facility has been made available to contribute online by Subscribers using IPIN credentials in CRA system. 

Online IPIN generation

The eNPS subscribers can now access the CRA system immediately after registering without waiting for physical I-PIN to be despatched.
Facility is now available where the Subscriber will generate I-PIN instantly and access NPS account.

Withdrawal from Tier II account

Now, the NPS Subscribers have a facility to initiate withdrawal request from Tier II account using their login credentials and OTP authentication on registered mobile number.

Earlier, for withdrawal from Tier II account, the NPS subscribers are required to visit the branch of the associated Point of Presence (POPs) or Nodal Office.

Read more about: nps, retirement, pension
Story first published: Saturday, July 16, 2016, 11:39 [IST]
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