Bank Account, Mobile Number Now Mandatory for NPS

The finance ministry said today that the Pension Fund Regulatory and Development Authority (PFRDA) has made bank account details and mobile number mandatory for subscribers of the national pension scheme (NPS).

To comply with the Prevention of Money Laundering Act (PMLA) guidelines, the PFRDA has also made Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing subscribers.

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

"It has been decided by the authority to make bank account details and mobile number mandatory to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle-free," the finance ministry said in a statement.

The new common subscriber registration form (CSRF) that is required to be filled-in by the new subscribers will require these details to be compulsorily mentioned.

The existing subscribers can submit it online through "FATCA Self-Certification" in their login page (www.cra-nsdl.com or https://enps.karvy.com/Login/Login).

Fill all the mandatory fields correctly and do not leave them blank as it may lead to rejection of the form.