In order to satisfy the requirements of the Nation Pension System (NPS) and Atal Pension Yojana (APY) architecture, the CRAs registered with the Pension Fund Regulatory and Development Authority (PFRDA) consistently improve their systems.
NPS Central Recordkeeping Agency (CRAs) are accountable for creating new functions, implementing new procedures, and providing various interface models for uploading offices in order to complete their duties and assist subscribers and stakeholders. These programs provide the NPS stakeholders the greatest operational freedom possible.
The functionality that CRAs created in Quarters Ill and IV of FY 2023–24 are mentioned below, as mentioned in a Pension Fund Regulatory and Development Authority dated June 14, 2024.
Here are the important NPS functions recently announced to enhance user experience and operational simplicity.
1. Bank verification with name matching
Bank verification with name matching has to be successful for processing the Exit / Withdrawal requests and also for modifying the subscriber’s bank account details.
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2. NPS Lite I APY — Online Withdrawal facility
The Online screen-based facility implemented for PoPs for processing of Death withdrawal requests along with bank details verification through penny drop (with mandatory name verification).3. NPS Regular / NPS Lite / APY — Improvement in document upload facility at the time of exit
The limit for document upload has been increased from 2 MB to 5 MB at the time of initiation of below
mentioned withdrawal requests:
– Pre-Mature Exit
– Superannuation
– Incapacitation
4. NPS Regular – Bank Details Modification
Facility has been provided in Nodal Office login to upload Bank details as per their HRIMS system. Nodal Office will be able to provide & update salary bank details of their underlying Subscribers through Bulk processing.
5. Unique Mobile/ email during Withdrawal of NPS
Mandate for Subscriber to provide a unique mobile number in their NPS account during withdrawal/exit.
6. NPS Lite Withdrawal -Penny Drop and mandatory name verification
Penny Drop (mandatory name verification) implemented in case of NPS Lite for the following:
Withdrawal on death, Partial Withdrawal
NPS exit rule change: PFRDA modifies rules for withdrawal requests, modifying the subscriber’s bank account details
7. NPS Lite – Subscriber Registration
Penny Drop (mandatory name verification) has been implemented in case of registration for GDS Subscribers.
8. NPS Regular – Scheme Preference Change
Subscribers are now allowed to opt for multiple PF option under Active Choice investment after three months from the date of NPS account opening.
9. Changes at the time of processing of Family/Disability Pension
Changes at the time of processing of Family/Disability Pension requests has been implemented:
Bifurcation of Employer-Employee Contribution.
Implementation of Penny Drop with mandatory name match to verify bank details of the Subscriber/Claimant.
10. NPS Regular -Login
Additional security features through Aadhaar-based authentication for login to the CRA for Nodal Offices has been implemented. Login through Aadhaar has been made mandatory.
11. NPS Regular – Withdrawal Systematic Lumpsum Withdrawal
(SLW) implemented at the time of Superannuation. On Superannuation, the option has been made available to redeem NPS corpus (only lumpsum portion) on periodic intervals. Subscriber can select amount which he/she wants to receive on periodic basis or Age upto which one wants to receive amount on periodic basis
Will new NPS systematic lump sum withdrawal (SLW) option help you during retirement? Here’s how to decide
12. Facility to check Bank account prior to exit/withdrawal
Subscribers through their login can check the verification status of their Bank account before placing exit/withdrawal request. The option has been enabled in Subscriber’s login to verify existing bank details
through penny drop.
13. Claim ID at the time of pre mature withdrawal
In case of All citizen Subscribers, Claim ID now gets generated at the time of initiation of Premature exit withdrawal request as per guidelines.
14.
Changes in NPS Transaction Statement
Financial Year XIRR value in Transaction
Statement has been removed from the following:
Online Transaction Statement
IVR statement
Monthly Statement.
15. NPS Regular – Subscriber Details Modification
Introduction of separate option to update following fields along with mandatory document upload:
1. Name Change
2. Date of Joining
3. Date of Birth
4. Date of Retirement.
” It is mandatory to select & upload supporting documents while updating Name, Date of Joining, Date of Birth and Date of Retirement of the Subscriber.”
This will ensure that correct details updated in CRA records with valid documents.
16. eNPS – Subscriber Registration Changes in eNPS portal: Revamped Ul/UX
eSign/Dual DTP Authentication prior to contribution at the time
Subscriber Registration
Implementation of penny drop bank details verification at the time of Subscriber registration.
17. NPS Lite I APY — Online Withdrawal facility
The Online screen-based facility implemented for PoPs for processing of Death withdrawal requests along with bank details verification through penny drop (with mandatory name verification).
18. NPS Lite – Security
Password Policy has been changed which will contain following:
- 8 to 16 characters
- At least 1 upper case (A-Z)
- At least 1 lower case (a-z)
- At least 1 numbers (0-9) At least 1 special characters out of these (!@#$A&A_)
- No Space character.