From NPS deposit to withdrawals, three new online features explained here
For the benefit of NPS subscribers, the pension fund regulator PFRDA has introduced many new features that can be done online. Recently, the Pension Fund Regulatory and Development Authority or PFRDA launched the D-Remit facility which helps National Pension Scheme subscribers to transfer money directly to their NPS accounts from their bank accounts and also get a net asset value. the same day. They can also contribute on a regular basis, just like the systematic investment plan or the SIP in mutual funds.
The PFRDA also recently authorized an online facility based on electronic signs for the change of appointment. The appointment made under the NPS can be changed by a subscriber at any time. Previously, the regulator allowed the process of customer identification by video to further facilitate the onboarding, withdrawals and exit of NPS subscribers.
How to use the D-Remit function for the NPS:
Voluntary contributions from NPS subscribers received at Trustee Bank until 9:30 a.m. on any day (other than Saturdays, Sundays and public holidays) under D-Remit would be deemed to give the subscriber the NAV on the same day. The minimum amount of the contribution via the D-Remit function is Rs. 500.
1) To use D-Remit, NPS subscribers must have a virtual ID (virtual account). They must access the Central Record Keeping Agency (CRA) Portal for the national pension system.
2) The subscriber will receive an OTP for authentication on the mobile number registered in PRAN.
3) The generation of the Virtual ID is a one-time activity and these IDs are permanently attached to the PRAN for the purposes of D-Remit.
4) Virtual IDs are unique for NPS Level I and II accounts.
5) NPS subscribers who have net banking facilities can benefit from the R-Remit feature.
6) After logging into the online banking, the subscriber should add the virtual ID as a payee with the unique IFSC details of the trust bank to transfer funds or set up automatic debit from their bank accounts.
How to change the NPS nomination online:
NPS subscribers can access their CRA system with login credentials and select the “update personal data” option from the “demographic changes” menu.
The subscriber must then select the option to add / update candidate details.
After that, the NPS subscriber must submit the candidate details, such as name, candidate relationship, and percentage share.
After the details are registered and confirmed, the subscriber must submit the one-time password (OTP) received to the registered mobile number.
When submitting the OTP, the subscriber must electronically sign to authenticate the changes by selecting the electronic signature option
The subscriber will be redirected to the electronic signature service providers page for electronic signature where he or she will need to enter Aadhaar / Virtual ID and click send OTP. OTP will be sent to the mobile number registered with UIDAI. The subscriber must submit the OTP and click on verify OTP.
After authentication, the appointment details will be updated in the NPS records
If the electronic signature fails, the subscriber has the option of updating the appointment according to the existing physical process.
Video-based Customer Identification Process (VCIP) for NPS subscribers
PFRDA has now allowed its intermediaries to use the Video-Based Customer Identification Process (VCIP), in addition to existing options, to further facilitate onboarding, withdrawals, exit and processing other requests. related services from NPS subscribers.
It facilitates the process of onboarding / egress / other service requests as the subscriber verification is performed without the need for the physical presence of the subscribers before the point of presence (PoP) nodal agents.
Intermediaries who are only registered and regulated by the PFRDA will follow the guidelines issued by the authority for the execution of the VCIP.
Never miss a story! Stay connected and informed with Mint. Download our app now !!