NPS: 5 key measures taken by PFRDA to enhance the NPS subscribers accessibility
In the Economic Survey 2023, the government highlighted the measures taken by Pension Fund Regulatory and Development Authority (PFRDA) to ease the accessibility of NPS and APY to subscribers. Here are some of the measures.
1. NPS reduced timeline
In order to improve the subscriber experience and meet their changing needs, Pension Fund Regulatory and Development Authority (PFRDA) intermediaries have shorten the turnaround times for a number of transactions under the National Pension Scheme (NPS).
Nevertheless, PFRDA shortens the period of time needed to execute withdrawal requests under the NPS account from T+4 to T+2.
Read more: Now you can get NPS withdrawal money within 3 days: PFRDA
2. NPS e Pran
In order to deliver Subscriber Centric Services, Central Record Keeping Agencies (CRAs) appointed by PFRDA have integrated their systems with DigiLocker, allowing pensioners to now benefit from DigiLocker.
Access of ePRAN card through DigiLocker for existing subscribers. This can be done by searching ePRAN in Digilocker.
Read more: Now you can get NPS withdrawal money within 3 days: PFRDA
2. NPS e Pran
In order to deliver Subscriber Centric Services, Central Record Keeping Agencies (CRAs) appointed by PFRDA have integrated their systems with DigiLocker, allowing pensioners to now benefit from DigiLocker.
Access of ePRAN card through DigiLocker for existing subscribers. This can be done by searching ePRAN in Digilocker.
3. NPS Account online using DigiLocker
The Pension Fund Regulatory and Development Authority (PFRDA) has recently said that a subscriber can open National Pension System (NPS) account using his or her driving license stored in the DigiLocker. Log in to DigiLocker and allow NPS to access.
Also read: How to open an NPS Account online using DigiLocker: A step-by-step guide
4. Govt investment choices online directly through CRA login
Government has been decided to allow the change in Investment choice online, wherein the subscriber can submit the request directly in the CRA login and which has to be authenticated through OTP (One Time Password) received on the Registered Mobile/Email-id.”
Also read: Govt NPS subscribers can now change investment option online directly: Here’s how to change
5. Remit funds into their PRAN via the Virtual account number
Pension Fund Regulatory and Development Authority (PFRDA) has now enabled deposit of such contributions through UPI to further ease the deposit process, according to a circular issued on August 12, 2022. The UPI handle for the D Remit is PFRDA.15digitVirtualAccount@axisbank.
Also read: NPS voluntary contributions via D Remit can now be done via UPI
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