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        News and Press Release

        New Features Released For NPS Subscribers

        July 15, 2016

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        Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new functionalities have been released to provide the ease of operation for the benefit of subscribers and nodal offices. These are detailed below:

         Functionality released recently for the benefit of NPS subscribers:

        S. No.

        Functionalities

        Benefits Description

        1

        Mobile Application

        Mobile Application for NPS is now available to the Subscriber’s in ‘Google Play Store’ as ‘NPS by NSDL e-Gov’ for installation and use.

        In Mobile App, the Subscriber 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, 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/security Question add/modify his/her password and set security question (for password reset) through Mobile App. Notifications, if any, from CRA will be available to the Subscriber. Short messages will be displayed here.

        2

        Change of address using Aadhaar authentication

        The Subscribers can now update/modify their address on their own using Aadhaar based authentication. After logging in CRA, Subscriber will use the menu “Update Address” by providing the Aadhaar No and click on the ‘submit’ button. After which an OTP will be sent to Subscriber’s mobile. Once the Subscriber authenticates by submitting the OTP, address details from Aadhaar system will be fetched and updated in the CRA system. In this process, Subscriber will be able to update permanent as well as correspondence address.

        3

        Scheme Preference change facility

        Once Subscriber opts to change his / her Scheme Preference after logging in, an OTP will be sent to the Subscriber (on their registered mobile number). After authentication is done with OTP, the Subscriber can change their PFM, Asset Class, Allocation Ratio, Scheme Options.

        4

        Tier II 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. An OTP will be generated and will be sent to the registered mobile number. Subscriber has to enter the OTP and proceed for Tier II activation under NPS.

        5

        KYC re-verification using Aadhaar authentication

        A Subscriber whose Bank has not confirmed (rejected) his / her 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.

        6

        Facility to contribute Online

        Subscribers are contributing 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. Subscriber can login into the CRA system and click on “Contribution” menu. On submission, the Subscriber will be redirected to eNPS contribution page from where he / she can contribute as per existing process of eNPS.

        7

        Withdrawal from Tier II account

        At present, 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. 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.

        8

        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 his / her NPS account.

        Currently, NPS and APY together have 1.29 crore subscribers with total Asset under Management (AUM) of 1.34 lakh crore.

        Aadhaar-based authentication expands NPS online self-service, enabling address update, KYC re-verification and transactions via OTP and eNPS flows PFRDA has enabled Aadhaar-based authentication and OTP-based procedures across NPS components: a mobile app for account access and statement requests; Aadhaar-driven address update and KYC re-verification; OTP-secured scheme preference changes and Tier II activation; eNPS-integrated online contributions using IPIN credentials; online initiation of Tier II withdrawals via login and OTP; and instant online I-PIN generation to permit immediate CRA access.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Aadhaar-based authentication expands NPS online self-service, enabling address update, KYC re-verification and transactions via OTP and eNPS flows

                                PFRDA has enabled Aadhaar-based authentication and OTP-based procedures across NPS components: a mobile app for account access and statement requests; Aadhaar-driven address update and KYC re-verification; OTP-secured scheme preference changes and Tier II activation; eNPS-integrated online contributions using IPIN credentials; online initiation of Tier II withdrawals via login and OTP; and instant online I-PIN generation to permit immediate CRA access.





                                Note: It is a system-generated summary and is for quick reference only.

                                Topics

                                ActsIncome Tax
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