To meet the requirements of the National Pension System (NPS) and Atal Pension Yojana (APY), the Central Recordkeeping Agencies (CRAs) registered with the Pension Fund Regulatory and Development Authority (PFRDA) consistently enhance their systems.
The CRAs are responsible for developing new functions, implementing updated procedures, and providing various interface models for uploading offices. These initiatives aim to assist subscribers and stakeholders, offering them maximum operational flexibility.
In Quarters III and IV of FY 2023–24, the CRAs introduced several key functionalities, as noted in a PFRDA announcement dated June 14, 2024. According to a report by ET, Here are the significant NPS functions recently launched to improve user experience and operational simplicity.
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Bank Verification with Name Matching
To process exit and withdrawal requests, and modify subscriber bank details, successful bank verification with name matching is now mandatory.
Online Withdrawal Facility for NPS Lite/APY
An online screen-based facility has been implemented for PoPs to process death withdrawal requests, including bank details verification through penny drop with mandatory name verification.
Enhanced Document Upload Facility
The document upload limit at the time of exit for Pre-Mature Exit, Superannuation, and Incapacitation has been increased from 2 MB to 5 MB.
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Bank Details Modification via Nodal Office Login
Nodal Offices can now upload and update bank details for their subscribers through bulk processing using the HRIMS system.
Unique Mobile/Email Requirement
Subscribers must provide a unique mobile number in their NPS account during withdrawal/exit to enhance security and communication.
Penny Drop Verification for NPS Lite Withdrawals
Mandatory name verification via penny drop is now required for NPS Lite withdrawals on death and partial withdrawals.
Penny Drop Verification for Subscriber Registration
GDS subscribers registering for NPS Lite will undergo penny drop verification with mandatory name matching.
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Scheme Preference Change for NPS Regular
Subscribers can now opt for multiple Pension Fund (PF) options under Active Choice investment after three months from the date of NPS account opening.
Family/Disability Pension Processing Changes
New procedures include bifurcation of employer-employee contributions and penny drop verification with mandatory name match for bank details of the subscriber/claimant.
Enhanced Security for Nodal Office Login
Aadhaar-based authentication has been implemented for additional security during login to the CRA for Nodal Offices, making Aadhaar login mandatory.
Here are some other changes as well:
- Subscribers can now choose to redeem their NPS corpus (lumpsum portion) periodically upon superannuation, selecting the amount or age for periodic payments.
- Subscribers can now check the verification status of their bank account before placing exit/withdrawal requests through their login.
- For all citizen subscribers, a Claim ID is now generated at the initiation of a premature exit withdrawal request.
- The Financial Year XIRR value has been removed from online transaction statements, IVR statements, and monthly statements.
- A separate option for updating name, date of joining, date of birth, and date of retirement has been introduced, with mandatory document uploads to ensure accurate records.
These changes are part of the consistent efforts by the Central Recordkeeping Agencies (CRAs) under the Pension Fund Regulatory and Development Authority (PFRDA) to improve their systems and provide the best operational freedom for NPS stakeholders.
