From NPS deposit to withdrawals, three new online facilities explained here

For the benefit of NPS subscribers, pension fund regulatory body PFRDA has introduced many new facilities that can be done online. Recently, Pension Fund Regulatory and Development Authority or PFRDA launched D-Remit facility that helps National Pension Scheme subscribers transfer money directly to their NPS accounts from their bank accounts and also get same-day NAV. They can also contribute on regular basis, just like systematic investment plan or SIP in mutual funds.

PFRDA had also recently allowed e-sign based online facility for change of nomination. Nomination made under the NPS can modified by a subscriber at any time. Prior to that the regulator allowed video-based customer identification process to further facilitate on-boarding, withdrawals and exit for NPS subscribers.

How to use the D-Remit facility for NPS:

Voluntary contributions from NPS subscribers received at Trustee Bank till 9:30 am on any day (other than Saturday, Sunday and Holidays) under D-Remit would be considered for giving the subscriber the same day’s NAV. The minimum contribution amount through D-Remit feature is Rs. 500.

1) To use D-Remit, NPS subscribers are required to have a Virtual ID (Virtual Account). They have to access the Central Recordkeeping Agency (CRA) portal for National Pension System.

2) The subscriber will be sent 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 PRAN for the purpose of D-Remit.

4) The virtual Ids are unique for Tier I and Tier II NPS accounts.

5) NPS subscribers who have net banking facilities of banks can avail benefit of R-Remit feature.

6) After logging into the net banking, the subscriber needs to add the virtual id as beneficiary with the unique IFSC details of the trustee bank to transfer fund or set up auto debit from their bank accounts.

How to change NPS nomination online:

NPS subscribers can access their CRA system with login credentials and select the option “update personal details” under “demographic changes” menu.

The subscriber then needs to select the option add/update nominee details.

After that the NPS subscriber needs to submit details of the nominee such as name, relationship with nominee and percentage share

Once the details are saved and confirmed, subscriber is required to submit the one-time password (OTP) received registered mobile number.

On submission of OTP, subscriber is required to e-sign to authenticate the changes by selecting the E-sign option

The subscriber will be taken to e-signature service providers page for e-sign where he or she is required to enter Aadhaar/Virtual ID and click on send OTP. OTP will be sent to the mobile number registered with UIDAI. Subscriber needs to submit the OTP and click on verify OTP.

After authentication, the nomination details will be updated in NPS records

If he e-sign fails, the subscriber has to option to update the nomination as per the existing physical process.

Video-based Customer Identification Process (VCIP) for NPS subscribers

PFRDA has now permitted its intermediaries to use of Video-based Customer Identification Process (VCIP), in addition to the existing options, in order to further facilitate on-boarding, withdrawals, exit and for processing of other related service requests of NPS subscribers.

It eases the process of on-boarding/exit/other service requests as the subscriber verification is carried out without the need for physical presence of subscribers before Point of Present (PoP) nodal officers.

Intermediaries which are solely registered and regulated by PFRDA will follow the guidelines issued by the authority for performing VCIP.