This news is relevant to you if you too invest in NPS with an eye towards your family’s future. The Pension Fund Regulator and Development Authority is responsible for making modifications to the relevant rules (PFRDA). The PFRDA altered the relevant regulations last year as well. Again, as of April 1, the login policies will be altered.
NPS will begin using two-factor authentication on April 1.
NPS customers will need to use their mobile device’s OTP and UID verification to log in. The NPS account will be kept more secure as a result of this. At the moment, accessing the account requires both a user ID and a password. Changes of any kind are possible only after logging in through them.
The PFRDA modified the withdrawal guidelines on February 1.
The NPS account holder is not permitted to withdraw more than 25% of the entire amount deposited under the new regulations. This will contain the employer’s and the account holder’s respective contribution amounts. This means that you won’t be able to take partial withdrawals from your NPS account if you currently own a home.
Additionally, PFRDA modified the guidelines for cash withdrawals.
The new regulation allows NPS customers to take out little, regular payments rather than a large, flat sum from their investments. You may take out the maturity amount as often as you’d like under this rule—monthly, quarterly, half-yearly, or annually. Before now, the rule was that you could withdraw 60 percent of the amount deposited in NPS at one go. But it was necessary to buy an annuity plan for pension with the remaining 40 percent amount.
PFRDA had previously altered the guidelines for cash withdrawals.
The new regulations state that to withdraw money, you must have certain documentation. The recipient’s pension may be terminated if he fails to upload the required paperwork or if there is any inconsistency discovered. Before anything else, you need to confirm that you have uploaded the NPS withdrawal form. In addition, a copy of your PRAN, or Permanent Retirement Account Number card, and verification of your bank account should be with you. To streamline the withdrawal process for NPS subscribers, PFRDA had previously eliminated the requirement to fill out a separate proposal form to choose an annuity after leaving the pension fund the previous year. The Pension Board made it clear that the withdrawal form filed by the NPS subscribers will be considered as an annuity proposal.
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