Good news for investors investing in the National Pension System (NPS). Now investors investing in NPS will be able to do everything online, from investing in NPS to withdrawing. That is, you will be able to do everything from entry to exit to NPS sitting online.
Actually, Pension Fund Regulator and Development Authority (PFRDA) has got Aadhaar-based e-KYC approved for NPS and Atal Pension Yojana. The PFRDA had sought its approval from the Department of Revenue which has now been given. The recent permission given by the Department of Revenue to conduct e-KYC online will further simplify the NPS account opening process. It is worth noting that in recent times PFRDA has introduced various digital tools like OTP based authentication, e-sign based authentication, video customer identification. Not only this, online withdrawal tool, online account opening facility for government employees, self authentication by offline basis, self declaration based partial withdrawal, instant bank account verification have also been started.
PFRDA Prepares Digital Tool Kit
PFRDA has prepared ‘Entry to Exit’ (E2E) digital tool for NPS investors. NPS shareholders can start and withdraw schemes through this tool. This entire process will be paperless. Explain that earlier, the subscribers had to be physically present at the Point of Presence (PoP) i.e. NPC Center to exit the NPS. Subscribers were required to submit several documents with the NPS form.
Preparation to make NPS more attractive
PFRDA is preparing to make National Pension System (NPS) more attractive. For this, from time to time, the regulator is striving to make the rules easier by eliminating the constraints in it. In recent times, many changes have been made in view of this.