8 New Features and Benefits in New Pension Scheme (NPS)
Last week, Provident Fund Regulatory Development Authority (PFRDA) launched new f and benefits in New Pension Scheme (NPS). NPS is one of the best tax saving and good retirement saving scheme. However, its features and usage makes it less attractive. To improve the usage, PFRDA has come out with several new features and benefits that would help NPS subscribers. In this article, I would provide the details of New Features and Benefits that are introduced now in New Pension Scheme (NPS).
Let me directly jump to the new features and benefits which are launched now.
Also Read: Complete guide on NPS Account
While PFRDA has created Mobile App for NPS some time back, it was not user friendly. Now there are several features added where NPS subscribers would get benefitted. NPS subscribers can now view NPS account details online, view Latest scheme wise units along with latest NAV, total value of the scheme and last 5 transactions where you would have deposited money in the account. Means, now you need not have to login to laptop/desktop anymore to view them. This is one of the biggest benefit added by PFRDA now
NPS subscribers can now update / modify address in NPS database using Aadhaar based authentication. Login to your eNPS account and update the details. This would generate OTP and details would be updated in CRA system.
If you are fed-up with default home page after you login to your NPS account, you can modify according to your preferences. You can keep asset class, allocation ratios and scheme details as your default home page. This would help you to just login, view them and logout of your account.
If you have opened Tier-I account only and wanted to open Tier-II account, you can do it now online thru eNPS by entering PRAN, DOB and PAN. You need to have to put separate application for Tier-II account.
Banks are supposed to do KYC verification for NPS. However, if this is rejected or pending, you can update address and confirm KYC using Aadhar based authentication. Just login to your NPS account and update it and do KYC online.
Earlier you were supposed to do contribution online thru eNPS. Now with new features added, you can do online contribution using IPIN in CRA System itself.
Earlier, eNPS subscriber has to register and wait for IPIN to be dispatched to access CRA system. Now you can get IPIN immediately and access NPS account online without waiting.
Also Read: Best NPS Funds to invest in India in 2016
This is another important feature added by PFRDA. Earlier to withdraw from Tier-II account, you need to visit POP (Point of Presence) or Nodal Office. Now you can just login to your account and request online to withdraw your NPS account from Tier-II account. You need to authenticate through OTP on your registered mobile no. for such online withdrawal requests.
Conclusion: NPS has been a good scheme. However, with several limitations, this has not yet come to limelight. With these added features and benefits, I am sure Investors would find this scheme as interesting and subscribers would increase.
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New Features and Benefits in New Pension Scheme (NPS)