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).
8 New Features and Benefits 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
1) Mobile App – New features added
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
2) Update Address with Aadhar authentication
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.
3) Change Scheme Home Page
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.
4) Activate Tier-II account online for eNPS
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.
5) KYC re-verification
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.
6) Online Contributions can be done now
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.
7) IPIN can be generated online
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
8) Online Withdrawal from Tier II account
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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Suresh
New Features and Benefits in New Pension Scheme (NPS)
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16 comments
Add a comment ↓Is contribution made in New Pension Scheme through ICICI bank be applicable for tax benefits in 80CCD?
Is contribution made in New Pension Scheme through ICICI direct applicable for tax benefits in 80CCD?
Is it advisable to join NPS at the age of 60 yrs and continue (as age limit is increased to 65,yrs).
With regards,
Dr.p.sudhakar
Suresh
I have joined NPS Tier1 through ICICIDirect. Is it good to invest through ICICIDirect or PFRDA Website?
Sir
Please tell me about a portfolio of stocks ….recommend some company’s …best for life time…
Thanks
NPS scheme is a nice scheme from PFRDA,good article very useful.
i am contributing tier 1 through icicidirect. which one is best gateway to invest , Icicidirect or PFRDA website ?
No difference. You can invest either ways.
Hi Elango, Coincidentally I used to contribute to NPS-1 and 2 thru POP – ICICI Direct. You can save 0.25% charges (or Rs.20, whichever is higher) by contributing directly through PFRDA website. The usual charge in PFRDA is 0.69 rs irrespective of contribution amount. Saves quite a bit in the long run.
Some Crisp Question:
Though I read some of your previous posts I have below questions:
1. Will there be TDS deducted on return?
2. Can i choose the fund house for Annutity at the time of withdrawal?
3. When there is a crash in the market at the time of my retirement will there be any protection for principal and minimum interest?
No Tax on maturity. You already choosing the funds when investing, hence no separate fund house selection possible for annuity. It would slowly move from equity during your retirement period, hence it would be low risk at maturity/ retirement
Thank you sir…
Thanks Suresh.
Like always, this time too you were very specific on the substance.
Blessings
Thanks Mr. Suresh for the updation in NPS Scheme system.
S. Ravi Chandiran
NPS is really a good scheme and useful for the people who are approaching retirement.
Request you to pls advice on the returns achieved in last 6 months in various funds under NPS.
I am 76 and my wife is 69. can she or I invest in NPS