Once associate NPS account is opened, the Central Record Keeping Agency (CRA) is accountable for recordkeeping, administration and client service functions for all NPS subscribers.
Presently, the square measure 2 CRAs specifically NSDL CRA and KFin Technologies CRA that square measure each appointed by PFRDA. A number of the functionalities recently developed and introduced by CRAs square measure as below. Knowing them can facilitate NPS subscribers to form the most effective use of their NPS account.
I. Functionalities discharged by NSDL CRA recently
Virtual ID for D-Remit facility via mobile app
Subscribers will currently produce Virtual ID for Direct remittal (D-Remit) through NPS Mobile App rather than being redirected to eNPS portal.
Paperless registration through eNPS
Subscriber registration through eNPS could be an utterly paperless journey currently through OTP Authentication/eSign.
NPS Tax Saver theme
Tier II Tax Saver theme (TTS) extended to all or any central government staff World Health Organization have joined employment before 01.01.2004 supported self-declaration.
To facilitate and ease the subscriber registration for state subscribers, a further choice has been introduced for central government subscribers to open associate account on-line through eNPS Portal.
II. Functionalities discharged by KFin Technologies CRA recently
Upfront revealing of Charges
In the Statement of group action (SoT), currently there’ll be revealing of Subscribers’ Charges direct. In line with the Sumit Satyendra N. Bose Committee recommendations on creating ‘upfront disclosure’ to the investors relating to prices and commissions, numerous NPS charges like CRA charges, PF charges, defender charges, NPST charges and Investment Management Fee square measure enclosed in subscriber’s toper.
Know Your PRAN in eNPS
In order to facilitate the Subscribers to retrieve their PRANs, ‘Know Your PRAN’ choice has been enabled in eNPS web site. The user must enter PAN, Date of Birth associated Captcha and an OTP are sent to the registered mobile variety and email ID.
NPS withdrawal – Revision of threshold limit
• Subscribers will elect 100 percent lump-sum quantity if corpus is a smaller amount than or up to Rs five lakhs just in case of superannuation exit.
• Subscribers will elect 100 percent lump-sum quantity if corpus is a smaller amount than or up to Rs two.5 lakhs just in case of premature exit.
• just in case of associate unfortunate event of death of Govt Subscriber, nominee(s) will elect 100 percent lump-sum quantity if corpus is a smaller amount than or up to Rs five lakhs.
• Just in case of associate unfortunate event of death of Non Govt Subscriber, nominee(s) will elect 100 percent lump-sum quantity of corpus.
Increase in age of entry
The entry age for NPS has been revised to 18-70 years from 18-65 years.
Extension ancient limit for NPS contribution
NPS Subscribers can now contribute till 75 years of age.