New features to simplify pension system operation

In a bid to simplify and improve the operational issues in the National Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) on Thursday said it has introduced new functionalities in the scheme.

Under the new features under eNPS, a bilingual version of eNPS module has been developed for the convenience of NPS subscribers.

"The subscriber shall have option to choose the desired language option (either English or Hindi) for registration and/or contribution through eNPS," PFRDA said here in a statement.

In case of registration through Aadhaar, it was mandatory for subscribers to submit physical application form within 90 days of completion of registration under eNPS.

"eSign facility (Aadhaar e-KYC services) has been integrated with eNPS platform to enable the subscriber to sign his/her Permanent Retirement Account Number (PRAN) application electronically. This process has eliminated the requirement of submission of physical documents to Central Recordkeeping Agency (CRA)," it said.

The subscriber can now initiate tier II account withdrawal under NPS using a mobile app. The subscriber will log into the app with their user ID and password.

The user can also link his/her Aadhaar to the NPS account using the mobile app.

In the case of the Atal Pension Yojana (APY), the facility to download and/or print ePRAN Card and transaction statement has been made available to APY subscribers.

For grievances, an email/SMS alert is sent to APY subscribers on generation and resolution of a grievance in the CRA system.

In order to facilitate quick Foreign Account Tax Compliance Act (FATCA) compliance, a facility to submit online FATCA self-declaration has been provided to the subscriber in their CRA login.

--IANS

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