NPS app lacks important features

Besides getting account information, subscribers cannot do much with the mobile application

To make investing in the National Pension System (NPS) easier, the Pension Fund Regulatory and Development Authority (PFRDA) has recently added more features in its online offering. A subscriber can now transfer funds, change the asset class and allocation ratio, activate Tier-II investments, request for withdrawals, and change the address by using Aadhaar on the internet.  Keeping up with the changing preferences of investors, who are increasingly using their smartphones for financial transactions, the regulator has also released a mobile app.

What it offers

On the home screen, the subscriber sees his current asset allocation in different accounts (Tier-I and Tier-II), number of units allocated and each scheme’s present net asset value. Investors can also see the past five transactions credited to their NPS account.

While it shows the current value of investments, the app could have been more user-friendly, if it also displayed initial investments and how it has grown scheme-wise. It also allows subscribers to change contact details like mobile number and e-mail address.

What it lacks

A subscriber can neither transact nor change schemes and asset allocation.

How can a subscriber know the investment performance?

To know details of your investments and performance of each scheme you have opted for, there’s an ‘Email Transaction Statement’ option. An investor can request a transaction statement for a particular financial year, that will be sent to the registered mail address of the subscriber at end of the day.

Are there bugs in the app?

Some users have encountered problems while logging into the account for the first time. When we entered the 12-digit Permanent Retirement Account Number, or PRAN, and selected the password recovery option, there was difficulty logging in. A message was displayed that the password can be recovered only if the investor has set security questions.

Password recovery could have been made easier, as in mobile banking apps. These send a one-time password to an individual’s registered mobile number, which can be used to reset the password.

What other features can be added?

NSDL e-Governance Infrastructure, the app developer, is working on a feature that will allow payment through the app. It should also add a grievance redressal feature.