- The PFRDA has shortened the window of opportunity for receiving NPS final payment. The system interface of the NPS has changed thanks to changes made by the Custodian of Pension Funds on behalf of PFRDA. In order to shorten the processing time for various transactions, it has improved its information technology skills.
- With this modification, withdrawal requests from subscribers will now be processed on T+2 days rather than T+4. T in this case stands for the shareholder’s requested day. That is, it will take two days following the request, for a total of three days. Earlier, this work took five days to complete.
- The new system will allow for T+2 basis resolution of CRA-related petitions till 10:30 am. Additionally, requests submitted from Keffin Technologies Limited and CAMS CRA stakeholders up until 11 a.m. will be handled on a T+2 basis. The rules governing NPS have undergone numerous alterations even before this.
- The NPS e-nomination procedure has undergone changes. The new regulation will take effect on October 1st. Accordingly, the e-nomination application may be accepted or rejected by the nodal official. The request will be accepted through the Central Record Keeping System if the Nodal Officer does not make a decision regarding the e-nomination within 30 days of the application date.
- Before, when the deadline had passed, NPS subscribers had to complete an exit form. Additionally, a form for purchasing an annuity plan from a life insurance provider had to be filled out. However, as of the right moment, only the exit form can be used to apply for an annuity plan. There will no longer be a requirement to complete the form.
- A digital life certificate can now be submitted by NPS seniors as well. The verification of the Aadhaar will determine it. This task can be completed using the FaceRD software, which can be downloaded on a mobile device to create a digital life certificate.
- Account holders from Tier-2 cities won’t be allowed to make credit card deposits to the NPS account anymore. It was only last month that this rule went into effect. Account holders from Tier-1 cities can use a credit card to make deposits, though.
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