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Mobile Numbers and Bank Account Details Becomes Mandatory To Give by NPS Members

May 29, 2018
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Mobile Numbers and Bank Account Details Becomes Mandatory To Give by NPS Members

The Pension Fund Regulatory and Development Authority (PFRDA) has taken important steps to ease the operational problems of the National Pension Scheme (NPS) and facilitate the process of exiting it. The regulator has decided to make bank account information and mobile number mandatory for NPS Members (Subscribers).

This is the cheapest market-linked retirement plan in all retirement plans. Accordingly, it should have been the biggest sale, but due to the low commission payment to the agents, they were not spreading it much.

The National Pension System (NPS) is the most economical, but very less popular pension scheme sanctioned by the government for Indian citizens of 18-60 years. This scheme was launched by the Pension Fund Regulatory and Development Authority (PFRDA) in 2004. It can be contributed to a monthly lump sum of Rs 6,000 or monthly instalments of Rs 500 per month.

  • Under the complying with the guidelines of the Prevention of Corruption Act (PMLA), the regulator has made the Foreign Account Tax Compliance Act (FATCA) the centralization of securitization asset reconstruction and central registry of interest (CERSAI) mandatory for new and existing members.
  • PFRDA makes new changes from time to time to overcome difficulties related to the operation of NPS. The Ministry said in the statement that the Authority has decided to mandate the bank account details and mobile number to make the operation of NPS in the interest of the members and to make it easier to exit. To avoid the form’s rejection, customers have been asked to fill all the blocks or spaces correctly.

Fund Manager of National Pension Scheme

  • Individuals/organizations who decide on any portfolio of investment (mostly mutual funds, pension funds, or insurance funds), they are called fund manager, for your investment you are free to choose your preferred fund manager.
  • The amount of investment is managed by seven fund managers appointed by PFRDA.
  • Accounts of government employees are managed in the best three government fund managers, LIC Pension Plan, SBI Pension Plan and UTI Retirement Solution.
  • Other fund managers are as follows – ICICI NPS, Kotak Mahindra Pension Fund, Reliance Capital Pension Fund, HDFC Pension Management Company, and DSP BlackRock Pension Fund Manager.

The Pension Fund Regulatory and Development Authority (PFRDA) has launched a Mobile Application (Mobile App) called ‘National Pension Scheme (NPS) Lite’. This mobile app is launched for those who take advantage of the Atal Pension Scheme (APY) scheme. With the help of this mobile app, subscribers of Atal Pension Scheme will be able to see the details of their account (how much money is in the account) and other details.

Download from Google Store ‘NPS Lite

  1. Subscribers can download the ‘NPS Lite’ mobile application from the Google Store on their smartphones.
  2. Pensions should be linked to the account
  3. Subscribers must also add the base number along with their pension account. Any person eligible for profit under the Atal Pension Scheme has to present proof of completion of Aadhaar number or base authentication.