NPS now more user-friendly: PFRDA unveils an Aadhar-based authentication module

NEW DELHI: The pensions regulator has announced a series of improvements in the National Pension System (NPS) scheme to make it more friendly for subscribers and others to become members.

On Friday, the Pension Fund Regulatory and Development Authority (PFRDA) launched a mobile application for subscribers and unveiled an Aadhar-based authentication module for subscribers to update details and change scheme preferences.

At present both NPS and Atal Pension Yojana have 1.29 crore subscribers with total asset under management (AUM) of 1.34 lakh crore.

In a statement the finance ministry noted that subscribers will be able to view their NPS account, latest details of scheme wise units along with latest net asset value (NAV) and the total value of the schemes through the app.

“Subscriber can raise the request for transaction statement for a particular financial year, details of the last five contributions and can also change contact details through Mobile App,” the statement noted.

The mobile application for NPS is available in ‘Google Play Store’ as ‘NPS by NSDL e-Gov.’

In its statement the finance ministry said that PFRDA has also allowed subscribers to update their address on their own using Aadhaar based authentication. “They can further change their fund manager, asset class, allocation ratio and scheme options,” it added.

The new functionalities will provide ease of operation for the benefit of subscribers and nodal offices, the statement noted.

The NPS subscribers will also be able to initiate withdrawal request from Tier II account using their login credentials and OTP authentication on registered mobile number.

Facility to contribute online has also been provided along with KYC re-verification using Aadhaar authentication.