Pension fund regulator makes bank account, mobile number mandatory for NPS subscribers

PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS), like new functionality development under NPS architecture, simplification of account opening, withdrawal and grievance management

PTI April 20, 2018 15:25:51 IST
Pension fund regulator makes bank account, mobile number mandatory for NPS subscribers

New Delhi: Pension fund regulator PFRDA has made bank account details and mobile number mandatory for subscribers of national pension scheme (NPS), the finance ministry said on Friday.

Further, in compliance with the Prevention of Money Laundering Act (PMLA) guidelines, the Pension Fund Regulatory and Development Authority (PFRDA) has also made Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) mandatory for new and existing subscribers.

Pension fund regulator makes bank account mobile number mandatory for NPS subscribers

Representational image. Thinkstock.

PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS), like new functionality development under NPS architecture, simplification of account opening, withdrawal and grievance management.

"It has been decided by the authority to make bank account details and mobile number mandatory to provide ease of operation for the benefit of subscribers and make the process of exit from NPS hassle-free," the ministry said in a statement.

The requirements have been made mandatory in the new common subscriber registration form (CSRF) that are required to be filled in by the new subscribers.

The existing subscribers have been provided the facility to submit online FATCA Self-Certification in their login (www.cra-nsdl.com or https://enps.karvy.com/Login/Login ), the ministry said.

"It is to be ensured by the subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms," it added.

Updated Date:

also read

Government approves three percent DA increase for Central government employees
India

Government approves three percent DA increase for Central government employees

Minister of Information & Broadcasting Anurag Singh Thakur said the move will benefit 47.14 lakh central government employees and 68.62 lakh pensioners

Submit annual Life Certificate by 30 Nov to continue receiving pension; check details here
India

Submit annual Life Certificate by 30 Nov to continue receiving pension; check details here

Taking to their social media handle, the State Bank of India (SBI) had informed that this new rule of those aged 80 years or above came into effect from 1 October.

Finance ministry asks PSU general insurers to rationalise branches; USIBC meets Nirmala Sitharaman
India

Finance ministry asks PSU general insurers to rationalise branches; USIBC meets Nirmala Sitharaman

Of the four public sector general insurers, National Insurance, Oriental Insurance and United India Insurance are loss-making. The outlier in this segment is New India Assurance