NPS/APY Functionalities released by CRAs during Quarter II (FY 2021-22) – PFRDA Circular dated 22.12.2021

NPS/APY Functionalities released by CRAs during Quarter II (FY 2021-22) – PFRDA Circular dated 22.12.2021

NPS/APY Functionalities released by CRAs during Quarter II (FY 2021-22) – PFRDA Circular dated 22.12.2021

CIRCULAR

Circular no.: PFRDA/2021/50/SUP-CRA/18

December 22, 2021

To,

All stakeholders under NPS

Subject: NPS/APY Functionalities released by CRAs during Quarter II (FY 2021-22)

The Central Record Keeping Agencies (CRAs) appointed by PFRDA develop system level functionalities as per the evolving needs of NPS/APY stakeholders in accordance with Section 21 of PFRDA Act 2013.

CRAs have the responsibility to develop new functionalities or utilities, establish new processes, offer multiple models of interface for the uploading offices in order to provide maximum flexibility in terms of operation for the benefit of the subscribers as an ongoing exercise to fulfil their obligations which ultimately benefit the Subscribers.

The functionalities which are developed and made available by CRAs (Refer Annexure I and II) during Quarter II of the current FY 2021-22 are categorized as under-

i. NPS Regular / eNPS
ii. NPS – Lite/ APY

The circular is placed in the intermediary section of CRA on PFRDA website www.pfrda.org.in, for the information of all NPS stake holders.

(K. Mohan Gandhi)
Chief General Manager

Annexure I – Functionalities released by NSDL CRA during Q2 of FY 2021-22

No.Name of Development /FunctionalitiesDescription
NPS Regular/ eNPS
1Virtual ID for D-Remit facility via mobile app
  • Subscribers can now create Virtual ID for Direct Remittance (D-Remit) through NPS Mobile App instead of being redirected to eNPS portal.
  • This is in addition to the option available on eNPS portal for creation of Virtual ID.
2Razorpay as Payment Gateway Service Provider (PGSP)
  • Razorpay, as PGSP has been integrated in Mobile App.
  • Subscribers now have the option of making NPS contributions using Razorpay PGSP in addition to Bill desk.
  • At the time of contribution submission, Subscriber has the choice of PGSP viz Billdesk or Razorpay to contribute on mobile application.
3NPS lump sum withdrawal – Revision of threshold limit

PFRDA vide its amended exit regulations dated June 14, 2021 enhanced the threshold limit as follows,

Now the subscribers can opt for 100% lumpsum as under:

  • Superannuation – If total corpus amount is less than or equal to Rs. 5 Lakh, enhanced from earlier Rs. 2 Lakh
  • Premature Exit – If total corpus amount is less than or equal to Rs. 2.5 Lakh, enhanced from earlier Rs. 1 Lakh
  • Withdrawal – Due to unfortunate death if total corpus amount is less than or equal to Rs. 5 Lakh, enhanced from earlier Rs. 2 Lakh
4Changes in the PFs scheme ratio
  • As per the advisory of NPS Trust, the funds allocation ratio for CG & SG sector for the default scheme has been revised for three PFs – SBI, UTI and LIC.
  • Accordingly, footnote added in the Transaction Statement for CG & SG Subscribers indicating change in the PF scheme ratio.
5Subscribers enrolment Age increased up to 70 yearsThe prospective Subscribers under NPS can now enrol up to 70 years of age and contribute till 75 years.
6Revamped and Simplified Subscriber Registration Form (SRF)

New SRF and relevant file format for Government Sector and Non-Government Sector rolled out as follows,

  • Subscriber Registration upload by CRA-FC/Entities for NPS Regular
  • Subscriber Registration through eNPS
  • Subscriber Registration through myNPS
7NPS TTS to all CG employeesTier II Tax Saver Scheme (TTS) extended to All Central Government employees who have joined employment prior to 01.01.2004 based on self-declaration.
8Paperless registration through eNPSSubscriber registration through eNPS is a completely paperless journey now through OTP Authentication/eSign.
9NPS – Smart Exit GuideSmart Exit Guide – a link has been enabled in the Subscribers login to view complete information on different types of exit and related guidelines. Link: https://npscra.nsdl.co.in/nps-exit/
10Dashboard reports to Nodal Offices.
  • HOD Dashboard reports have been developed in CRA system for Head of the Departments (HODs) to monitor performance and compliance of the associated DDOs.
  • The HOD level will be similar to PrAO/DTA who will monitor the operations of underlying DDOs.
  • A hierarchy has been created with HOD at the top and their underlying DDOs along with PAO/DTO mapped with these DDOs.
  • These DDOs and PAOs/DTOs may be associated to different PrAOs/DTAs in the existing Dashboard reports available to Nodal Offices.
  • The HOD Reports have been developed for Government Sector i.e., CG & SG.
11Exit through Self Authorization for the benefit of e NPS Subscribers
  • Exit (Superannuation/Premature Exit) through Self authorization has been implemented for eNPS Subscribers.
  • If Subscriber’s NPS corpus is less than Rs. 10 lakh (as on withdrawal request initiation date), Subscriber can exit through Self-Authorization.
  • As part of the process, request will get processed in CRA system directly on successful KYC verification (Aadhaar based KYC) & eSign.
  • Bank Account of the Subscriber and name will be matched through Instant Bank Account verification (penny drop facility).
12Online paperless exit for UOS & Corporate sector
  • Online paperless exit (Superannuation / Premature Exit) has been implemented for UOS & Corporate Sector through OTP authentication / eSign.
  • Subscriber will initiate online exit, upload scanned documents and submit the same in the CRA system through OTP authentication / eSign.
  • Bank Account of the Subscriber and name will be matched through Instant Bank Account verification (penny drop facility) at authorization by POP.
13Ease of Partial withdrawal by self-declaration
  • Online processing of Conditional/Partial withdrawal request on the basis of self-declaration by the Subscriber has been implemented.
  • Verification and Authorization of request by Nodal Office is no longer required to ease and expedite the process of partial withdrawal.
  • The Subscriber will submit request through OTP authentication / eSign.
  • Bank Account of the Subscriber and name will be matched through Instant Bank Account verification (penny drop facility).
14Instant Bank Account Verification (Penny drop)
  • Bank Account of the Subscriber and name will be matched through Instant Bank Account verification (penny drop facility) as part of online processing of Superannuation / Premature Exit /Partial Withdrawal request for Government and Non-Government Subscribers.
  • Account verification along with name match will be performed during authorization of withdrawal request.
15eNPS Government -To facilitate and ease the Subscriber Registration for Government subscribers
  • An additional option introduced for Central Government Subscribers to open account online through eNPS Portal.
  • The option is also made available to CAB/SG/SAB employees.
  • Employees under NPS can open account on the basis of Aadhaar or KYC Verification by Nodal Office. In this process, Verification and Authorization of request by Nodal Office is mandatory.

Link: https://enps.nsdl.com/eNPS/OnlineSubscriberRegistration.html?appType=main

16Updated Annuity Policy details in CRA systemAs per PFRDA’s directive, ASPs are required to upload Annuity Policy details of Subscribers in CRA system as per the stipulated file format. Now Policy details upload file format has been modified with modified field & Validations etc.
17Extension of age limit for NPS Contribution till 75 yearsNPS Subscribers can now contribute till 75 years of age.
NPS Lite / APY
18APY Upgrade/ Downgrade through Re fixation Model
  • In addition to the existing facility of upgrade/downgrade of pension amount, where APY Subscriber is required to pay the differential/shortfall amount, an additional option of Upgrade/Downgrade through Re-Fixation Model has been enabled for the APY Subscribers between 18 to 40 years of age.
  • In re fixation model, Subscriber is not required to pay any differential amount upfront for upgrading the pension amount. In this case, the APY contribution would be re-fixed by adding to existing contribution.
  • The additional contribution that Subscriber is required to pay is for the difference between desired upgraded pension amount and current pension amount (and will be calculated as per the age of Subscriber at the time of seeking such pension upgrade)
19APY enrolment – Update on UTs

Following changes have been carried out due to bifurcation of ‘Ladakh’ from ‘Jammu & Kashmir’ and merging of UTs – ‘Daman & Diu’ and ‘Dadra & Nagar Haveli’:

  • ‘Ladakh’ has been created as a new UT in CRA system to map existing PRANs and Offices to ‘Ladakh’ from Jammu & Kashmir State.
  • Merging of Dadra & Nagar Haveli with Daman & Diu. The new UT is Dadra & Nagar Haveli and Daman & Diu.
20eAPY – APY enrolment through eNPS platform by using Aadhaar XML
  • Subscribers can open APY account online through eNPS Platform.
  • Subscriber is required to upload offline Aadhaar XML file in order to open APY account.

Link: https://enps.nsdl.com/eNPS/ApySubRegistration.html

21APY -Lead Generation Module (LGM)
  • Through LGM, Subscribers need not visit the APY-SP Branch as account can be opened based on OTP authentication and the same can be used by both potential Subscriber or by a well-wisher who wants to facilitate account opening for people whom he / she knows.
  • LGM helps APY-SPs to use the downloaded data for account opening. Upon submission of the request, the lead will be forwarded to concerned APY-SP for PRAN generation.
  • LGM enables APY-SPs to source Subscribers with minimum effort and cost.

Link: https://enps.nsdl.com/eNPS/APYLeadGeneration.html

Annexure II – Functionalities released by KFin Technologies CRA during Q2 of FY 2021-22

No.Name of Development /FunctionalitiesDescription
1Discontinuation of service of Axis Bank Ltd as UPI service provider in the eNPSUPI option of Axis Bank has been discontinued due to expiry of its agreement term with NPS Trust. However, Bill Desk payment gateway is available for all modes of digital contributions including UPI.
2Upfront Disclosure of Subscribers’ Charges in the Statement of Transaction (SoT)In line with the Submit Bose Committee recommendations on making ‘upfront disclosure’ to the investors regarding costs and commissions, various NPS charges such as CRA charges, PF charges, Custodian charges, NPST charges and Investment Management Fee are included in subscriber’s SOT.
3“Know Your PRAN” in eNPS
  • In order to facilitate the Subscribers to retrieve their PRANs, “Know Your PRAN” option has been enabled in eNPS website.
  • User needs to enter PAN, Date of Birth and Captcha. OTP will be sent to the registered mobile number and email ID.
  • On successful authentication of OTP, PRAN and Subscriber name will be shown to the User.

Link: https://enps.kfintech.com/panseeding/findmypran/

4NPS withdrawal – Revision of threshold limit
  • Subscribers can opt for 100% lump-sum amount if corpus is less than or equal to Rs 5 lakhs in case of superannuation exit.
  • Subscribers can opt for 100% lump-sum amount if corpus is less than or equal to Rs 2.5 lakhs in case of premature exit.
  • In case of unfortunate event of death of Govt Subscriber, nominee(s) can opt for 100% lump-sum amount if corpus is less than or equal to Rs 5 lakhs.
  • In case of unfortunate event of death of Non Govt Subscriber, nominee(s) can opt for 100% lump-sum amount of corpus.
5Historical SOT report in DBF FormatBased on the Survey feedback received by Pops, the DBF format for Historical SOT report is enabled. It has been implemented in both Mail back report and Subscription report.
6New Subscriber Registration Form in eNPS online registration journey

eNPS online registration journey is provided as per the new form. The following are the major changes carried out:

  • Email ID has been made mandatory
  • Marital status – Widow/Widower and Divorcee added
  • Either Father’s Name or Mother’s name is mandatory
  • Single Address in place of Correspondence and Permanent address with relevant proof of address
  • Nominee Address details have been removed
  • Nominee’s Age mandatory

Link: https://enps.kfintech.com/registration/

7Modification in Subscriber Registration Print file format
  • New form has been implemented. Accordingly, new print file for PRAN kit printing has been developed as per the changes in the form.
  • Subscriber will get the PRAN kit as per new Subscriber Registration Form.
8PNB MetLife as ASP
  • Annuity Quotes through API has been implemented in CRA and eNPS for the Annuity Service Provider (ASP) ‘PNB MetLife India Insurance Company Limited’.
  • The user has to input details such as ASP, Age, Corpus, Gender, Annuity frequency etc. and Annuity Quotes will be provided for all Annuity Schemes of the concerned ASP. Now, the annuity quotes are now available for 12 ASPs.

Link: https://enps.kfintech.com/annuity/

9Increase in age of entry up to 70 yearsThe entry age for NPS has been revised to 18-70 years from 18-65 years
10New Subscriber Registration Form (SRF) for Non-Govt. Subscribers

New SRF implemented in physical Registration process. The list of changes carried out in the new SRF viz

  • Email ID has been made mandatory
  • Marital status – Widow/Widower and Divorcee added
  • Either Father’s Name or Mother’s name is mandatory
  • Single Address in place of Correspondence and Permanent address with relevant proof of address

• Nominee Address details have been removed

• Nominee Age is mandatory

11Profile Modification & ViewDue to change in SRF, Profile modification changes have been implemented.
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