NPS Rule Changed: There has been a big change in the rules of NPS, it is important to know before depositing money
PFRDA has reduced the time limit for taking final payment from NPS. The Custodian of Pension Funds on behalf of PFRDA has made changes in the system interface of NPS. Under this, it has enhanced its information technology capabilities to reduce the time limit of various transactions.
Under this change, the withdrawal requests of the subscribers will be made on T+2 days instead of T+4. Here T means the day the shareholder requested. That is, after the request, it will take two days and that is, a total of 3 days. Earlier this work was done in five days.
Under the new system, the requests related to CRA will be settled on T+2 basis till 10:30 am. At the same time, the requests received from the stakeholders of Keffin Technologies Limited and CAMS CRA till 11 am will be settled on T+2 basis. Even before this, many changes have been made in the rules related to NPS.
Changes have been made in the e-nomination process of NPS. The new rule will come into effect from October 1. Under this, the nodal officer can accept or reject the application for e-nomination. If the Nodal Officer does not decide on the e-nomination within 30 days from the date of application, the request will be accepted through the Central Record Keeping System.
Earlier, the subscribers of NPS were required to fill an exit form on completion of the deadline. Along with this, it was also necessary to fill the form to buy an annuity plan in the life insurance company. But now the annuity plan can be applied for only through the exit form. So now there will be no need to fill the form.
NPS pensioners will now be able to submit a digital life certificate as well. It will depend on Aadhaar verification. This work can be done with FaceRD app, in which digital life certificate can be made by downloading the app in mobile.
Account holders of Tier-2 cities will no longer be able to deposit money in the NPS account by credit card. This rule has been implemented only last month. However, account holders of Tier-1 city can deposit money in the account by credit card.