NPS New Rule: If you also invest in NPS keeping in mind the future of yourself and your family, then this news is useful for you. Changes in the rules related to this are made by the Pension Fund Regulator and Development Authority (PFRDA). PFRDA had changed the rules related to this last year also. Now again the rules related to login are going to change from April 1. Let us know about the new rules and the first rules changed by the regulator-
Two Factor Authentication is going to be implemented in NPS from April 1. In this, NPS subscribers will have to login through Aadhaar verification and OTP received on mobile. With this, the NPS account will be kept more secure than before. Currently, user ID and password are required to login to the account. Any kind of change is possible only after logging in through them.
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PFRDA has changed the withdrawal rules from February 1. Under the new rules, the NPS account holder is not allowed to withdraw more than 25 percent of the total deposited amount. This will include the contribution amount of both the account holder and the employer. According to this, if you already have a house in your name then partial withdrawal from the NPS account will not be allowed for it.
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PFRDA has also changed the rules for withdrawing money. Under the new rule, NPS subscribers can withdraw money from their investments as per their need instead of lump sum amount. Under this rule, you will be able to withdraw the maturity amount on monthly/quarterly/half yearly or yearly basis as per your need. Earlier the rule was that you could withdraw 60 percent of the amount deposited in NPS at one go. But it was necessary to buy an annuity plan for pension with the remaining 40 percent amount.
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Earlier, PFRDA had changed the rules for withdrawing money. According to the new rules, you will need some documents to withdraw money. If the person taking the benefit does not upload the prescribed documents or any discrepancy is found in it, then his pension may be stopped. First of all you have to check whether you have uploaded the NPS withdrawal form or not. Apart from this, you should also have a copy of bank account proof, PRAN or Permanent Retirement Account Number card.
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Earlier, PFRDA had last year done away with the need to complete a separate proposal form for selecting annuity after leaving the pension fund, in an effort to simplify the withdrawal process for NPS subscribers. It was indicated by the Pension Board that the withdrawal form filed by the NPS subscribers will be considered as annuity proposal.
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