Personal Finance

NPS Rule Change: Big Update! PFRDA changed the rules for opening NPS account, now these people will get special facilities, know the details

January 6, 2024

NPS Rule Change: A major change has been made in the rules of NPS by PFRDA. A circular has also been issued regarding this.

NPS Account: A major change has been made in the rules for opening NPS account by PFRDA i.e. Pension Fund Regulatory and Development Authority. Now government employees can also open their NPS account through eNPS. The entire process of eNPS is paperless and can be completed easily. Let us tell you, NPS is a retirement plan. It is run through the government organization PFRDA. People from government as well as private sector can invest in this.

What is eNPS?

eNPS is a digital platform through which Central, State Government employees as well as employees of government related institutions can open their NPS account. Any government employee can open his/her ENPS account in two ways. First – Through Aadhaar online and offline KYC. Second- Through PAN card along with other KYC documents.

What will be the benefit of eNPS?

PFRDA has stated many benefits of the eNPS platform.
Onboarding of government employees will be easier than before.
Through this, the nodal officer will be able to do verification easily.
Through eNPS, the work of the nodal officer will become easier and as it is paperless, it will also take less time.
In this, registration can be done only by esigning through OTP.
Due to digitalization the cost of opening an NPS account will reduce.
Due to online process, PRAN will be generated on time and due to this, we will be able to ensure contribution on time. This will increase your chances of getting higher returns.
Due to online process, the possibility of cancellation will also reduce.
This will reduce logistics costs. In physical form, the forms are first submitted to the nodal officer by the subscriber. After this the nodal officer submits it to CRA-FC.

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