National Pension Scheme or NPS is a retirement scheme and PFRDA which is the pension fund regulatory body has been gearing up to provide ease to its members. And lately in the wake of the Covid 19 pandemic, the online onboarding has been allowed through video-based customer identification process.
1. Video-based Customer Identification Process (VCIP) for NPS subscribers
In this process various intermediaries in addition to the regular route can make use of the VCIP means to enable onboarding, withdrawal as well as exit from the investment in NPS.
Here the validation of the clients' or investors' request is done without the need of him or her being present physically before the Point of Present (PoP) nodal officers.
2. Change in nominee can be also done online:
NPS subscribers can access their CRA system using their login credentials and select the option "update personal details" under "demographic changes" menu.
In the second step he needs to select the option i.e. either to update or add nominee details Thereafter he or she i.e. the NPS investor needs to specify his or her relationship with the nominee. Once the details are saved and confirmed, subscriber is required to submit the one-time password (OTP) received registered mobile number.
After OTP is submitted, investor needs to e-sign for authenticating the changes. Then the investor will be taken to e-signature page and will be asked to furnish Aadhaar or virtual ID and click on send OTP.
OTP will be sent to the mobile number registered with UIDAI. Subscriber needs to submit the OTP and click on verify OTP.
After authentication, the nomination details will be updated in NPS records If the e-sign fails, the subscriber has to option to update the nomination as per the existing physical process.
3. Start a SIP in NPS via D-Remit
Through the facility, existing investors can start SIP invest and transfer funds directly from their bank account via NPS and RTGS into NPS and may get same day NAV.
