NPS/APY Functionalities released by CRAs during Quarter III (FY 2022-23) : PFRDA Circular dated 21.02.2023

NPS/APY Functionalities released by CRAs during Quarter III (FY 2022-23) : PFRDA Circular dated 21.02.2023

0 February 25, 2023 3:30 pm

NPS/APY Functionalities released by CRAs during Quarter III (FY 2022-23) : PFRDA Circular dated 21.02.2023

पेंशन निधि विनियामक एवं विकास प्राधिकरण
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

 Circular no: PFRDA/2023/08/SUP-CRA/04

21st Feb 2023

To

All stakeholders under NPS

Subject: NPS/APY Functionalities released by CRAs during Quarter III (FY 2022-23)

The Central Record Keeping Agencies (CRAs) appointed by PFRDA develop system level functionalities as per the evolving needs of NPS/APY stakeholders.

2. 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.

3. The list of functionalities that have been developed and made available by CRAs during Quarter III of the current FY 2022-23 is attached herewith for benefit of subscribers and other stakeholders (Annexure I, II and III).

4. The circular is placed in the intermediary section of CRA on PFRDA website for the information of all NPS/APY stake holders.

Yours sincerely,

Digitally signed by K
MOHAN GANDHI

Chief General Manager

Read also:

Annexure I – Functionalities released by Protean CRA during Q3 of FY 2022-23

S.No. Name of Development/ Functionalities Description
1 NPS Prosperity Planner (NPP) – Self Planning cum Advisory tool for adequacy in Retirement Income Introduction of NPS Prosperity Planner (NPP) (on the basis of Cohort data). Under NPP following three options are available to Subscribers:

  1. How much Pension Subscriber will receive?
  2. How much Pension Subscriber will need?
  3. What Subscriber should do to achieve that?
2 Withdrawal due to Death In case of Govt. Sector, if Death of the Subscriber is after Date of Retirement, then maximum 60% of the corpus paid as lump sum and minimum 40% to buy annuity.
3 Optional PAN during Withdrawal PAN field shall be optional for Govt of Sikkim and J & K mapped Subscribers while initiating withdrawal request due to death.
4 Reduction in Withdrawal timelines Reduction in Withdrawal timelines for processing of Partial/Conditional Withdrawal requests in Same Day Pay-in.
5 Submission of Partial Withdrawal through self declaration through nodal officers in Govt Sector
  1. Self-declaration based Partial/Conditional withdrawal of Subscriber and direct processing at CRA system has been disabled for Govt. Sector.
  2. The partial withdrawal request based on self declaration needs to be submitted through the nodal officers online or off line for processing.
6 NPS Regular – Settlement (separate bucket to identify employer and employee contributions) Creation of a separate bucket to identify employer and employee contributions implemented at the time of contribution upload.
7 NPS Lite / APY – Dashboard System access to PFRDA/SLBCs for State/District level Dashboard reports:

  1. State Level Bankers’ Committee (SLBC) requires reports on fortnightly basis to monitor the progress of the Bank branches present under the state.
  2. To monitor progress, Dashboard reports created in the NPS Lite application which can be accessed by SLBC.
  3. User IDs for SLBC has been created for access of Dashboard Reports.
8 Withdrawal due to Incapacitation Subscriber to have an additional option for Withdrawal under the category i.e. “Withdrawal due to Incapacitation”.
9 NPS Regular – Family Income Option
  1. NPS – Family Income Option can be selected by Nodal Office/Subscriber irrespective of marital status
  2. Even if the marital status is “Unmarried”, scheme can be selected by Nodal Office/ Subscriber.
10 Changes due to CCS rules
  1. At present as part of CCS rules, while submitting details of Form 1 and 2, there are only two options available for selection i.e., ‘Benefits under CCS (Pension) Rules,1972 or CCS (Extraordinary Pension) Rules,1939’ and ‘Benefits under the National Pension System (NPS)’.
  2. Two new options i.e., ‘CCS pension invalid flag’ and ‘Death within 90 days after resignation flag’ has been added in addition to existing options.

Annexure II – Functionalities released by KFin CRA during Q3 of FY 2022-23

S.No. Name of Development/ Functionalities Description
1 Exit & Withdrawal document upload
  1. Provision has been provided to Nodal office / POP/ Subscriber to upload documents while initiating Exit & Withdrawal request.
  2. The said functionality has been enabled in eNPS login as well as in CRA system.
2 Option to input either % or amount while initiating Partial withdrawal request.
  1. The Subscriber has an option to input either % or amount while initiating Partial withdrawal request.
  2. The said functionality has been enabled in e- NPS login as well.
3 Inter Sector shifting (ISS) of Government subscribers
  1. Functionality released for Nodal Office for Govt. subscriber where PRAN can be Flagged as N for Inter Sector Shifting in CRA system.
  2. For such subscribers, the system allows the government to withhold a part or in whole the employer contribution in case it is established that the subscriber has caused a pecuniary loss to the employer as per the provisions of exit regulations.
4 Partial Withdrawal for NPS Govt subscribers
  1. Self-declaration based Partial/ Conditional withdrawal of Subscriber and direct processing at CRA system has been disabled for Govt. Sector.
  2. The partial withdrawal request along with self- declaration needs to be submitted through the nodal officers online or offline for processing.

NPS/APY Functionalities released by CRAs during Quarter II (FY 2022-23)

Annexure III – Functionalities released by CAAMS CRA during Q3 of FY 2022-23

S.No Name of Development/ Functionalities Description
1 Subscriber servicing functionalities -Non-Commercial Transactions Enhancement in the following subscriber servicing functionalities:

  1. KYC based update for Name, DOB, Gender, Address, Photo and Signature
  2. Nominee
  3. FATCA
  4. RAID
  5. Statement preference – Physical/ email
  6. POP Shifting from eNPS
  7. Tier-II account activation
2 Subscriber servicing functionalities -Commercial Transactions
  1. PFM Change
  2. Scheme Preference Change
  3. One-way switch – transfer of funds from Tier II to Tier I
3 Digital authorization of subscriber registration form Digital authorization of subscriber registration form done via double OTP.
4 Longer validity of Subscriber’s login password Increased the validity of the subscriber login password from 30 days to 90 days.
5 NPS Prosperity Planner (NPP) – Self Planning cum Advisory tool for adequacy in Retirement Income NPS Prosperity Planner available through the subscriber’s login.
6 Account Aggregator – Data Push as FIP CAMS CRA will perform the role of Financial Information Provider (FIP) under Account Aggregator (AA) Framework.
7 Withdrawal Status View (My Withdrawal Module MWM) Subscriber can view the status of credit of proceeds of their withdrawal request, without having to log into his NPS account.

Source : PFRDA

You may also like:

  1. NPS Functionalities released by CRAs during Quarter I of FY 2021-22 | PFRDA Circular
  2. NPS/APY Functionalities released by CRAs during Quarter I (FY 2022-23) - PFRDA Circular dated 12-10-2022
  3. NPS/APY Functionalities released by CRAs during Quarter II (FY 2022-23) - PFRDA Circular dated 21.12.2022
  4. PFRDA: Choice for POPs to integrate with CRAs for NPS - Partial modification and clarification to PFRDA Circular…
  5. Retirement Income Optimization through Multiple Annuities - PFRDA Circular dated 10.05.2023
  6. Extension of Option of Contribution into NPS through D-Remit to NRI-NPS Subscribers reg. - PFRDA Circular dated…
  7. Minimum Timelines for Maximum Subscribers’ benefits - Reduction in Turn Around Time to perform various…
  8. NPS On-boarding through Online PRAN Generation Module (OPGM) - PFRDA Circular
  9. PFRDA Circular: Choice for NPS Subscribers to have physical or ePRAN card
  10. NPS On boarding & Generation of Soft Copies of NPS Subscriber Registration Forms (SRF) by CRAs - PFRDA Circular…

Follow us on Telegram Channel, Twitter and Facebook for all the latest updates

Newer Post
Older Post

COMMENTS

Leave a Reply

Your email address will not be published. Required fields are marked *