NPS Functionalities released by CRAs during Quarter I of FY 2021-22

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NPS Functionalities released by CRAs during Quarter I of FY 2021-22

PENSION FUND REGULATORY
AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutub Institutional Area,
Katwaria Sarai, New Delhi-110016
Phone : 011-26517501. 26517503, 26133730
Fax 011-26517507
Website : www.pfrda.org.in
CIRCULAR
No PFRDA/2021/37/SUP-CRA/15
September 2, 2021
To,
All NPS stakeholders
Subject: NPS Functionalities released by CRAs during Quarter I of FY 2021-22
The Central Record Keeping Agencies (CRAs) appointed by PFRDA develop system level functionalities as per the evolving needs of NPS stakeholders in accordance with Section 21 of PFRDA Act 2013.
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.
The functionalities which are developed and made available by CRAs (Refer Annexure I and II) during Quarter I of the current FY 2021-22 are categorized as under –
  1. NPS Regular / eNPS
  2. NPS – Lite/ APY
The circular is placed in the intermediary section of CRA on PFRDA website, for the information of all NPS stake holders.
For additional technology based solutions or improvement in the existing digital interface, kindly write to the undersigned or Mr. A. Ramesh Kumar (ramesh.kumar@pfrda.org.in).
(K. Mohan Gandhi)
Chief General Manager
k.mohangandhi@pfrda.org.in
Annexure I – Functionalities released by K Fin Technologies CRA
during Q1 of FY 2021-22
No.
Name of Development/ Functionalities
Description
1
Displaying GST number in receipt PDF files
generated through POP online
1. Now, on both registration receipts and contribution receipts, GST number of POP will be shown to the subscribers.2. If POP provides the GST number, same will be shown in the receipts generated by the POP in CRA system.
2
D Remit for NRI NPS Subscribers
1. NRI subscriber can contribute through D-Remit option. In the virtual id creation page, NRI subscriber has to submit the declaration that the bank details used for D-Remit will be of NRE/NRO bank account
2. In case of exit and withdrawal, amount will be credited to NRE/NRO accounts as per FEMA regulations. This declaration will be shown only to NRI subscribers in both pre and post logins.
3
Historical Transactions SOT Report (including inter
CRA PRANs)
1. Currently, in CRA login, POPs can download the historical transactions report from the mail back report.
2. Now this report will also include the inter CRA shifted PRANs. If a subscriber shifts his/her associated POP all the earlier transactions carried out in the PRAN will be provided as a report to the target POP.
4
Integration of digital sign certification in application PDF file
1. Auto-populated Subscriber Registration Form on successful generation of PRAN in CRA system generated.
2. As per the new functionality, if a subscriber has done eSign through Aadhaar, eSign stamp is imposed on the form. In case the authentication is done through OTP sent on mobile number and email id, CRA used to make OTP authentication time stamp.
3. Now to enhance the security feature, CRA is digitally signing the Subscriber Registration Form and no changes can be carried out in the form.
5
Subscribers need not submit physical form to CRA to ensure ease of On- boarding
1. Currently, physical submission of Subscriber Registration Form to CRA is not required for the PRANs generated through online mode.
2. In this regard, the subscriber can authenticate the registration request through eSign or OTP.
3. If a subscriber is yet to authenticate his/her request, he/she can visit the CRA website and complete the authentication. Also, SMS and email alerts have been modified accordingly.
Link: https://enps.kfintech.com/esign/esignprocess/
6
Integration of Edelweiss ASP
1. Annuity Quotes through API has been implemented in CRA and eNPS for the Annuity Service Provider (ASP) ‘Edelweiss Tokio Life Insurance Co. Ltd’.
2. The user has to input details such as ASP, Age, Corpus, Gender, Annuity frequency etc. and Annuity Quotes will be provided for all Annuity Schemes of the concerned ASP. As of now, eleven ASPs have done the integration with CRA for this purpose.
7
Ease of Partial Withdrawal through Self-Declaration
Presently, an option has been provided to subscriber to submit the partial withdrawal request by providing self-declaration. The subscriber can submit the partial withdrawal request as per below process:
1. Subscriber has to login eNPS system.
2. Once logged in, registered bank details will be shown to the subscriber in the non-editable mode.
§ If subscriber wishes to change his/her bank details,
he/she can change the same through Bank details updation process.
1. The subscriber has to provide the withdrawal percentage/ withdrawal amount and purpose of withdrawal.
2. Subscriber has to tick the self-declaration before submission of request.
3. On submission of request, penny drop process will be initiated. If the bank details are valid, name of the subscriber in CRA system and name in the bank details will be matched through fuzzy logic.
4. If the name matches, subscriber needs to do the OTP Authentication / eSign to complete the updation request. In case of name mismatch, the request will be rejected.
5. Once the authentication is done through
OTP/eSign, partial withdrawal request will be placed in CRA system. Accordingly, units will be redeemed and funds will be transferred to the subscriber’s bank account.
Alternatively, subscriber can submit the physical partial withdrawal form to the associated Nodal Office for processing the partial withdrawal request.
8
Integration with UMANG
CRA has integrated with UMANG (Unified Mobile Application for New-age Governance) for providing NPS services. The subscriber has to provide the PRAN & password and after due authentication, can avail the following NPS services on UMANG website/app:
1. Personal details view
2. Bank details view – Tier I & Tier II
3. Nominee details view – Tier I & Tier II
4. Scheme details – Tier I & Tier II
5. Total holding – Tier I & Tier II
6. Scheme-wise holding – Tier I & Tier II
7. Transaction statement on email
8. Recent five contributions
9. Update password
10. Update mobile number
11. Update email id
9
Exit process flow through Self-authorization by e-NPS subscribers
Now, eNPS subscribers can submit exit request through self-authorization in CRA system. An eNPS subscriber who has the corpus of less than Rs. 10 lakh can submit the self-authorized exit request as per below process:
1. Subscriber has to login eNPS system
2. He/she needs to provide the personal details, withdrawal percentage and ASP details
3. Though the subscriber can edit the nominee details, Bank details are non-editable.
4. He/she will upload the KYC documents and proof of Bank details
5. After providing the required details, subscriber has to authenticate the request through OTP.
6. Subscriber will eSign the request and if subscriber’s corpus is below 10 lakhs, he/she will be given an option to do Self-Authorization by uploading the offline Aadhar XML file.
7. Once self-authorization is done, exit request will be placed in CRA system. Accordingly, units will be redeemed and funds will be transferred to subscriber’s bank account.
Alternatively, an eNPS subscriber can submit the physical exit request to the associated POP for processing the exit request.
10
Online exit process for NPS subscribers associated
with Points of Presence (POP)
A functionality of paperless online exit for POP subscribers is available now. The subscriber can submit the exit request as per below process:
·Subscriber has to login eNPS system
· He/she will provide the personal details, withdrawal percentage and ASP details.
·Subscriber can edit the nominee details. However, Bank details are non-editable.
·Subscriber has to upload the KYC documents and proof of Bank details.
· After providing the required details, subscriber has to authenticate the request through eSign/OTP.
· The request will be shown to the nodal officer with the eSign flag for verification and authorization. Nodal officer will check and authorize the request.
Alternatively, the subscriber can submit the physical exit request to the associated POP for processing the request.
Annexure II – Functionalities released by NSDL CRA during Q1 of FY 2021-22
Sr. No.
Name of Development/ Functionalities
Description
NPS Regular/ eNPS
1
Nominee updation
1. Option to Add/Update Nomination details online directly by Subscriber (through paperless manner) has been enabled in the CRA system earlier.
2. Now, Nomination request of Corporate Subscribers will be authorized by his/her employer in CRA system.
2
Re-KYC
If subscriber’s KYC has been rejected due to Address mismatch by the POP then subscriber can opt for ReKYC by Aadhaar Offline XML. In this case, subscriber’s KYC details will be fetched from offline XML ZIP file uploaded by subscriber.
3
Annuity Service Provider (ASP) & Annuity Scheme
Selection
1. At the time of initiating the exit request in CRA, ASP selection is on the basis of Age & Corpus; while scheme selection is on the basis of Marital status. Now, the scheme selection will also include Age along with Marital status of the Subscriber.
2. Now the scheme selection will be allowed as per the minimum Age & Corpus of the respective ASP.
4
Smart Exit Guide
1. Smart Exit Guide facilitates Subscribers to take well
informed decision based on associated benefits2. The annuity quotes/schemes being displayed in Annuity Calculator in CRA as well on CRA corporate website willbe displayed under criteria with ROP/without ROP.3. The same will facilitate the Subscriber/Nodal Office to
view schemes wherein there is Return of Purchase Price (ROP) and schemes without ROP.
5
Aadhaar Vault
1. As per UIDAI guidelines, Aadhaar Vault has been
developed for storing Aadhaar details of the Subscribers.2. Aadhaar Vault has been integrated in eNPS platform and Subscriber Registration has been enabled through online Aadhaar eKYC.
6
Generation of Subscriber Registration Form (PDF)
Generation of Subscriber Registration Form (PDF) after every registration in CRA. As of now, form will be generated on the basis of latest details available in CRA records and it will be made available in Subscriber login.
7
Subscriber Alerts on credit timelines
At the time of Contribution and PFM/Scheme preference change through Subscriber login, pop-up message regarding credit timelines will now be displayed to the Subscriber.
8
Subscriber Alerts on Tier Type/ Contribution
At the time of contribution through eNPS, alert messages are being shown with Tier type and Contribution amount (in numbers and words) to Subscribers.
9
Enablers during Withdrawal by Nominee/Legal Heirs due to unfortunate death of Subscribers
New withdrawal form for Death Withdrawal request for the following has been enabled:
(A) Govt. sector Subscribers,
(B) Non-Govt. sector Subscribers,
1. At the time of withdrawal request initiation, existing nomination details will be displayed and the same will be non-editable.
2. If a person claiming NPS Corpus is other than the registered nominee/s then Nodal Office is required to capture their details as Legal heir and not as nominee.
10
Sharing of Soft copy of NPS account opening form
The Subscribers who are registering in CRA through eNPS, OTP Authenticated/eSigned registration forms will be sent as an attachment to their registered email ID, upon successful registration.
11
Mobile App – Alerts
At the time of PFM/Scheme Preference Change through Mobile App, pop-up message regarding credit timelines is displayed to the Subscriber.
12
NPS Regular /Mobile App – Scheme
Preference Change
PFM change once and Investment choice/Scheme preference change twice in a Financial Year has been enabled for Government Sector Subscribers.
13
eNPS – Additional option of Payment Gateway Service Provider (PGSP)
Integration of Razor-pay as PGSP
14
Alert at the time of One Way Switch
At the time of making one-way switch request in CRA, an alert will be displayed about contribution in Tier I that it is non-withdrawable account and the redemption amount (in numbers and words).
15
NACH Mandate
NACH Mandate registration and contribution remittance by Nodal Offices which is,
– Another easy mode of transferring contribution amount to Trustee Bank (TB)
– Submission of Mandate Registration Form by Nodal Office to CRA through email
Submission of Mandate Registration Form by CRA to TB
Confirmation of Mandate Registration by TB to CRA/ Nodal Office
Auto Debit of Bank Account of the Nodal Office post upload of SCF
The information is exchanged conveniently through emails.
16
Higher Contribution in Govt Sector – 1.4 times of employee contribution
Following validations have been added in CRA at the time of contribution for Govt. Nodal Offices:
Employer contribution to be 1.4 times of employee contribution
17
Building Transparency by Display of Charges in Transaction Statement
1. In online Transaction Statement, at notes section, a link has been provided to view charges in NPS.
2. When User clicks the link, he/she will be redirected to a webpage wherein various charges applicable in NPS are displayed.
18
Inbox Notification
1. Inbox notification available in Nodal Office login to re­direct the users to download / view and take action on all pending requests.
2. Now, an option will be provided to authorize the requests directly through this screen.
19
Registration forms in Document Management System (DMS)
1. Subscriber Registration Form will be generated in PDF on the basis of details provided by the Subscriber at the time of registration.
2. Registration forms generated will also be available in the
DMS for view. Subscriber and Nodal office can login into CRA system and will able to view registration form PDF through view DMS document upload functionality.
NPS Lite / APY
20
Active Bank Account
Flag in APY Exit file format
1. APY Service Providers (APY-SPs) upload the online exit file in CRA system for Subscribers exiting APY.
2. Now, following fields have been added in the APY Voluntary Exit file format:
– Active Bank Account Flag
– Reason for Exit
3. The above changes ensure timely credit of APY Account closure proceeds to benefit the Subscribers.
21
Changes in Withdrawal Account File shared to Trustee Bank
Withdrawal Account File (WAC) is a system generated xml file which is used to provide fund transfer instructions to Trustee Bank.
Generation of common WAC file having data of all the redemption from the system – CRA, NPS Lite withdrawals as well as ERM. Earlier three WACs were generated – CRA, Lite and ERM.
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