Bank account, mobile number compulsory for NPS subscribers
Posted on: 21/Apr/2018 11:10:50 AM
Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, it has been decided by the Authority to make bank account details and mobile no. mandatory to provide ease of operation for the benefit of subscribers and make the process of Exit from NPS hassle free.
Further, in compliance with the Prevention of Money Laundering Act guidelines issued by the Government of India, Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) have been made mandatory for new as well as existing subscribers. These have been made mandatory in the new Common Subscriber Registration Form (CSRF) forms that are required to be filled in by the new subscribers. The existing subscribers have been provided the facility to submit online FATCA Self-Certification in their login. The information regarding the said functionality is also made available on Central Record-keeping Agency (CRA) websites. The steps to be followed by the subscriber to submit online FATCA self-certification are also mentioned on the website.
It is to be ensured by the subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms.
