Home » Investment » Gov Securities » eNPS platform with financial literacy promotion to subscribers

eNPSTo promote financial literacy to enable the subscribers to reap the benefits of choices of investment products and digitization to deepen the reach. PFRDA rolls-out Aadhar Powered Digital on Boarding into APY through eNPS platform for wider reach; Benefits of APY@eNPS include paperless registration; No need to visit Bank Branch & to have Banking Id and 24*7 Online En-rollment at the customer’s convenience.

Based on the recommendation of the 3rd Pay Revision Committee, the Department of PSE notified dispensing with the condition of minimum 15 years of service and superannuation from CPSEs to avail the pension benefit implemented by CPSEs. Separately, the Government has also amended the Income Tax Act providing for tax free migration of superannuation funds to NPS. This provision will facilitate the CPSEs to implement NPS for their employees.
The need of financial literacy is required for subscribers and have a better understanding of where and how their funds invested. To enable the subscribers reap the benefits of choices of investment products and digitization to deepen the reach. NPS provides choices to subscribers in the matter of choosing their fund manager, investment pattern etc. Individuals can now subscribe to NPS up to the age of 65 years and can defer the purchase of annuity to three more years post retirement and defer lump-sum withdrawal in phased manner over a 10 years.

To have old age income security the need of starting early and avail the compounding benefit on investments. There are various investment options available to the subscribers under NPS.
According to PFRDA the benefits of NPS and the returns generated by Pension Funds has been over 10% since inception. As on 30th September, 2017, there were 1.78 crore subscribers and Rs.2.06 lakh crore of AUM under NPS. The growth in subscribers and the asset under management jump at 27% and 47%, respectively

Diwali Festive Offer by Flipkart

Pension Fund Regulatory and Development Authority (PFRDA) has embarked upon several digital friendly steps for extension of the benefits of APY to the citizens of India. PFRDA has developed the process to offer APY enrollment through eNPS platform for wider reach. Under this channel a complete end to end digital environment for subscription is enabled without submission of physical form at the convenience of the customer without visiting bank or post office.
So far APY is available for subscription through Banks, BCs and through internet banking. Now, APY is available on eNPS platform and any eligible Indian citizen can enroll through the APY@eNPS channel by visiting www.enps.nsdl.com. The customers of the Bank can visit eNPS portal and give Aadhaar/ Bank Name and Savings Bank Account Number to join the scheme. The benefits of APY@eNPS are:

  1. Paperless registration
  2. No need for visiting Bank Branch.
  3. Online enrollment can be made 24*7 at the customer’s convenience.
  4. No Need for having internet banking Id.

Punjab National Bank is the first Bank to operationalize APY@eNPS and a few other banks are expected to launch this platform shortly offering Aadhaar enabled APY enrollment.
Any person in the age group of 18 to 40 years with a savings bank account and Aadhaar can register for APY by providing the least information in the APY@eNPS portal as rest of the information will be auto populated from the bank. This new feature not only makes it easy for the subscriber to join the APY but also reduces the workload for the Banks/Postal Branch which are implementing the APY.

Sources: PIB.NIC.IN

[amazon_link asins=’9351395189,818333508X,B0736ZYYJ6,B00OHMFASE,B075MN8L72,B014UUBJQE,B01LWLMUBA’ template=’ProductGrid’ store=’indiataxguide-21′ marketplace=’IN’ link_id=’625b2cf0-aabe-11e7-b85a-331683b946c9′]

Print Friendly, PDF & Email

Leave a Reply

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