The Pension Fund Regulatory and Development Authority (PFRDA) introduces a new security layer. It aims to enhance the security of the National Pension System (NPS). PFRDA made this announcement through a circular issued on March 15, 2024. Beginning April 1, 2024, two-factor Aadhaar-based authentication will be compulsory for all password-based users logging into the CRA system. Let us explore the key details of the NPS new login rules.
New NPS Rule: Key Highlights
- The Pension Fund Regulatory and Development Authority announces new NPS login rules.
- The new NPS login rules are applicable from April 1, 2024.
- An enhanced security system amidst the rise in online fraud cases nationwide.
- NPS subscribers will now undergo Aadhaar-based authentication. This accompanies the existing user ID and password-based login process.
- The new security measures aim to fortify the Central Recordkeeping Agency (CRA) system.
- Subscribers can access their accounts only after Aadhaar-based authentication and entering the OTP sent to their registered mobile number.
- Multiple wrong password attempts will lock your NPS account.
What are the NPS New Login Rules?
The news includes three main aspects:
- Implementation of two-factor Aadhaar authentication for NPS login starting April 1.
- Integration of Aadhaar authentication with current user ID and password-based login process.
- Mandatory requirement for entering OTP sent to registered mobile numbers.
What is Two-factor Aadhaar authentication in NPS?
So, what exactly is this two-factor Aadhaar authentication system?
It’s an additional check to ensure the fingerprint’s authenticity and reduce the chances of fraud. This makes Aadhaar-authenticated transactions more secure.
The PFRDA says it will provide increased security and enhanced protection to users.
Benefits of 2-Factor Authentication
i. Heightened Security
Implementing the two-factor approach significantly diminishes the risk of unauthorised access to the CRA system.
ii. Reinforced Protection
This added layer of security ensures the safeguarding of NPS transactions. It will cater to the interests of subscribers and stakeholders alike.
Reasons for Introducing New NPS Rules
This change is happening because of the increasing number of online frauds. PFRDA has decided to add extra security measures.
Anyone accessing the National Pension System’s Central Recordkeeping Agency (CRA) system now requires 2FA. You must do the two-factor authentication using Aadhaar.
Under the new system, users will have to authenticate their login using Aadhaar. Then, you must enter a one-time password (OTP) sent to your RMN.
This extra layer of security aims to make NPS transactions safer and protect the interests of users.
How will the Account Work under the New NPS Login Rules?
The updated NPS login rules will facilitate 2-factor Authentication for accessing the NPS CRA system.
To initiate the login process:
- Visit the official NPS website: https://enps.nsdl.com/eNPS/NationalPensionSystem.html
- Click on the PRAIN/IPIN tab, which will open a new window.
- Enter your user ID and password as usual.
- Complete the Captcha verification.
- The system will then prompt for Aadhaar authentication.
- An OTP will be sent to your registered mobile number.
- Enter the OTP to gain access to your NPS account.
Users will log in using their User ID and Password as usual, but now they’ll also have to authenticate using Aadhaar.
After entering the OTP sent to their mobile, they’ll gain access to their NPS account.
Additionally, the PFRDA is making it mandatory for government offices and autonomous bodies to implement this new system before April 1.
And what happens if someone enters the wrong password too many times?
Well, after five incorrect attempts, the authority shall lock your NPS account.
But users can still reset their password by answering a secret question. If they can’t remember the answer, they’ll need to request a new password.
Overall, these changes aim to make NPS transactions safer and protect the interests of users and stakeholders.
What are the NPS Withdrawal Rules?
The National Pension System (NPS) allows for conditional withdrawal under specific circumstances.
Subscribers must be in NPS for at least 3 years.
The NPS withdrawal amount cannot exceed 25% of the contributions made by the subscriber.
A maximum of three partial withdrawals during the entire tenure of their subscription.
Withdrawals are permitted only for specified reasons:
- Funding higher education
- Marriage expenses of children
- Purchasing or constructing a residential house under certain conditions
- Costs of treatment for critical illnesses.
Conclusion
The introduction of two-factor Aadhaar authentication in NPS new login rules is a significant step. It ensures the user’s interests and the integrity of NPS transactions in times of ever-rising digital fraud.
Source- npscra.nsdl.co.in, livemint.com
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