NPS Update: From April 1, the Pension Fund Regulatory and Development Authority (PFRDA) will make changes to the login process for National Pension System (NPS) accounts. In this initiative, two-factor authentication is being implemented to enhance customer protection within the NPS ecosystem.
Nodal offices in the federal and state governments, as well as autonomous bodies involved with pensions, currently use a password-based login system.
Aadhaar-based authentication will be required from April 1.
The existing user ID and password-based login process will be integrated with this.
According to PFRDA, the new login process aims to address concerns about unauthorised access and security threats.
As part of Aadhaar’s two-factor authentication system, fingerprints undergo additional verification layers.
What is the new service and how do I use it?
Users must follow these steps to access NPS accounts under the new authentication system:
- Log in with your PRAIN/IPIN on the NPS website.
- Open a new window by clicking the PRAIN/IPIN tab.
- Enter your username and password to log in.
- Verify the Captcha code.
- It will prompt for Aadhaar authentication and send an OTP to the registered mobile number.
- To complete the authentication process, enter the OTP you received.
A government-run investment scheme, NPS, allows subscribers to allocate funds among a variety of asset classes.
In addition to serving as both a pension account and a voluntary savings account, the NPS offers two types of accounts, Tier 1 and Tier 2.
According to the PFRDA, subscribers under the NPS may withdraw a maximum of 25% of their contributions from their pension accounts, excluding the employer’s contribution.
