Come April 1, the National Pension System (NPS) is set to undergo a significant transformation in its login process.
The Pension Fund Regulatory and Development Authority (PFRDA) is rolling out a new Two-Factor Authentication system, aimed at bolstering customer security and fortifying the NPS ecosystem.
Strengthening Security Measures
The new login procedure, integrating Aadhaar-based authentication alongside existing username and password credentials, aims to mitigate concerns regarding unauthorized access and potential security vulnerabilities within the NPS framework.
This Two-Factor Authentication method will employ fingerprints, adding an extra layer of security to user authentication.
How to Access the New Service
Here’s a step-by-step guide on utilizing the revamped login process:
- Visit the NPS website and opt for the ‘Login with PRAIN/IPIN’ option.
- Navigate to the PRAIN/IPIN tab, triggering a new window.
- Log in using your username and password credentials.
- Complete the captcha verification process.
- Proceed to Aadhaar verification, which will prompt an OTP sent to the registered mobile number.
- Enter the OTP to finalize the verification process.
Understanding NPS
The National Pension System (NPS) serves as a government-backed investment scheme, functioning both as a pension account and a voluntary savings account.
It offers two types of accounts, Tier 1 and Tier 2, catering to diverse investment preferences and financial goals.
Recent Withdrawal Rules
PFRDA has recently delineated rules governing pension withdrawals under NPS. These regulations stipulate that customers can withdraw a maximum of 25% of their personal pension account contributions, excluding employer contributions, emphasizing prudent financial management within the NPS framework.
As NPS adopts this robust Two-Factor Aadhaar Authentication mechanism, customers can rest assured knowing that their financial security remains a top priority.
This forward-looking initiative underscores NPS’s commitment to safeguarding the interests of its users while fostering a resilient and secure pension ecosystem.
