Achi news desk-
New Delhi7 days ago
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Now it will be necessary to verify two factors to log in to the GCC ie the Central Record Keeping Agency (CRA) of the National Pension System. According to the new rule, all users will have to login through Aadhaar OTP as well as the password.
At present, all the records can be accessed by nodal officers of the Central and State Governments and their autonomous bodies only through password login. The Pension Fund Regulatory and Development Authority (PFRDA) has announced this change. The new rule will come into effect from April 1.
The risk of unauthorized access will be reduced
Two-factor authentication will reduce the risk of unauthorized access. With this, only authenticated users from the CRA system will be able to log in. NPS transactions will become more secure with the added security layer.
Changes to the withdrawal rules too
Earlier, from February 1, PFRDA has changed the withdrawal rules. According to the new rules, NPS account holders are not allowed to withdraw more than 25% of the total amount deposited.
This will include the contribution amount of the account holder and the employer (company). In accordance with this, if you already have a house in your name, partial withdrawals from the GCC account for it are not permitted.
What is the National Pension System (NPS)?
The National Pension System (NPS) is a government pension-cum-investment scheme. This way you can save for retirement. 40% of the amount deposited in the NPS needs to be deposited in an annuity. You can withdraw the remaining 60% in a lump sum during your retirement.
Become mature by age 60
NPS is regulated by PFRDA. Any Indian citizen between the ages of 18 and 70 can invest in this. Its maturity is up to 60 years old. But, if you wish, you can continue with it until the age of 75.
How to raise money halfway
However, if you wish in between, you can raise money for illness, children’s education and building a house. If you do not withdraw the money, then at the time of your retirement you can withdraw 60% of the total amount deposited and the remaining 40% will go to the pension scheme.
