VCIP facility in NPS: Now the opening of account under National Pension System i.e. NPS will be very easy. The process of withdrawing money from account opening and other related work will also be done from home. The Pension Fund Regulatory and Development Authority (PFRDA) has taken an important step in the interest of subscribers of the National Pension System (NPS). PFRDA has now allowed the use of Video-based Customer Identification Process (VCIP) for the convenience of customers, in addition to its existing options. Already, this facility is available with many financial products.
VCIP Facility in NPS
PFRDA has issued a statement in this regard. According to the statement, PFRDA has now allowed its intermediaries to use the video-based customer identification process (VCIP). They can use real-time video KYC to add new customers. A month before this, insurance regulator IRDA has allowed insurance companies to use video KYC facility. Banks and mutual fund houses are already providing KYC facility to customers through video facility.
Now subscribers will have ease
In fact, many NPS services are being offered online now. They also include adding new subscribers. However, for NPS exit and other related services, the subscriber needs to be present for in-person verification on the POP (Points of Physical Presence). Due to this constraint of physical presence, the challenge was faced by the POP / Nodal officers as well as the subscribers. This used to delay the withdrawal process.
What is this pension scheme?
The National Pension Scheme (NPS) is an investment scheme of the Government and Pension Fund Regulatory and Development Authority (PFRDA) for government and private sector employees. Earlier only government employees could invest in this scheme, but in the year 2009 it was opened to all categories of people. You can open this account in your name or in the name of your wife.
Under NPS, two types of accounts are opened Tier-1 and Tier-2. Tier-1 is a retirement account, while Tier-2 is a voluntary account, in which any salaried person can start investing on his / her behalf. Only after opening a Tier-1 account, a Tier-2 account opens. It is necessary to purchase a 40 percent annuity on NPS investment. Whereas 60 percent of the amount can be withdrawn after 60 years.
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