PFRDA Extends OTP-Based Authentication To Legacy NPS Accounts: Know All

The Pension Fund Regulatory and Development Authority (PFRDA) released a circular dated December 3, 2020 with the subject line OTP based authentication for legacy NPS accounts.

In the previous circular dated June 15, 2020, PFRDA had allowed OTP based authentication for facilitating opening of NPS accounts by prospective applicants through eNPS or by POPs with ease and in a paperless manner. Now in the latest circular, the pension fund body has taken a decision to extend the OTP-based authentication functionality to legacy NPS subscribers. Through the facility such subscribers will be able to access their NPS accounts.

What are legacy NPS accounts?

As per the circular " Legacy Accounts are those accounts which were opened before the launch of OTP based authentication feature by Central Record Keeping Agencies (CRAs) or Points of Presence (POPs) but physical forms with respect to these accounts are not yet received by CRAs." There are two CRAs in the NPS-NSDL and KFintech.

Besides, the option shall be available only to eligible legacy accounts i.e. for those accounts where e-mail and/or mobile numbers are registered, provided all other requirements under the subscriber registration process as prescribed by the authority, are complied with.

NPS subscribers for whom the physical forms are not yet received at CRA are allowed to authenticate either through Aadhaar-based e-sign or OTP at the technology platform of either of the CRA or of the associated POPs.

Process of OTP-based authentication for Legacy NPS accounts

For availing the facility of OTP based authentication at CRA platform, both the e-mail Id as well as mobile number of subscribers should be there in the records of CRA.

- Log on to the websites of eNPS of the respective CRA. For nsdl it is enps.nsdl.com and KFintech it is enps.kfintech.com. Click on the National Pension System option.
- Now click on the 'Registration' option
- Click on option "OTP Authentication/eSign".
- Here you need to give in details which were submitted at the time of registration including acknowledgement no., acknowledgement date, and date of birth or first name, date of birth and email address.
- OTP authentication option will be displayed to the subscriber along with "eSign".
- Select "OTP Authentication" option and click on the "Generate OTP" button.
- Two separate OTPs will be sent one on the mobile and the other on the e-mail Id i.e. there in the records of the CRA. Enter both the OTPs to complete the OTP-authentication process.

GoodReturns.in