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NPS New Rules 1st April 2024: The new rules related to NPS will come into effect from April 1, 2024. PFRDA has changed the rules related to NPS. The government has made two-factor authentication mandatory to make NPS more secure than before. Now these new rules for logging in to CRA will be applicable from April 1. The National Pension System helps in retirement planning. PFRDA regulates this. Let us know whether the new rule will benefit or harm NPS investors.
What is two-factor authentication?
From April 1, NPS users will have to log in through Aadhaar to access CRA. For this, the existing ID of the subscribers will be integrated with the log-in process. PFRDA believes that this login process is a step towards making the system secure. This will reduce unauthorized access to the NPS infrastructure and reduce security risks.
– Now login with the help of password
Before the launch of the new system, the central record keeping agencies (CRAs) will inform the government nodal offices about the detailed standard operating procedure (SOP) and process flow. Extensive efforts will be made to explain this change to the nodal officers. As per the PFRDA circular, currently nodal offices under the Central and State Governments use password-based log-in for NPS transactions.
Account will be locked if you use wrong password 5 times!
PFRDA believes that with log-in authentication through Aadhaar, all NPS activities undertaken by government offices and autonomous bodies will be carried out in a secure environment. If the user enters the wrong password five times consecutively, his account will be locked. The user will then need to reset their password to access the account. For this he will have to either request for I-PIN or answer a secret question.