The Pension Fund Regulatory and Development Authority (PFRDA) has provided access to all three central record-keeping agencies (CRAs) for APY subscribers.

The National Pension System (NPS) offers retirees the systematic lump-sum withdrawal (SLW) facility, which allows them to earn regular monthly income while ensuring capital growth.

Penny drop is an account verification method that involves depositing a small amount in a subscriber’s bank account for authentication before crediting funds to the beneficiary.

The National Pension System allows citizens to contribute a part of their income towards a pension fund, which they can withdraw up to 60 per cent on retirement

It aims to reduce the application processing time and the number of PoPs, among other suggestions, to ensure an effective distribution channel for NPS and other schemes under the PFRDA Act, 2013.

NPS subscribers can now access their NPS statement on DigiLocker, a government-run safe storage facility with round-the-clock access