The Pension Fund Regulatory and Development Authority (PFRDA) on August 10, 2023, issued a circular regarding the Simplified & Secured way to stay Informed on NPS Investments through Consolidated Account Statements.
The important features regarding the inclusion of NPS SoT in CAS have been stated as follows namely: -
• Consent Basis: The facility to include NPS SoT in CAS will be available to NPS subscribers on a consent basis. If the Subscriber wishes to opt for this inclusion, consent can be provided on the respective website of the aforementioned CRAs.
• Nominal Charges: A fee of Re 1/- will be applicable for each physical statement request, while 10 paise will be charged for each email statement.
• The Benefits of a Consolidated Account Statement (CAS) are as follows namely: -
a. Simplified Record-Keeping: CAS eliminates the need to maintain separate statements for different investments by summarizing the details into one comprehensive statement. This reduces paperwork and provides a consolidated view of all investments in one place, making it easier to manage and track the same.
b. Enhanced Safety: With the increasing popularity of online contributions and digital payment methods, the CAS plays a crucial role in ensuring the safety of information pertaining to contributions/investments. By receiving monthly updates, the Subscribers can stay alert and promptly identify any unauthorized transactions. In case of fraudulent activities, the Subscribers can inform the associated intermediary at the earliest necessary action.
c. Timely Information: CAS keeps Subscribers well-informed about their investments. With a monthly update of all transactions and holdings, they can easily monitor the performance of investments, stay up to date with any changes, and make informed decisions accordingly.
• It states that All the Stakeholders like POPs, Nodal Offices, and NPS Trust are required to disseminate this important information to the subscribers and encourage them to avail of the facility by providing consent for including NPS SoT in CAS.
• The Procedure to give consent for the inclusion of NPS details in CAS has been attached as an annexure.
[Circular No. PFRDA/2023/26/Sup-CRA/07]
