BIG! PFRDA does this to enable PARTIAL WITHDRAWAL for NPS Subscribers; Know COMPLETE details here!
In a major step to reduce turnaround time (TAT) for most of its processes and functions the Pension Fund Regulatory and Development Authority (PFRDA) has made partial withdrawal online and paperless for National Pension System (NPS) subscribers, it said in a press release
In a major step to reduce turnaround time (TAT) for most of its processes and functions the Pension Fund Regulatory and Development Authority (PFRDA) has made partial withdrawal online and paperless for National Pension System (NPS) subscribers, it said in a press release.
Until now, the partial withdrawal was handled physically. This move is among many of the digital initiatives, that the pension fund regulator has taken, the release claimed. Source: PTI
Know the terms and Conditions for Partial Withdrawal
Practice as of now
PFRDA Decision
PFRDA had taken this decision to expedite the process of partial withdrawal based on self-declaration and ensure faster payment of partially withdrawn amount into the Subscribers' bank account. The partial withdrawal requests received online shall be directly processed in Central Record Keeping Agency (CRA) system.
While on-line withdrawal facility is being allowed, the existing off-line withdrawal facility shall continue and the subscribers shall have the option for submitting offline requests also to the associated POPs/Nodal officers. Source: PTI
The process of partial withdrawal based on self-declaration is provided below:
8. Email and Mobile number need to be updated to authenticate using OTPs in case of online mode.
9. CRA executes partial withdrawal post ''Instant Bank Account Verification'' by penny drop.
10. The amount will be received by the Subscriber on T+4th working day. T being the date of online submission by Subscriber / authorization by Nodal Office/POP (in offline mode)
11. No supporting documents are to be submitted in offline or online mode. Source: PTI