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
NPS Subscribers after 3 years of joining the scheme are eligible for partial withdrawal of 25 per cent of their self-contribution to meet their specific needs as permitted by PFRDA. Source: PTI
Practice as of now
As of now, the eligible subscribers need to submit their application for partial withdrawal to the respective nodal officers/Points of Presence (POPs) along with the supporting documents to substantiate the reasons for their partial withdrawals. Source: PTI
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decision to expedite the process of partial withdrawal based on self-declaration and ensure faster payment of partially withdrawn amount into the Subscribers' bank account.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:
1. Subscribers can submit the partial withdrawal request online/off-line to CRA/Nodal Office/PoPs, as the case may be.
2. For online withdrawal - Login to CRA system using login credentials.
3.Select Partial Withdrawal and the eligible amount of partial withdrawal displayed. Source: PTI
4. Select the reasons for partial withdrawal in drop down option.
5. Furnish Self Declaration
6. Check Bank Account Number which is non-editable mode.
7. Submit the request and authorize by using OTPs/ e Sign. Source: PTI
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