NPS alert! Subscribers can get partial withdrawal amount on fifth day in bank account

NPS subscribers after three years of joining the scheme are eligible for partial withdrawal of 25% of their self-contribution to meet their specific needs as permitted by PFRDA

NPS alert! Subscribers can get partial withdrawal amount on fifth day in bank account

New Delhi: PFRDA during the past one year has taken several initiatives and now in its latest move to extend the digital solution to its NPS customers, the department has made the partial withdrawal process also completely online and paperless.

“PFRDA had taken a series of digital initiatives to reduce turnaround time (TAT) for most of its processes and functions in the Subscriber's interest. In this direction towards digital transformation and to provide technology-enabled solutions to its Subscribers, partial withdrawal which is allowed for NPS Subscribers to meet their specific needs, is also made online and paperless which were hitherto handled physically," according to the PFRDA press release, issued on 15 January.

NPS subscribers after three years of joining the scheme are eligible for partial withdrawal of 25% of their self-contribution to meet their specific needs as permitted by PFRDA.

Currently, the eligible subscribers need to submit their application for a partial withdrawal to the respective nodal officers/points of presence (POPs) along with the supporting documents to substantiate the reasons for their partial withdrawals.

However, 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decision to expedite the process of partial withdrawal based on self-declaration and ensure faster payment of partially withdrawn amount into the subscribers' bank account.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 the Central Record Keeping Agency (CRA) system, as per the circular.

Process for online/offline withdrawal facility. The process of partial withdrawal based on self-declaration is provided below:

a. Subscribers can submit the partial withdrawal request online/off-line to CRA/Nodal Office/PoPs, as the case may be.

b. For online withdrawal-Login to CRA system using login credentials.

c. Select Partial Withdrawal and the eligible amount of partial withdrawal displayed.

Select the reasons for partial withdrawal in the drop-down option.

d. Furnish Self Declaration: ” I submit the request for partial withdrawal and the amount thus withdrawn shall be utilized for the purpose of declared reasons as specified by PFRDA exit regulations.  I am fully responsible and accountable to spend the amount thus withdrawn for the stated reason”.

e. Check Bank Account Number which is non-editable mode.

f. Submit the request and authorize by using OTPs/ e Sign.

g. Email and Mobile number need to be updated to authenticate using OTPs in case of online mode.

h. CRA executes partial withdrawal post ” Instant Bank Account Verification” by penny drop.

i. 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)

j. No supporting documents are to be submitted in offline or online mode.