scorecardresearchNPS Withdrawal: Now get your money faster; PFRDA cuts timelines

NPS Withdrawal: Now get your money faster; PFRDA cuts timelines

Updated: 21 Sep 2022, 09:28 AM IST
TL;DR.
PFRDA, said, The withdrawal requests of subscribers at the time of exit were hitherto executed on T+4 working/settlement days (T being the day of authorization of withdrawal request by Nodal office/PoP/Subscriber) and the timeline has been reduced to T+2.
The reduced timelines of final exit from NPS, which would benefit the subscribers associated with the respective CRAs are provided below 

The reduced timelines of final exit from NPS, which would benefit the subscribers associated with the respective CRAs are provided below 

Looking to withdraw your money from the National Pension Scheme (NPS)? Now you can get your money in two days as against four days earlier.

The intermediaries of Pension Fund Regulatory and Development Authority (PFRDA) have improved the system interface and enhanced their IT capabilities to cut down on timelines of various transactions under NPS to provide a better subscriber experience to fulfil their evolving needs, reported Mint.

The different PFRDA intermediaries are Central Recordkeeping Agencies (CRAs), Pension Funds (PFs) and Custodian.

The withdrawal requests of subscribers will now be reduced from T+4 to T+2 days. The regulator PFRDA, said, “The withdrawal requests of subscribers at the time of exit were hitherto executed on T+4 working/settlement days (T being the day of authorization of withdrawal request by Nodal office/PoP/Subscriber) and the timeline has been reduced to T+2."

The reduced timelines of final exit from NPS, which would benefit the subscribers associated with the respective CRAs are provided below:

Subscribers associated with Protean eGov Technologies CRA, for them any request will have to authorized up to 10.30 AM will be settled on T+2 basis. Subscribers associated with KFin Technologies Ltd & CAMS CRAs, for them any requests authorized up to 11 AM will be settled on T+2 basis, said the regulator.

 

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First Published: 21 Sep 2022, 09:28 AM IST