NPS: Pension Fund Regulatory and Development Authority (PFRDA) has said that instant bank account verification will now be done to ensure timely credit of National Pension System (NPS) funds into the subscriber’s bank accounts during withdrawal or exit from the scheme. It is mandatory to get it done.
Pension Fund Regulatory and Development Authority (PFRDA) has said that immediate bank account verification is now mandatory to ensure timely credit of National Pension System (NPS) funds into subscribers’ bank accounts during withdrawal or exit from the scheme. Is.
This bank account verification will be done through penny-drop method. As per PFRDA circular dated October 25, 2023, successful penny-drop verification with name matching is required to process withdrawal/withdrawal requests and update customer bank account details.
If the CRA is unable to confirm the penny drop, the pension regulator said no request for withdrawal/withdrawal or change in the customer’s bank account information will be accepted. If the penny drop verification fails, regardless of the reason, CRA will take up the issue with the concerned nodal office/intermediary to amend the customer’s bank account information following due diligence process.
CRA will inform the customer about the penny drop failure through mobile and email, and advise them to contact the nodal officer or POP.
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