NPS New Rule: Pension Fund Regulatory PFRDA has made KYC compulsory for withdrawal and nuisine withdrawals. The new rule will come into effect from April 1. Under this, many documents will have to be uploaded.
Pension Fund Regulatory PFRDA has made KYC mandatory for withdrawal and enuty from NPS. The new rule will come into effect from April 1. Under this, many documents will have to be uploaded. In the circular issued by the PFRDA, it has said that this will reduce the problems of NPS and also save the time taken in the time of withdrawal and annuity. The regulator has said that under this, investors and related nodal offices of NPS will have to take further action by uploading the necessary documents on their behalf. The regulator has said that all the necessary documents are to be scanned and uploaded in it and there is no need to submit the documents physically.
It is noteworthy that at present it takes several months to take withdrawal from NPS and to take annuits. Apart from this, the process of submitting separate documents for clearance and annuity is adopted, then it is extremely cumbersome for NPS holders. Many types of documents have to be submitted in it and it takes a long time to investigate.
These four documents have to be uploaded
- NPS withdrawal form
- Certificate of identity and address given in withdrawal form
- Bank account proof
- Photo copy of pran card
- This is how the process will be processed
Will start online withdrawal request by logging into CRA system
- While starting request, E-Sign/OTP certification, nodal office/POP authorized to request
- Necessary information will be provided to the member about the request made
- Details of address, bank Vivan, nominee etc. will be automatically taken from NPS account while starting the request.
- NPS holders will select the percentage of lump sum/annual amount
- NPS holder’s bank account (registered in CRA) will be verified by online bank account verification
- Necessary KYC documents have to be uploaded while requesting
- After this, you have to verify by choosing an option of e-sign through OTP certification or base.
- After the request, the nodal office will be responsible for further investigation of the document
Keep these things in mind
- In order to do the entire process digitally, select the option of e-sign through SMS and e-mail through OTP certification or Aadhaar
- Documents to be uploaded must be clear
- Be sure to check before uploading the name, date of birth, nominee
What is the situation now
Currently, after retirement, the withdrawal process of NPS takes about a month. At the same time, the entire process of taking annuits and taking pension in exchange for it takes two to three months. The new rule will complete both processes simultaneously. With this, NPS holders will not need to run much.
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