Highlights
Instant Bank Account Verification by ‘penny drop .
Know what it means and why money is not deposited.
New Delhi: Pension Fund Regulatory and Development Authority (PFRDA) devised a suitable technology intervention called Instant Bank Account Verification thus using Penny drop facility for the National Pension System (NPS) subscriber who wish to withdraw their funds. In order to ensure that the withdrawal amount is remitted within in the specified timelines in the subscriber s account the penny drop.
In order to resolve the issue of return of remittances and to protect the interest of NPS subscribers with timely credit of amount and for additional due diligence to identify the rightful beneficiary, Instant Bank Account Verification by ‘penny drop’ would be adopted by CRAs, by integrating their IT system and exit framework with the Fin-tech service providers.
NPS Subscribers alert! Know how PFRDA s Penny drop facility will ensure timely credit of fund withdrawal india.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from india.com Daily Mail and Mail on Sunday newspapers.
Updated Jan 17, 2021 | 06:12 IST
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 | Photo Credit: BCCL
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 w
NPS subscribers will need to submit the NPS withdrawal forms along with other supporting documents for authorization by POPs, the Pension Fund Regulatory and Development Authority (PFRDA) said.
PFRDA provides online option to subscribers to exit from NPS
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Last Updated: Dec 30, 2020, 04:57 PM IST
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Synopsis
The Points of Presence would identify the bank account number of the subscriber by Instant Bank Account Verification through penny drop and also verify the uploaded documents. The CRAs and POPs are advised by PFRDA to develop the required technical functionalities in a time bound manner.
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NEW DELHI: Pension fund regulator PFRDA on Wednesday said the subscribers can now use the online mode also to exit from the National Pension System (NPS). Under the current process, the NPS subscribers have to physically approach their Points of Presence (POPs) to complete their withdrawal request process and the task is performed offline, it said in a statement.