Good news for PENSION subscribers! NPS withdrawal timeline reduced by half: Check new guidelines

New Delhi: Pension Fund Regulatory and Development Authority (PFRDA) intermediaries have now decided to reduce the timelines of various transactions under NPS by half, as per the latest circular.

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, said the PFRDA circular.

“As part of Azadi Ka Amrit Mahotsav and to commemorate 75 years of India’s Independence, the intermediaries of PFRDA viz Central Recordkeeping Agencies (CRAs), Pension Funds (PFs) and Custodian have improved the system interface and enhanced their IT capabilities to reduce the timelines of various transactions under NPS for providing better subscriber experience to fulfil their evolving needs,” it added.

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 Ltd CRA : Requests authorized up to 10:30 AM will be settled on T+2 basis.

Subscribers associated with KFin Technologies Ltd & CAMS CRAs : Requests authorized up to 11 AM will be settled on T+2 basis.

Here is the list of CRA-wise activities processed on T+2 basis.

The timelines are to be considered for working and settlement days. The reduced timelines shall be introduced in a phased manner for other activities in the interest of Subscribers.