PFRDA had taken a series of digital initiatives to lessen turnaround time (TAT) for most of its processes and functions in the Subscriber’s interest. In this path towards digital transformation and to provide technologies-enabled options to its Subscribers, partial withdrawal which is permitted for NPS Subscribers to meet their distinct requires, has now been created on the internet and paperless which have been earlier handled physically.
NPS Subscribers soon after 3 years of joining the scheme are eligible for partial withdrawal of 25% of their self-contribution to meet their distinct requires as permitted by PFRDA.
As of now, the eligible Subscribers need to submit their application for partial withdrawal to the respective nodal officers/Points of Presence (POPs) along with the supporting documents to substantiate the motives for their partial withdrawals.
PFRDA had taken this selection to expedite the method of partial withdrawal primarily based on self-declaration and make sure more rapidly payment of partially withdrawn quantity into the Subscribers’ bank account. The partial withdrawal requests received on the internet shall be straight processed in Central Record Keeping Agency (CRA) technique.
While on-line withdrawal facility is getting permitted, the current off-line withdrawal facility shall continue and the Subscribers shall have the selection for submitting offline requests also to the connected POPs/Nodal officers.
The method of partial withdrawal primarily based on self-declaration is offered beneath:
a. Subscribers can submit the partial withdrawal request on the internet/off-line to CRA/Nodal Office/PoPs, as the case might be.
b. For on the internet withdrawal-Login to CRA technique working with login credentials.
c. Select Partial Withdrawal and the eligible quantity of partial withdrawal displayed.
Select the motives for partial withdrawal in drop down selection.
d. Furnish Self Declaration: ” I submit the request for partial withdrawal and the quantity therefore withdrawn shall be utilized for the objective of declared motives as specified by PFRDA exit regulations. I am completely accountable and accountable to commit the quantity therefore withdrawn for the stated reason”.
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e. Check Bank Account Number which is non-editable mode.
f. Submit the request and authorize by working with OTPs/ e Sign.
g. Email and Mobile quantity require to be updated to authenticate working with OTPs in case of on the internet mode.
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h. CRA executes partial withdrawal post ” Instant Bank Account Verification” by penny drop.
i. The quantity will be received by the Subscriber on T+4th working day. T being the date of on the internet submission by Subscriber / authorization by Nodal Office/POP (in offline mode)
j. No supporting documents are to be submitted in offline or on the internet mode.