PFRDA has currently enabled the opening of the National Pension System (NPS) accounts by employing offline Aadhaar. Now PFRDA has decided to make the exit method also more agile and seamless by enabling the offline Aadhaar authentication for the goal of self-authorizing exit requests of e-NPS subscribers. Under this method, the eNPS subscribers with a corpus up to Rs 10 lakh in their NPS accounts can furnish their offline Aadhaar information, for the goal of exit.
As an NPS subscriber, a single can opt to either prematurely exit or opt for the final exit at the age of 60 years or on attaining superannuation or any time later as per regulations. In case of premature exit, up to 20 per cent of the accumulated pension corpus in the PRAN can be withdrawn as a lump sum and the balance (80 per cent or above) has to be utilized to purchase an annuity program from an Annuity Service Provider (ASP) empanelled by PFRDA.
The method of ‘self authorization’ employing offline Aadhaar will aid NPS subscriber exist from the scheme conveniently. As per the circular, the PFRDA states the following method:
1. The NPS subscriber will have to login into the CRA technique employing their PRAN and I-PIN.
2. Thereafter, a single has to choose the exit menu and provide the information viz allocation of the corpus, Annuity Service Provider (ASP) information, annuity scheme and so forth.
3. Bank information will be shown in non-editable mode. Other information such as subscriber name, gender, father name, address information will be auto-populated in non-editable mode.
4. Document upload: Subscriber will upload KYC documents, withdrawal documents, bank proof and so forth.
5. E-sign authentication: After offering all the information, the subscriber will have to e-sign.
6. Generation of acknowledgement ID: On submission of the exit request, acknowledgement ID will be offered to the subscriber.
Self-Authorization choice
If the corpus is under Rs 10 lakh, then Self-Authorization choice will be offered to the subscriber. If a subscriber opts for ‘Self-authorization’, under method will be followed:
a. Subscriber will download the offline Aadhaar XML File from UIDAI web site. UIDAI Link and aid web page will be offered to the subscriber for download of offline Aadhaar XML File.
b. Upload the offline Aadhaar XML file in CRA technique and provide the Aadhaar Share Code, mobile quantity and e-mail ID.
c. CRA technique will validate the Aadhaar Share Code and mobile quantity with the offline Aadhaar XML file.
d. Subscriber name in CRA records must match Aadhaar.
e. After productive validation, the self-authorization withdrawal request will be accepted in the CRA technique for execution.
f. ‘Instant Bank Acct verification’ via penny drop will be undertaken by CRAs and the price will be borne by the respective subscribers.
CRA technique will provide the subscriber’s information to concerned Annuity Service Provider or ASP (the insurance coverage organization you have chosen to spend the annuity). Annuity Service Provider (ASP) will situation the annuity policy to the subscribers and will upload the annuity information in CRA technique.
For e-NPS Subscribers whose corpus is more than Rs.10 lakh as properly as for the subscribers related to POPs (Point of Presence) , an on the web platform has lately been enabled, exactly where the exit requests of All citizen/Corporate sector subscribers would be verified by POPs. The exits of e-NPS subscribers (not related with any POP) would be verified by their respective banks which are registered as POPs with PFRDA.