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NPS Withdrawal Process Eased Amid Covid 19: Here's How You Can Withdraw


In the wake of Covid 19, both lump sum as well as partial withdrawal claims process from NPS has been eased.

Withdrawal process in a normal scenario from NPS

In it the NPS investor are required to submit duly filled up withdrawal forms together with documents in support of it at the related nodal officers or point of presence service providers.

NPS Withdrawal Process Eased Amid Covid 19: Here's How You Can Withdraw

Covid 19 withdrawal process from NPS

But now considering the new social distancing norm and where unnecessary travel as far as possible should be followed, the PFRDA has permitted submission of just the scanned and self-attested images of documents via the digital route.

For the same i.e. withdrawal claim from the NPS, the request made through the customer's registered email ID or nodal offices is being accepted.

This special window or a one-time exception is granted only till June 30, 2020. And further such documents needed to be handed over to concerned CRAs latest by July 31, 2020.

And hereafter, the subscriber's genuineness has to be verified by the POPs or nodal officers before the withdrawal claim is approved in the CRA or central record keeping system.

Thereupon, the execution of the claim process is made and the NPS accountholder's information whose claim process is executed is sent to the annuity service provider for granting the annuity.

"The documents uploaded help in instantaneous processing of lump sum and enable ASP (annuity service providers) to issue annuity based on the documents already uploaded," PFRDA said.

Read more about: nps
Story first published: Thursday, June 11, 2020, 7:39 [IST]
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