As of now e-NPS subscribers willing to exit the investment need to go through the offline process but to ease the process, now the NPS regulatory body PFRDA has decided to provide an online channel for the purpose.
Current process for exiting e-NPS subscription
In the present case, e-NPS customers need to visit the Bank-Point of Presence (POP) for withdrawal request processing via shifting of the account via ISS or inter sector shifting to Bank POP from e-NPS. And then all withdrawal related forms for NPS are to be submitted with the Bank POP for authorization, which enables CRA for processing the exit process.
On this the institution in a circular dated May 27, 2020 said, eNPS offers ease of online opening of NPS account in a paperless manner. Henceforth, it has been decided to provide additional option to e-NPS subscribers to exit also from NPS through an online process."
And this online exit shall be available for premature withdrawal request as well as normal maturity claim. And the option will be implemented soon, the PFRDA said.
Last week, PFRDA introduced a new payment mode for NPS subscribers called Direct Remittance (D-Remit) that allowed subscribers to set standing instruction for systematic investment that facilitates regular contribution towards the retirement scheme.