To provide better services and reduce turnaround time for its subscribers, PFRDA during the past one year has taken several initiatives and now in its latest move to extend digital solution to its NPS customers, the department has made the partial withdrawal process also completely online and paperless.
NPS partial withdrawal rules:
After 3 years of joining the scheme, NPS subscribers can apply for partial withdrawal for 25% of their contribution for meeting their certain specific needs as allowed by the PFRDA. And in the current regime, they need to submit their partial withdrawal application to their respective nodal officers or PoPs along with other documents in order to support their requirements of the funds held in their NPS account.
Now subscribers can get this amount early as the department has allowed self declaration for the purpose The partial withdrawal requests received online shall be directly processed in Central Record Keeping Agency (CRA) system. And now as the online for NPS partial withdrawal shall kick-off, offline process will still be available.
Here's how to make partial withdrawal request from NPS via self declaration:
1. Investors in NPS can apply for partial withdrawal from NPS account either online or offline to CRA/Nodal Office/PoPs, as the case may be.
2. For online withdrawal-you need to login to CRA system using login credentials.
3. Select Partial Withdrawal and the eligible amount of partial withdrawal displayed.
Select the reasons for partial withdrawal in drop down option.
4.Now you need to submit Self Declaration: " I submit the request for partial withdrawal and the amount thus withdrawn shall be utilized for the purpose of declared reasons as specified by PFRDA exit regulations. I am fully responsible and accountable to spend the amount thus withdrawn for the stated reason".
5. You need to verify the provided Bank Account Number which is non-editable mode.
6. Submit the request and authorize by using OTPs/ e Sign.
7. Email and Mobile number need to be updated to authenticate using OTPs in case of online mode.
8. CRA executes partial withdrawal post " Instant Bank Account Verification".
9. The amount will be received by the Subscriber on T+4th working day. T being the date of online submission by Subscriber / authorization by Nodal Office/POP (in offline mode)