Changes to NPS exit rules: The requirements for leaving NPS have changed; it is now required to complete this work

 Changes to NPS exit rules: The requirements for leaving NPS have changed; it is now required to complete this work

NPS: The Pension Fund Regulatory and Development Authority (PFRDA) has announced that, in order to guarantee that National Pension System (NPS) monies are credited into subscribers' bank accounts in a timely manner during withdrawal or scheme departure, rapid bank account verification will henceforth be carried out. It is imperative that you complete it.

In order to guarantee prompt credit of National Pension System (NPS) monies into subscribers' bank accounts upon withdrawal or departure from the system, the Pension Fund Regulatory and Development Authority (PFRDA) has announced that rapid bank account verification is now required. As.

The penny-drop technique will be used to verify this bank account. In accordance with the PFRDA circular dated October 25, 2023, processing withdrawal/withdrawal requests and updating client bank account data need successful penny-drop verification with name matching.

The pension regulator said that no requests for withdrawals or changes to the customer's bank account information would be permitted if the CRA is unable to verify the penny drop. CRA will address the matter with the relevant nodal office or intermediary to update the customer's bank account information after the due diligence procedure, regardless of the cause for the penny drop verification failure.

Through email and mobile, CRA will notify the consumer about the penny drop failure and suggest that they get in touch with the POP or nodal officer.