Online Exit Process for ENPS Subscribers
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Online Exit Process for ENPS Subscribers
The Pension Fund Regulatory and Development Authority of India (PFRDA) has now permitted the online option to make exiting the National Pension System (NPS) easier. Subscribers can use their username and password to begin an exit request in the Central Record Keeping Agency (CRA) system and submit the following information: allocation of corpus for a lump sum and pension, Upload the withdrawal paperwork, including KYC, to the Annuity Service Provider (ASP) and retirement scheme. To ensure a smooth procedure, the online application is further validated through OTP or e-sign
How to quit NPS account and withdraw fund
Complete withdrawal request procedure
To quit the NPS, subscribers must personally visit their Points of Presence (POPs) to finish their withdrawal request procedure, which is currently completed offline. Subscribers must submit the NPS withdrawal papers, together with any additional supporting paperwork, to the POP for approval.
Bank Account Verification
The POP should verify the subscriber’s bank account number using “Instant Bank Account Verification” and check the uploaded documents. NPS users would have to pay POPS a charge of 0.125 percent of the corpus, with a minimum of Rs 125 and a maximum of Rs 500, for successful processing of online/offline withdrawal requests.
Verification of Online Exit request
By signing on to the CRA system with his credentials, a subscriber will initiate an online exit request. Messages concerning e-Sign/OTP authentication and request authorization by POP will be shown at the time of request initiation. The user must then designate the amount for pension, nomination information, and so forth in accordance with the requirements. Along with the KYC, the subscriber will be required to provide scanned pictures of the appropriate withdrawal papers. Following that, the member will validate the request using an OTP delivered to the subscriber’s enrolled cellphone number and e-mail address.
Processing of exit request
Following the subscriber’s successful verification of an online exit request, the discharge request, together with scanned documents, will be stored in their CRA login with the accompanying POP. The POP will then check the bank account and make sure the beneficiary information is correct. The exit request will be processed in the CRA system once the POP has approved the request. In addition, ASPs will access the submitted withdrawal and KYC papers online to execute annuities. For the advantage of subscribers, the government has recommended CRAs and POPs to implement the needed technological features in a timely way.
FAQ’S
What if the holder of an NPS account dies after 60 years?
Though this National Pension Scheme is intended to provide a subscriber with financial assistance after retiring, it also provides some death benefits. In the event of a subscriber’s death, the legal successor has the right to withdraw the funds.
How long will we receive a pension from the NPS Pension (Annuity)?
The NPS Pension (Annuity) is guaranteed for 5, 10, 15, or 20 years, and from there for as long as you live.
Is it possible to withdraw 100% of my money from NPS?
The Pension Fund Regulatory and Development Authority (PFRDA) has eased the National Pension System (NPS) withdrawal requirements.
It allows NPS account users to withdraw their entire collected pension fund if their cumulative assets in NPS accounts are Rs 5 lakh or less.
Also read: Online Exit Process for ENPS Subscribers. How to quit NPS account and withdraw fund.
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