New Delhi: The intermediaries of the Pension Fund Regulatory and Development Authority (PFRDA) have now decided to halve the timelines for various transactions under NPS, as per the latest circular.
Withdrawal requests of subscribers at the time of exit were so far executed on T+4 working/settlement days (the day of authorization of withdrawal request by T Nodal Office/POP/Subscriber) and the time limit has been reduced to T+2 Is, As stated in the PFRDA circular.
“As part of the Azaadi Ka Amrit Mahotsav and to celebrate 75 years of India’s independence, the intermediaries of PFRDA such as Central Recordkeeping Agencies (CRAs), Pension Fund (PF) and Custodians have improved the system interface and time. has enhanced its IT capabilities to reduce the limitation. Transactions under NPS To provide superior customer experience to meet the evolving needs of the customers,” it added.
The reduced time frame for final withdrawal from NPS, which will benefit the respective CRA subscribers, is given below:
Customers associated with Protean eGov Technologies Ltd CRA: Authorized requests will be settled on T+2 basis till 10:30 AM.
Subscribers belonging to Keffin Technologies Limited and CAMS CRA: Authorized requests will be settled on T+2 basis till 11 AM.
Here is the list of CRA-wise activities processed on T+2 basis.
Timelines for work and settlement days are to be considered. The reduced timelines for other activities will be introduced in a phased manner in the interest of the subscribers.