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2021-01-16

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Relevant for: Indian Economy | Topic: Issues relating to Mobilization of resources incl. Savings, Borrowings & External Resources

The Pension Fund Regulatory and Development Authority (PFRDA) has now allowed National Pension System (NPS) subscribers to partially withdraw amount via self-declaration and receive the amount on the fifth day in their bank account.

“PFRDA had taken a series of digital initiatives to reduce turnaround time (TAT) for most of its processes and functions in the Subscriber's interest. In this direction towards digital transformation and to provide technology-enabled solutions to its Subscribers, partial withdrawal which is allowed for NPS Subscribers to meet their specific needs, is also made online and paperless which were hitherto handled physically," according to the PFRDA press release, issued on 15 January.

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Eligibility to withdraw money from NPS

NPS subscribers after three years of joining the scheme are eligible for partial withdrawal of 25% of their self-contribution to meet their specific needs as permitted by PFRDA.

Currently, the eligible subscribers need to submit their application for a partial withdrawal to the respective nodal officers/points of presence (POPs) along with the supporting documents to substantiate the reasons for their partial withdrawals.

However, PFRDA had taken this decision to expedite the process of partial withdrawal based on self-declaration and ensure faster payment of partially withdrawn amount into the subscribers' bank account. The partial withdrawal requests received online shall be directly processed in the Central Record Keeping Agency (CRA) system, as per the circular.

Process for online/offline withdrawal facility

While the online withdrawal facility is being allowed, the existing offline withdrawal facility will continue and the subscribers will have the option for submitting offline requests also to the associated POPs/nodal officers. The process of partial withdrawal based on self-declaration is provided below:

Subscribers can submit the partial withdrawal request online/off-line to CRA/nodal office/POPs, as the case may be, the circular said.

Step 1: For online withdrawal, login to CRA system using login credentials. You need to visit https://www.cra-nsdl.com/CRA/ website. Enter your user ID, which will be the PRAN, i.e., Permanent Retirement Account Number issued to you.

Step 2: Select Partial Withdrawal and the eligible amount of partial withdrawal displayed. The maximum withdrawal that can be made by you cannot exceed 25% of your contribution.

Step 3: Select the reasons for partial withdrawal in drop down option.

(a) Furnish self declaration: ''I submit the request for partial withdrawal and the amount thus withdrawn shall be utilized for declared reasons as specified by PFRDA exit regulations. I am fully responsible and accountable to spend the amount thus withdrawn for the stated reason''.

(b) Check bank account number which is in the non-editable mode.

(c) Submit the request and authorize by using OTPs/ e Sign.

(d) Email and mobile number need to be updated to authenticate using OTPs in case of online mode.

(e) CRA executes partial withdrawal post ''Instant Bank Account Verification'' by penny drop.

(f) 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)

(g) No supporting documents are to be submitted in offline or online mode., as per the release.

(h) CRA executes partial withdrawal post ''Instant Bank Account Verification'' by penny drop.

(i) 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)

(j) No supporting documents are to be submitted in offline or online mode.

After submitting the details, a system-generated form will be available for download. You may have to send this form along with the medical certificate to the nodal office. Once the nodal office processes your request, the money will be credited to your account.

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