The Pension Fund Regulatory and Development Authority (PFRDA) released a circular recently regarding introducing the option of an online exit process for National Pension System (NPS) subscribers under the government sector. The online paperless exit option was already available for the NPS subscribers under non-government sectors.
The exit process includes the ‘Instant Bank Account Verification’. The facility is available to all Central/State Government Autonomous bodies employees covered under the NPS. The Central Record Keeping Agencies (CRAs) will enable the technical functionalities by 30 October 2021.
In case subscribers cannot initiate the online exit process, the drawing and disbursing officers for digitization are required to facilitate the requests by uploading the documents for the subscribers.
To initiate the process, the government sector subscriber will have to log in to the CRA system. Messages regarding e-Sign or OTP authentication, authorization of request by Nodal Office, etc., will be displayed. After this step, the subscriber must select the fund allocation percentage for lump sum or annuity, annuity details, nomination details, etc. Then, the subscriber is required to upload the necessary documents.
The subscribers can opt for either an online or physical exit process, per their convenience.
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