PFRDA reduces timelines for withdrawal of various transactions under NPS
1 min read . Updated: 20 Sep 2022, 03:29 PM IST
PremiumThe reduced timelines of final exit from NPS, which would benefit the subscribers associated with the respective CRAs are provided below
The intermediaries of Pension Fund Regulatory and Development Authority (PFRDA) -- Central Recordkeeping Agencies (CRAs), Pension Funds (PFs) and Custodian -- have improved the system interface and enhanced their IT capabilities to reduce the timelines of various transactions under NPS to provide a better subscriber experience to fulfil their evolving needs.
The withdrawal requests of subscribers will now be reduced from T+4 to T+2 days. The regulator PFRDA, said, “The withdrawal requests of subscribers at the time of exit were hitherto executed on T+4 working/settlement days (T being the day of authorization of withdrawal request by Nodal office/PoP/Subscriber) and the timeline has been reduced to T+2."
The reduced timelines of final exit from NPS, which would benefit the subscribers associated with the respective CRAs are provided below:
Subscribers associated with Protean eGov Technologies CRA, for them any request will have to authorized up to 10:30 AM will be settled on T+2 basis. Subscribers associated with KFin Technologies Ltd & CAMS CRAs, for them any requests authorized up to 11 AM will be settled on T+2 basis, said the regulator.
