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Monday 15 January 2018

CPS Partial withdrawal form and process

Partial Withdrawal process/documents: 

Operational process/documents to be adhered to / submitted for availing partial withdrawal would be as per the norms/guidelines prescribed/specified earlier.
   Partial Withdrawal request is required to be submitted by subscriber to CRA through his/her Nodal Office/POP/Aggregator, as may be applicable. The Nodal Office/POP/Aggregator should satisfy itself about the genuineness of the requirement for partial withdrawal by the subscriber and after satisfying itself forward the withdrawal application for release of funds by CRA. On receipt of Partial Withdrawal request, CRA will process the withdrawal request in the CRA system. Following are the steps which will be followed by subscriber and Nodal Office/POP/Aggregator for submitting the 'Partial Withdrawal' request:

Role of the Subscriber:
1. If the subscriber has completed 10 years under NPS, subscriber will fill up the 'Partial Withdrawal 'Form - PW - 601 and submit the same to his/her mapped Nodal Office/POP/Aggregator for processing.
2. Subscriber will provide the following details in the Form: a. Percentage of Partial Withdrawal (maximum 25%) b. Purpose of withdrawal along with the proof c. Bank detail along with the bank proof (cancelled cheque /copy of bank passbook/bank certificate). Before submitting the withdrawal form, subscriber shall ensure that the bank account details are correct.
3. Subscriber will affix his/her signature/thumb impression on the Form at the designated place and submit the same to his/her mapped Nodal Office/POP/Aggregator.
Role of the Nodal Office/POP/Aggregator:
1. The concerned Nodal Office/POP/Aggregator will check the request submitted by the subscriber with respect to completeness;
2. The Nodal Office/POP/Aggregator must also verify the veracity of the claim with respect to purpose of the partial withdrawal along with supporting documents;
3. The Nodal officer/POP/Aggregator must verify the details of the bank account of subscriber;
4. If request is complete in all respect, it will authorize the request and will send the same to CRA for processing;
5. Where the claim of partial withdrawal is submitted by the authorized representative of the subscriber (in case the subscriber is unable to submit such claim) Nodal officer/POP/Aggregator must satisfy themselves about the genuineness of such claim and ensure that the bank account provided is that of the subscriber.
6. The Nodal Officer/ POP/ Aggregator should process the partial claims within three working days of receipt of the claim excepting in cases where the partial withdrawal claim has been requested because of medical reasons in which case the claim would have to be processed on the same day of receipt of the claim.
Role of CRA: 
1. Once CRA receives the request, it will process the request submitted by The Nodal Office/POP/Aggregator.
2. As per stipulated process, funds will be transferred to subscriber's bank account through electronic mode on T+3 basis. T - being the date of receipt of the verified and approved claim in CRA system.
3. Physical withdrawal request will be stored by CRA
5. These guidelines shall take effect immediately and all withdrawals shall thereafter be  processed in the manner mentioned under these guidelines. Any clarification required in relation to implementation of these guidelines, for which sufficient guidance is not available, either under the regulations or these guidelines shall only be referred by the Intermediaries or the concerned nodal office to the Authority for its examination and disposal and queries of a routine nature or pertaining to internal processes of the concerned intermediary, shall be avoided. The decision of the Authority shall be final in this regard Intermediaries and Nodal offices are expected to keep the infrastructure and processes in readiness so as to give effect to these guidelines and ensure seamless facility to the
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