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Tuesday 27 December 2022

NPS CPS Partial Withdrawal Modification 2023

NPS CPS Partial Withdrawal Modification 2023 Partial Withdrawal for NPS Subscribers  CPS Partial Withdrawals NOT Permitted Directly from 1st Jan 2023 CIRCULAR PFRDA/2022/40/ASP-EXIT/04 Dec 23, 2022

PFRDA has issued a circular no: PFRDA/2021/3/SUP-ASP/3 dt.14.01.2021 on partial withdrawals under NPS through self-declaration for the benefit of subscribers as a special dispensation to cope with the Covid pandemic in order to protect the subscribers' interest and ease the burden of nodal officers including POPs from verification and authorization. The circular also provided for the option of submission of the partial withdrawal requests by the subscribers through their nodal office/POPS as per the prevalent practice.

In terms of the said circular, the online requests of the Subscribers directly processed in CRA system post Instant Bank Acct Verification through penny drop, without the need for the authorization by the associated nodal officers/POPs. It has benefited the subscribers during the Covid pandemic and immobility caused due to lock downs in various parts of the country to contain the spread of corona.

With the abating of the pandemic-related difficulties & relaxation of lock down restrictions, the issue examined after taking into consideration of the prevalent practices, circumstances and law, it has been decided to make it mandatory for all the Government sector subscribers (Central/ State Govt & Central/State Autonomous Bodies) to submit their requests through their associated nodal offices.

The subscribers belonging to the voluntary segment of the NPS (All citizens and Corporate) may continue to use the process as mentioned in the cited circular.

The above instructions shall come into effect from 01/01/2023.

Download PFRDA Circular

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