As per a PFRDA press release dated 20th September, 2022, “Withdrawal requests of Subscribers at the time of exit were so far executed on T+4 working/settlement days (T day of authorization of withdrawal request by Nodal Office/POP) was)/Subscriber) and the timeline has been reduced to T+2. The shorter timeline for final exit from NPS, which will benefit the respective CRA subscribers, are: From Proteus e-Governance Technologies Ltd. Connected Members: Requests authorized up to 10:30 am will be settled on T+2 basis. Subscribers associated with Keffin Technologies Limited and CAMS CRA: Requests authorized up to 11 am will be processed on T+2 basis.
Timelines for work and settlement days are to be considered. PFRDA said that in the interest of subscribers, the reduced timelines for other activities will be introduced in a phased manner.
Subscriber transactions with TAT of T+2 settlement days
**’T’ depends on the cut-off time for settlement which varies between 10.30 AM to 11.00 AM, however, may change depending on other settlement factors.
Source: PFRDA Press Release
“As part of the Azaadi Ka Amrit Mahotsav and to celebrate 75 years of India’s independence, the Central Recordkeeping Agencies (CRAs), intermediaries of PFRDA, pension The Fund (PF) and Custodian have improved the system interface and enhanced their IT capabilities to reduce the timelines of various transactions under NPS so as to better meet their emerging needs, the PFRDA press release said. To provide customer experience.
Recent Changes in NPS
To ease the onboarding process for NPS investors, IRDAI has relaxed the requirement of submission of a separate offer form for purchasing annuity products on maturity. From now on, the exit form of NPS will be treated as the offer form to buy annuity from life insurance companies. The insurance regulator has also advised insurance companies to adopt Aadhaar-based authentication for verification of life certificates such as Jeevan Pramaan to ease the process for pensioners.