New NPS rule will be applicable from April 1, this document will have to be uploaded before withdrawing money

New NPS Rule: A new rule related to Pension Fund Regulatory and Development Authority ie PFRDA National Pension System is going to be implemented from April 1. This rule is related to withdrawing money. Under the changed rule, it will be mandatory for the subscribers to upload some documents. Subscribers will not be able to withdraw money from NPS without uploading these documents.

Its circular was issued by PFRDA on 22 February. In which it was said that it would be mandatory to give KYC documents to the subscribers. The Pension Authority has asked the nodal officers and subscribers to upload these documents mandatorily. If any mistake is found in these documents, then the money of the National Pension System can be stopped.

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Which documents are being talked about to be uploaded

1. Uploaded NPS withdrawal form or not.
2. It is necessary to fill the withdrawal form according to the identity card and address proof.
3. Bank Account Proof, Copy of Permanent Retirement Account Number Card.

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Easy way to upload documents

1. Subscriber has to login to CRA system and submit an online exit request.
2. At the time of request initiation, relevant messages regarding e-Sign/OTP authentication, authorization request by Nodal Office/POP, and so on are shown to the subscriber.
3. When a request is made, details like address, bank details, nominee details etc. will be automatically populated from the NPS account.
4. Subscriber will, inter alia, select the fund allocation for lump sum/annuity, as well as annuity details.
5. Customer’s bank account (registered with CRA) will be verified through online bank account verification.
6. Customers need to upload KYC documents while submitting the withdrawal request.