PFRDA has now reduced the withdrawal time by half. Now applicants will get money in 2 days of application
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For a salaried person, there is no need to tell what is his lifetime earnings ie pension. The trouble comes when he has to face trouble in taking his own hard earned money. But, now you do not have to worry about getting your pension. There is big news for the National Pension Scheme ie NPS account holders. Now the money will reach your account within two days of applying for withdrawal. Pension Fund Regulatory and Development Authority (PFRDA) has made a big change in the rules for the convenience of the account holders.
PFRDA has now reduced the withdrawal time by half. That is, now the time of withdrawal of NPS account holder has been reduced from T+4 to T+2. T means withdrawal application has been made and 2 is the day or duration. This means that now the account holder will get the amount within 2 days of the withdrawal application. Earlier it used to take 4 days after the acceptance of the application. By reducing the settlement time for withdrawal of funds, investors will get the money quickly.
PFRDA said in a press release that as part of the Amrit Mahotsav of Azadi, several intermediaries associated with the pension regulator such as central recordkeeping agencies, pension funds and custodians have improved their arrangements. To give better experience to the subscribers, the time limit for various transactions has been reduced. Protean eGov Technologies Ltd. If the connected subscribers apply for withdrawal by 10.30 am, then their settlement will be done in two days. Similarly, if the subscribers associated with Keffin Technologies Limited and CAMS submit their application by 11 am, then they will also get the money within two days.
Keffin linked services like subscriber superannuation, pre-mature exit, death exit, annuity withdrawal, tier 2 withdrawal, partial withdrawal, scheme change, re-balancing, PFM change request, one-way switch, inter-sector change and ERM can apply for. At the same time, CAMS subscribers can apply for services like superannuation, pre-mature exit, exit on death, annuity withdrawal and Tier 2 withdrawal. Let us know about the National Pension Scheme. National Pension Scheme was started in 2004 for government employees. It was opened to all categories of people in 2009. The number of NPS subscribers as of March 2021 was 4.24 crore.