NPS rule change: As of April 1, 2023, withdrawal will not be permitted without uploading these documents.

The Pension Fund Regulatory and Development Authority (PFRDA) has mandated that certain documents be uploaded by subscribers as of April 1, 2023 in order to speed up and simplify annuity payments after leaving the National Pension System (NPS).

NPS

The pension organization stated in a circular dated February 22, 2023, "The upload of the papers shall be necessary with effect from April 1, 2023 in the interest of Subscribers and to benefit them with the prompt distribution of annuity income."

What modifications affect NPS customers?

The PFRDA has requested that the following papers be submitted to the appropriate Central Record Keeping Agency by the subscribers and any connected nodal offices, POPs, or corporations (CRA)

interface for use. The following files must be uploaded:

A NPS exit/withdrawal form,

Proof of identity and residence as stated on the withdrawal form, 

Evidence of a bank account, and 

a copy of the PRAN card are all required.


How soon will the new NPS regulation take effect?

Beginning on April 1, 2023, uploading of documents will be required for pension corpus withdrawal.

The PFRDA stated that all nodal offices, POPs, and corporations could inform the associated subscribers about the value of uploading papers and carry out appropriate quality checks on the documents' legibility.

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