NPS funds withdrawal time halved | The Financial Express

NPS funds withdrawal time halved

Offering a better subscriber experience, the Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday halved the processing time for withdrawal of funds under the National Pension System (NPS), to two days after submission of a request.

NPS funds withdrawal time halved
The intermediaries of the PFRDA — central recordkeeping agencies (CRAs), pension funds (PFs) and custodian — have improved the system interface and enhanced their IT capabilities to reduce the timelines of various transactions under the NPS.

Offering a better subscriber experience, the Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday halved the processing time for withdrawal of funds under the National Pension System (NPS), to two days after submission of a request.

“The withdrawal requests of subscribers at the time of exit were hitherto executed on T+4 working/settlement days (T being the day of authorisation of withdrawal request by nodal office/PoP/subscriber) and the timeline has been reduced to T+2,” the PFRDA said in a statement.

Also read: National Pension System becomes faster. Check new timelines for NPS exit, withdrawal and other transactions

The intermediaries of the PFRDA — central recordkeeping agencies (CRAs), pension funds (PFs) and custodian — have improved the system interface and enhanced their IT capabilities to reduce the timelines of various transactions under the NPS.

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