Subscribers will also be able to apply online to opt out of the National Pension System.

 HOW TO CLOSE UR NPS ACCOUNT OR WITHDRAW UR MONEY

Subscribers will also be able to apply online to opt out of the National Pension System.

In order to close the NPS account in the current system, the subscriber needs to go to the Authorized Center.

 Pension fund regulator PFRDA said on Wednesday that subscribers who want to opt out of the National Pension System (NPS) can do so online.  According to him, the current withdrawal system from NPS is completely offline, in which the subscriber has to go to an authorized center to close the account.

 Withdrawals can be authorized by OTP or e-sign

 According to the Pension Fund Regulatory and Development Authority (PFRDA), till now the subscriber had to fill up the NPS withdrawal form and submit it along with the required documents at the Point of Presence (POP) i.e. Authorized Center.  PFRDA said that now the online option will be available to the subscriber along with the current offline process for submitting the withdrawal form.  This option allows the subscriber to authorize the withdrawal request via OTP or e-sign.

HOW TO CLOSE UR NPS ACCOUNT OR WITHDRAW UR MONEY

 Withdraw the document along with KYC and required information

 The PFRDA said that the subscriber will have to start the exit process in the Central Record Keeping Agency (CRA) system through login ID and password in the online process.  The annuity service provider (ASP), in addition to the annuity scheme, will have to provide information regarding a lump sum payment and annuity purchase and withdraw the withdrawal document along with the KYC.

 There will be a withdrawal request processing fee equal to 0.125 per cent of the corpus

 The Authorize Center will then identify the subscriber's bank account number through instant bank account verification and verify his uploaded document.  NPS subscribers will get 0.125 per cent share of the corpus in the authorized center fee for processing online or offline withdrawal requests, which will be a minimum of Rs 125 and a maximum of Rs 500.

HOW TO CLOSE UR NPS ACCOUNT OR WITHDRAW UR MONEY

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