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HomeNationalNPS account holders should note, with this new formula, you will be...

NPS account holders should note, with this new formula, you will be able to withdraw money instantly, all the work will be done online

Exiting from NPS became easier (symbol)

There is good news for the account holders of National Payment System (NPS). PFRDA, the government body running NPS, has told an easy way to withdraw money. Account holders will be able to withdraw their money easily without any hassle and sweat. Or if the account holder wants, he can take his money out of NPS ahead of time (NPS Exit). All this work will be done online and no paperwork will be required.

The earlier rule for withdrawing or withdrawing money from NPS remains the same. PFRDA has started a new system of online for the convenience of the account holders. This good news is for the employees of the government sector because earlier only the employees of the corporate or non-government sector were able to leave the NPS online or opt out of the scheme.

What is PFRDA doing

PFRDA is encouraging the government account holders of NPS to use the online trick as it will ease the process of NPS exit and make it more efficient. Moreover, with the increase of this method of account closure, the transfer of Annuity-by-Annuity Service Providers (ASP) becomes seamless.

In a press release issued by PFRDA, it has been said that for online exit from NPS, bank account verification is done immediately. Guidelines have already been made for this, which have been set keeping in mind the interests of the customers. This new online facility can also be availed by the employees of autonomous organizations of the Central and State Governments who have an account in NPS. PFRDA has asked the government nodal officers to play their part and help the needy. Once the online mode of exit from NPS picks up speed, it will not only benefit the customers but also the nodal officers as they will get relief from many documents.

According to the press release, the online system of exit from NPS will give more relief to the nodal officers as they will get rid of paper based documents. Since all the work will be done online, it will be easy to send the documents related to CRA to the Nodal Officer for record keeping.

What should the account holder do?

For this the customer needs to log in to the CRA system and submit an online exit application to initiate the withdrawal process. As the application starts further, the customer will come to know about OTP verification, issue of permission from the nodal officers etc.

Once the process is completed by the customer or the account holder, all the documents, along with the e-application, will be transferred to the CRA account of the Nodal Officers. Here the papers will be verified, approved and passed by the officer. The account holders will have the option to continue or suspend the NPS account during the exit process.

Read also: Your bank account can be emptied carelessly on social media, follow these tips

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