Big change in NPS rules, now you will have to do this work to withdraw money
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Many retirement plans are being run by the Central Government to keep people financially strong even in old age. National Pension System (NPS)National Pension System, It is a scheme in which people have a lot of confidence. Earlier only employed people could invest in this scheme. But, now this scheme has been opened for the general public also.
It is no longer necessary for you to be employed to invest in NPS. Even if you run your own business or trade, you can invest in NPS. Pension Fund Regulator and Development Authority (PFRDA)Pension Fund Regulatory and Development Authority (PFRDA)) This scheme is operated by.
Now a slight change has been made in the rules for exiting the NPS scheme or withdrawing money. Instant bank account verification has been made mandatory for crediting NPS funds into the customer’s bank account at the time of withdrawal. Also, now the verification of bank account will be done through penny drop method.
PFRDA has also issued a notification regarding this. It has been said that to process the requests for exit or withdrawal from the scheme and to make amendments in the bank account details of the subscribers, verification will be required as per the penny-drop method. Now no change will be possible without verification.
If the penny-drop verification of the NPS holder fails, the CRA will have to send this information to the account holder’s mobile number and e-mail ID. For this they will have to tell that they should meet their nodal officer and POP. Along with this, CRA will also have to inform its nodal officer and POP.
Whenever the penny drop verification of an NPS subscriber fails, the CRA conducts additional verification. Additionally, utmost care is taken before processing any withdrawal request.
There can be many reasons for penny drop verification failure. Like wrong bank account number or account type or incorrect IFSC code. After this, name spelling mistake, account being inactive, account being closed, account not existing, account transfer or credit freeze.
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