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PFRDA has reduced settlement time in NPS from T+4 days (approx. 5 days) to T+2 days (approx. 3 days) at the time of withdrawal.
T is the day of authorization of withdrawal request by Nodal office/PoP/Subscriber and depends on the cut-off time. The cut-off time is 10:30 am in the case of Protean eGov Technologies and 11:00 am for KFin Technologies & CAMS.
The regulator said that as a part of Azadi Ka Amrit Mahotsav, its intermediaries - Central Recordkeeping Agencies, Pension Funds and Custodian have improved system interface. They have enhanced IT capabilities to reduce timelines, provide better subscriber experience and fulfil evolving needs.
Here is the list of transactions that will be processed in T+2 settlement days.
|
Associated CRA of Subscribers |
List of Activities |
TAT T+2 Settlement Days for |
|
K Fin Technologies |
- Superannuation - Premature exit - Exit due to death - Annuity withdrawal - Tier II withdrawal - Partial withdrawal - Scheme preference change - Re-balancing - PFM change request - One-way switch - Inter-sector change - ERM |
Requests authorized up to 11 am |
|
CAMS |
- Superannuation - Premature exit - Exit due to death - Annuity withdrawal - Tier II withdrawal |
Requests authorized up to 11 am |
|
Protean eGov Technologies
|
- Superannuation - Premature exit - Exit due to death - Family/disability pension - Annuity withdrawal - Tier II withdrawal - One-way switch - Re-balancing |
Requests authorized up to 10:30 am |
|
- Scheme Preference change |
Requests authorized up to 10:00 am |
* ‘T’ depends on cut-off time for settlement which varies between 10.30 am to 11.00 am. It may change depending upon other settlement factors.
Notes:
1. Subscribers can withdraw maximum of 25% of their contributions after three years. They can avail maximum of three such withdrawals subject to the condition that they will receive maximum of 25% of own contributions made between two partial withdrawals.
2. Subscribers have the option to transfer funds from Tier II to Tier I account, however, the vice-versa is not allowed
