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PFRDA has allowed points of presence (PoPs) and retirement advisors can do digital verification through video based customer identification process (VCIP) of nominees and claimants in case of death of NPS subscribers to facilitate exit transactions.
In a circular, PFRDA said, “In line with the technological advancements and for ensuring seamless exit claim processing, it has been decided to allow the intermediaries to use technological intervention by using VCIP as an added due diligence mechanism for verification of the nominee/claimant/legal heir while processing the withdrawal claims in case of death of NPS subscribers.”
With this, intermediaries can help nominee, claimant or legal heir expedite the exit process.
Intermediaries can verify identity of nominees/legal heirs through Aadhaar e-KYC or DigiLocker. In addition, they can verify their bank account through instant bank account verification.
Meanwhile, PFRDA has allowed NPS subscriber to facilitate partial withdrawal through a similar process.
