Earlier, the PFRDA had reduced timelines for withdrawal from the National Pension System (NPS) from T+4 to T+2 in September 2022.
According to the latest PFRDA circular dated February 7, 2023, “Timeline for processing Partial Withdrawal requests has also been reduced to T+2 across all CRAs now. For instance, those partial withdrawal requests authorized on Monday till specified timelines shall be processed such that the Subscribers’ Bank Account is credited on Wednesday, considering those 3 days are settlement days.”
Timelines for withdrawal from the National Pension System (NPS) was shortened from T+4 to T+2 by the Pension Fund Regulatory and Development Authority (PFRDA). According to a PFRDA press release issued on September 20, 2022, “The withdrawal requests of Subscribers at the time of exit were hitherto executed on T+4 working/settlement days (T being the day of authorization of withdrawal request by Nodal office/PoP/Subscriber) and the timeline has been reduced to T+2. The reduced timelines of final exit from NPS, which would benefit the Subscribers associated with the respective CRAs are: Subscribers associated with Protean eGov Technologies Ltd: Requests authorized up to 11 AM will be settled on T+2 basis.”
Note that the reduced timelines will be introduced in a phased manner in the future for many more activities in the interest of Subscribers.
The updated list of CRA-wise activities which are processed on T+2 basis is provided in the Annexure for ready reference.
List of Activities – K Fin Technologies Ltd.
List of activities where requests are authorized up-to 11 AM.
Superannuation ii. Premature Exit iii. Exit due to Death iv. Annuity Withdrawal v. Tier II Withdrawal vi. Partial Withdrawal vii. Scheme Preference Change viii. Re-balancing ix. PFM Change Request x. One-way Switch xi. Inter-sector change xii. ERM.
CAMS
List of activities where requests are auuthorized up-to 11 AM.
Superannuation ii. Premature Exit iii. Exit due to Death iv. Annuity Withdrawal v. Tier II Withdrawal vi. PFM Change Request vii. Scheme Preference Change viii. Partial Withdrawal ix. One way switch.
Protean eGov Technologies Ltd.
List of activities where requests are auuthorized up-to 10:45 AM
Superannuation ii. Premature Exit iii. Exit due to Death iv. Family/Disability Pension v. Annuity Withdrawal vi. Tier II Withdrawal* vii. One Way Switch* viii. Re-balancing.
Protean eGov Technologies Ltd
Partial Withdrawal, where the request is authorized up-to 10:30 AM.
Protean eGov Technologies Ltd
Scheme Preference change, where the request is authorized up-to 10 AM.