Major update on Pension rules! rules to withdraw money changed

There has been a significant change if you are considering taking money out of your pension as well. There have been modifications to the National Pension System’s guidelines regarding withdrawals. This has been explained by the Pension Fund Regulatory and Development Authority (PFRDA).

The ‘Penny Drop’ verification process is now required

for shareholders to withdraw funds under the National Pension System (NPS) by the Pension Fund Regulatory and Development Authority (PFRDA). This will guarantee that shareholders’ funds are transferred on schedule.

The accounts’ actual status will be revealed.

The central record-keeping authorities (CRAs) examine the actual and active status of the bank savings account as part of the “penny drop” procedure. In addition, there is a match between the name on the filed documents and the bank account number, also known as the “PRAN” (Permanent Retirement Account Number).

There will be regulations that apply to all pension withdrawals.

These clauses will apply to all NPS, Atal Yojana, and NPS Lite withdrawals, as well as modifications to user bank account information.

Penny drop

Allow us to inform you that a “test transaction” is conducted to confirm the account’s legitimacy. This involves depositing a tiny amount into the beneficiary’s bank account and matching the name based on the penny drop response. “Penny drop verification must be successful for name matching, processing exit/withdrawal applications, and modifying the customer’s bank account details,” said a recent PFRDA notification.

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