NPS is a long-term investment with a long lock-in period that can help you increase your money and save for retirement. In keeping with its aim to provide smooth service delivery to investors, it has well-defined protocols for all of its service processes. This article covers the steps that investors must take when exiting a scheme step by step.
Exiting NPS is done in a certain way.
All subscribers, whether government and non-government, must follow the same method to depart NPS. It is made up of the following major steps:
Use your User ID (PRAN) and Password to log in to the CRA system (www.cra-nsdl.com).
Select "Exit from NPS" from the drop-down menu, then "Initiate Withdrawal Request."
Update the information, including the Annuity Service Provider (ASP) and Annuity Scheme selections.
Take a printout of the Withdrawal Form that the system generates, place your photo on it, and sign across the photo against the statement. Send this form, along with your KYC, to the appropriate Nodal Office (in the event of the public sector) or Point of Presence (POP) (in case of All Citizens of India & Corporate sector).
The Nodal Office will check the paperwork and any attachments before authorising the withdrawal request through CRA.
Method for offline use: Fill up and send the physical Withdrawal Form to the appropriate Nodal Office/POP. On your behalf, that office will initiate the online withdrawal request. The Withdrawal Form may be found in the Forms area of this website.
Don't forget to change your information in your NPS account before making a withdrawal (such as your PAN, address, contact information, bank information, nomination, and so on). If not, enter the CRA system or submit Form S2 to your linked Nodal Office/POP to correct those data.
Subscribers who joined the NPS on or after July 1, 2014, are required to provide FATCA self–certification.
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