Reinvestment of Returned & Unsuccessful Transaction amount into the same and ease of reclaiming the amount by the subscriber – PFRDA circular
Contents News/Article Date:7th February 2023
Relating to which Act: NPS is now regulated under the PFRDA Act, 2013, and regulation framed thereunder by the Department of Financial Services and PFRDA. Under the NPS, every Government servant is registered and allotted a Permanent Retirement Account Number (PRAN).
Applicable to which State: Whole of India
Type: Pension Fund Regulatory & Development Authority, Circular No. PFDRA /2023/07/SUP/TB/01 issued by Chief General Manager
Pertains to: NPS / APY Stakeholders
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And in this instance: NPS/APY Subscribers are permitted to withdraw from their Permanent Retirement Account Number (PRAN) as per the applicable guidelines and the provisions of regulations issued by PFRDA. The amount thus withdrawn is payable as a lump sum and utilized as
- ‘Purchase Price’ to buy Annuity from the impaneled Annuity Service Provider (ASP) chosen by the Subscriber at the time of exit.
- the amount is withdrawn but unclaimed
- Reclaim the amount
- withdrawal module
- Ensure the correctness of the bank account number
- Reinvestment in PRAN
Subject: A. Reinvestment of Returned & Unsuccessful Transaction amount into the same
PRAN B . Ease of reclaiming the amount by Subscriber through MWM – PFRDA circular
Attached is the notification