Settlement of NPS at the time of superannuation, resignation and death of the employees: CRA-NSDL Circular

Settlement of NPS at the time of superannuation, resignation and death of the employees: CRA-NSDL Circular
Withdrawal Request for Subscribers existing NPS: Release of new functionality to process by CRA-NSDL

NSDL e-Governance Infrastructure Ltd.
Central Recordkeeping Agency
Circular

Circular No: CRA/ PO&RI/ Master/ 2013/005

November 13, 2013

Subject: Release of new functionality to process ‘Withdrawal Request’ for subscribers exiting NPS

All Nodal Offices are hereby informed that the first phase of the functionality to process ‘Withdrawal Request’ for subscribers exiting NPS has been released in CRA system. The functionality is being released in different phases.

With the release of the first phase of the functionality, following functionalities are being made available.

For Nodal Offices – Nodal offices will be able to initiate (capture, verify and submit) Withdrawal requests in the CRA system for all the three categories (Superannuation, Premature & Death).
For Subscribers – In case of Superannuation, the subscribers can also initiate Withdrawal request in the CRA system which will subsequently have to be verified by the Nodal Office in the CRA system.

The Nodal Offices are requested to note the following:

• Irrespective of whether the Withdrawal request is generated by the subscriber or Nodal Office, the physical Withdrawal request (consisting of Withdrawal Request Form generated from the CRA system after submission of the request in the CRA system duly signed by the subscribers or claimants, KYC documents and other relevant supporting documents) is to be forwarded to CRA by the concerned Nodal Office.
• The Withdrawal Request Form as well as supporting documents is to be attested by the Nodal Office forwarding the document. The Checklist for documents collected is enclosed as Annexure I.
• If physical Withdrawal request for a subscriber has already been forwarded to CRA for processing, the Nodal Office is not required to raise any further request in the CRA system.

Following are the salient points of the Phase I of the functionality:

a) In case of subscriber superannuating, Claim IDs will be generated six months prior to the date of superannuation/attaining 60 years of age. Nodal Offices will be able to initiate the Withdrawal request for subscriber superannuating in the CRA system for all such cases where Claim ID has been generated.

b) If request is initiated by the subscriber, the Nodal Office has to authorise the same in the CRA system.

c) Nodal Offices will be able to initiate the request in the CRA system even for those PRANs which have superannuated earlier (as Claim IDs have also been generated for all such subscribers as an onetime exercise).

d) In case of subscribers who have expired (and claimants have requested withdrawal) or ‘requested for premature exit, Nodal Offices will generate Claim IDs after submitting the request in the CIA system.

With the release of this functionality, the Nodal Offices are requested to send only the Withdrawal Request Form generated from the CRA system (post submission of the request in the CRA system) to CRA (at the following address) for processing along with necessary supporting documents like KYC (proof of identity & proof of address), Bank details proof etc.

NPS Claim Processing Cell
NSDL e-Governance Infrastructure Limited 1st Floor, Times Tower,
Kamala Mills Compound
Senapati Bapat Marg
Lower Parel
Mumbai – 400 013

Subscribers who wish to defer the purchase of Annuity (please refer to PFRDA circular dated September 17, 2013, a copy of which is enclosed for reference), a separate physical request signed by the subscriber and attested by the Nodal Office May be forwarded alongwith. the Withdrawal Request form. Further, in case a subscriber Wishes to exercise the option of complete Withdrawal where total NPS corpus is less than Rs. 2 lakh (please refer to PFRDA circular dated October 23, 2013, a copy of which is enclosed for reference), a physical request may be forwarded to CRA alongwith the Withdrawal Request in the format provided in the aforesaid. PFRDA circular. In case the requests for deferred Annuity or complete withdrawal due to insufficient corpus are not received alongwith the Withdrawal request but separately, the requests may not be entertained.

The steps to be followed by Nodal Offices for initiating Withdrawal request by using this functionality are mentioned in Annexure IL The document is, divided into two chapters:

1. Withdrawal Request raised by a Nodal Offices in CRA system
2. Subscribers raising Withdrawal Request in CRA system

In case of any further clarification, you may contact Mr. Sarvdeep Singh at 022-24994512 (E-mail ID – [email protected]) or Mr. Sudhanshu Shekhar at 022-24994862 (Email ID¬[email protected]).

For and on behalf of
NSDL e-Governance Infrastructure Limited

sd/-
Prasenjit Mukherjee
Assistant Vice President
Encl: a/a

To view the annexures and more, click here

Click here to download  NSDL Circular regarding NSP withdrawal process