Pension Fund Regulatory and Development Authority
Circular No. PFRDA/2023/07/SUP-TB/01 | Dated: Feb 07, 2023
To
All NPS/APY Stake Holders
Subject: A. Reinvestment of Returned & Unsuccessful Transaction amount into the same PRAN B. Ease of reclaiming the amount by Subscriber through MWM
NPS/APY Subscribers 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 The amount thus withdrawn is payable as lump sum and utilized as ‘Purchase Price’ to buy Annuity from the empanelled Annuity Service Provider (ASP) chosen by the Subscriber at the time of exit.
2. Amount withdrawn but unclaimed: There are instances wherein the corpus of Subscribers, which could not be credited to their Savings Bank (SB) Account because of incorrect bank account details. There are also scenarios where the Subscribers cancel the Annuity under ‘free look period’ and the purchase price meant for Annuity returned to lie in NPS system till the selection of new ASP by the Subscriber. These amounts identified as ‘withdrawn but unclaimed’ which do not earn any investment returns to the benefit of Subscribers.
3. Reclaim the Amount: The Subscribers can reclaim the amount as per format attached (Annexure) that can be submitted to the nodal officers, Points of Presence (POP), APY Service Providers, CRAs and NPS Trust (NPST) as the case may be. The corpus meant for the e NPS Subscribers that emanate due to unsuccessful transactions because of wrong bank account number claimed from NPST.
4. MY WITHDRAWAL MODULE (MWM): PFRDA through its Central Record Keeping Agencies (CRAs) is in the process of building a Subscribers’ digital interface ” MY WITHDRAWAL MODULE (MWM)” to ease the process of reclaiming such amount, which shall have the following enablement,
a. Provision to submit the beneficiary bank account details and verify the same through penny drop for name matching between PRAN and Bank Acct
b. Provision to upload the proof of Bank Acct
c. The option to choose ASP for reissue of Annuity as per the choice of Subscriber.
5. Ensure correctness of Bank Acct number: The stakeholders need to ensure while processing withdrawal request of the associated Subscribers that the Bank acct/IFSC code are correct to ensure timely payment of corpus. In case of APY, the Service Provider Banks/ Dept of Posts/BCs need to ensure the corresponding Bank Acct of the Subscribers are in the operative status until the closure proceeds of APY credited.
6. Reinvestment in PRAN: Post building the MWM, the amount which lie beyond one month without transferring to the beneficiary’s Bank Acct shall be reinvested in the same PRAN as per the choice of investment/PF prevailed at the time of exit, to benefit the Subscribers with ‘market linked returns’. However, those PRANs frozen for any further transaction except for payment towards lump sum or to buy Annuity.
CRAs can build the MWM for the benefit of Subscribers and popularize the facility to ease the process of reclaiming the amount.
Chief General Manager
Annexure
Application to Reclaim failed transactions of NPS & APY /Reissuance of Annuity
To,
Nodal Office/PoP/APY-SP/CRA/NPST
| Name of the Subscriber: | |||||||||||||
| Name of Father/Spouse: | |||||||||||||
| PRAN(Attach Copy of PRAN or Statement of transaction):
Amount: |
|||||||||||||
| Sector NPS APY | |||||||||||||
| (√ Tick applicable) | |||||||||||||
| Type of Amount: | |||||||||||||
| A. Lump sum B. Annuity | |||||||||||||
| (√ Tick applicable) | |||||||||||||
| A. If you wish to reclaim the lump sum amount, please provide the following details for re-transfer of eligible amount. | |||||||||||||
| Bank Account No. | |||||||||||||
| Name of the Bank & Branch :
|
|||||||||||||
| IFSC CODE:
(Attach Copy of Cancelled Cheque/Passbook/ Bank Proof containing subscriber’s name) |
|||||||||||||
| A. If you have cancelled your Annuity, please provide the following details for re-issuance of Annuity- | |||||||||||||
| Name of ASP (Annuity Service Provider): | |||||||||||||
| Type of Annual Scheme: Single Life /Joint Life / Single Life with RoP /Joint Life with RoP | |||||||||||||
| (√ Tick as per choice) | |||||||||||||
|
Declaration of Subscriber |
|||||||||||||
| I (full name) ………………………………………………………………………………. hereby request that
(i) The amount which is reclaimed can be handled per my instruction as provided above. (ii) Annuity can be issued as per above details. (Strike through whichever is not applicable) Date: Place: Signature of Subscriber |
|||||||||||||
|
Authorization |
|||||||||||||
| I Verified and authorized for processing the application by Central Recordkeeping Agency(CRA)
Seal: Date: Signature of Authorizing Officer |
