PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Circular No: PFRDA/2023/06/SUP-CRA/03 | Dated: 7th Feb 2023
To,
All Stakeholders under NPS
Subject: Minimum Timelines for Maximum Subscribers’ benefits – Reduction in Turn Around Time to perform various activities from T+4 to T+2-reg
The intermediaries of PFRDA viz Central Recordkeeping Agencies (CRAs), Pension Funds (PFs) and Custodian have significantly enhanced the system interface and IT capabilities to reduce the timelines of various transactions for providing better subscriber experience to fulfill their evolving needs, as communicated vide Circular No PFRDA/2022/23/SUP-CRA/08 dated 19th Sep 2022.
2. PFRDA is pleased to inform about the addition of more services in the bouquet under T+2 timelines. Timeline for processing Partial Withdrawal requests has also been reduced to T+2 across all CRAs now. For instance, those partial withdrawal requests authorized on Monday till specified timelines shall be processed such that the Subscribers’ Bank Account is credited on Wednesday, considering those 3 days are settlement days.
3. The updated list of CRA-wise activities which are processed on T+2 basis is provided in the Annexure for ready reference.
4. The reduced timelines will be introduced in a phased manner in the future for many more activities in the interest of Subscribers.
Yours sincerely,
Chief General Manager
Annexure
Subscriber transactions with a TAT of T+2 Settlement days
|
Associated CRA of Subscribers |
List of Activities | TAT T+2 Settlement Days for |
| K Fin Technologies Ltd. | i. Superannuation
ii. Premature Exit iii. Exit due to Death iv. Annuity Withdrawal v. Tier II Withdrawal vi. Partial Withdrawal vii. Scheme Preference Change viii. Re-balancing ix. PFM Change Request x. One-way Switch xi. Inter-sector change xii. ERM |
Requests Authorized up-to 11 AM |
| CAMS | i. Superannuation
ii. Premature Exit iii. Exit due to Death iv. Annuity Withdrawal v. Tier II Withdrawal vi. PFM Change Request vii. Scheme Preference Change viii. Partial Withdrawal ix. One way switch |
Requests Authorized up-to 11 AM |
| Protean eGov Technologies Ltd. |
i. Superannuation
ii. Premature Exit iii. Exit due to Death iv. Family/Disability Pension v. Annuity Withdrawal vi. Tier II Withdrawal* vii. One Way Switch* viii. Re-balancing |
Requests Authorized up-to 10:45 AM |
| Protean eGov Technologies Ltd. |
i. Partial Withdrawal | Requests Authorized up-to 10:30 AM |
| Protean eGov Technologies Ltd. |
i. Scheme Preference change | Requests Authorized up-to 10:00 AM |
*‘T’ depends on the cut-off time for Settlement which varies between 10.30 am to 11.00 am, however, may change depending upon other settlement factors.
