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PY through e KYC: As of now, the enrolment of Subscribers happens through physical, net banking or other digital modes provided by the respective APY-SPs (APY Service Providers).
(1) These rules may be called the Central Civil Services (Payment of Gratuity under National Pension System) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette.
It is proposed to introduce Instant Bank Account Verification in the interest of underlying Subscribers for orderly processing of their exit requests. The following guidelines are issued for facilitating timely transfer of withdrawal amount in the Bank Account of APY Subscribers and also as an additional due diligence to protect their corpus lying in the Permanent Retirement Account Number (PRAN). There could be two scenarios at the time of exit which are explained as under:
The Central Record Keeping Agencies (CRAs) appointed by PFRDA develop system level functionalities as per the evolving needs of NPS stakeholders in accordance with Section 21 of PFRDA Act 2013.
In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks’ Association’s proposal to increase the family pension to 30% of last salary drawn. This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees.
The POP, where BCs or Agents are part of their already existing business structure may engage them for facilitating the distribution of pension schemes as well.
Once KYC Identifier is generated by CKYCR, PoPs shall ensure that the same is communicated in writing and in confidential manner to the subscribers in accordance with Rule 9 (1B) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 as amended;
PFRDA has been receiving requests for surrender of annuity policies post its issuance from the annuitants (who were erstwhile NPS Subscribers) or from other intermediaries with whom such Annuitants were associated earlier as NPS Subscribers. The Surrender is of two types viz surrender due to the applicability of Old Pension in case of Govt Sector subscribers and surrender due to any personal reasons including critical illness.
Under National Pension System (NPS), the Subscribers are allowed to exit as per PFRDA (Exit and Withdrawal) Regulations. Exit regulations of PFRDA mandates for the utilization of the specified amount of accumulated corpus to purchase immediate Annuity to be provided by Annuity Service Providers (ASP) which are empaneled with PFRDA. ASPs are Life Insurance Companies which are regulated by Insurance Regulatory and Development Authority of India (IRDAI).
Growing Subscribers’ base, geographically wide spread service providers and the large-scale adoption of digital interventions necessitate the importance of verifying the beneficiary’s bank account number of the Subscribers independently not only to ensure that the amount is received by the rightful beneficiary whose Bank Account is active but also to ensure that amount is remitted within in the specified timelines.
