Mandatory Penny-Drop Verification for NPS
- Recently, the Pension Fund Regulatory and Development Authority (PFRDA) has introduced mandatory 'penny drop' verification for National Pension System (NPS) subscribers, ensuring timely fund transfers during withdrawals.
- The penny drop verification process involves Central Recordkeeping Agencies (CRA) verifying the active status of the savings bank account and cross-referencing the name in the account with the subscriber's Permanent Retirement Account Number (PRAN) or submitted documents.
- The verification success, inclusive of name matching, is vital for processing exit/withdrawal requests and modifying subscriber bank account details.
- Failure in the penny drop verification prohibits any such requests, prompting CRA to collaborate with nodal offices for ....
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