Exit through Self-authorization by e-NPS subscribers

December. As part of various digital transformative initiatives introduced by PFRDA, it has already enabled opening of NPS accounts by using Off line Aadhaar with the explicit consent of the prospective Subscriber.

In order to take digital initiatives further, it has now been decided by PFRDA to make the exit process also more agile and seamless by allowing the off line Aadhaar authentication for the purpose of self-authorizing exit requests of e NPS Subscribers. Under this process, the eNPS Subscribers with a corpus up to Rs.10,00,000/- (Rupees Ten Lacs) in their NPS Accounts, can furnish their off line Aadhaar details, for the purpose of exit.

In addition, for e-NPS Subscribers whose corpus is more than Rs.10,00,000/- (Rupees Ten Lacs) as well as for the subscribers associated to POPs (Point of Presence) , an online platform has recently been enabled , where the exit requests of All citizen/Corporate sector subscribers would be verified by POPs , while exits of e-NPS subscribers (not associated to any POP) would be verified by their respective banks which are registered as POPs with PFRDA . The details of the circular ( Ref PFRDA/2020/54/SUP-CRA/23 dt 22 Dec 2020) issued in this regard are on the PFRDA website and a copy enclosed.