The Pension Fund Regulatory and Development Authority (PFRDA) has mandated that certain documents be uploaded by subscribers by April 1, 2023 to speed up and simplify annuity payments after leaving the National Pension System (NPS) .
PFRDA, a regulatory body for the overall supervision and regulation of pensions in India, said, “In the interest of the subscribers and to benefit them with timely payment of annuity income, the uploading of documents shall be mandatory from April 1, 2023.”
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What are the new changes for NPS subscribers?
PFRDA has asked NPS subscribers to upload these documents. For parallel processing of withdrawal and annuity, certain withdrawal and KYC documents need to be uploaded. The list of those documents are:
- NPS Withdrawal / Exit Form
- Proof of identity and address as mentioned in the withdrawal form
- proof of your bank account
- Copy of Permanent Retirement Account Number (PRAN) Card
If your monthly contribution is Rs 3,000 and you are 34 years old, you still have 26 years to make pension account payments. Considering an estimated 10% annual ROI or rate of interest. With a total principal investment of Rs 9.36 lakh in NPS, you will get Rs 44.35 lakh on maturity as per NPS calculation.
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