NEW DELHI: With instant account verification process, subscribers will now get timely credit while exiting or withdrawing money from their NPS account. 'Penny drop' can happen at the time of processing of the exit or withdrawal request made by the subscriber. The response of 'success' or 'failure' will then be delivered by the service provider based on validation of the savings bank account number name check as per CRA accounts/records, it said. The money that could not be credited into the subscribers' SBA remained with Trustee Bank till the correct account number was obtained. This can be now overcome by using Instant Bank Account Verification.Instant Bank Account Verification by 'penny drop' needs to be adopted by CRAs by integrating their IT system and exit framework with the Fin-tech service providers, said the Pfrda press release.

Source: Mint July 27, 2021 04:52 UTC