How to Update Bank Details for NPS Partial Withdrawal and Resolve Bank Account Issues

When attempting to perform a partial withdrawal from your National Pension System (NPS) account, you may encounter the message, 'Bank details are not updated in the CRA system,' indicating that the bank account linked to your withdrawal request is not correctly registered. To resolve this issue, updating your bank details is essential. This guide provides a comprehensive step-by-step approach to updating your bank details via the official channels.

Understanding the Message and Impact

If you try to withdraw a partial amount from your NPS account and receive the message, 'Bank details are not updated in the CRA system,' it means that the bank account details provided for the withdrawal have not been registered correctly with the Central Regulatory Authority (CRA) system. As a result, the withdrawal process cannot proceed until the discrepancy is resolved.

Steps to Update Your Bank Details

1. Download the Subscriber Details Change Form (S2 Form)

To update your bank details, you first need to obtain the Subscriber Details Change Form (S2 Form). This form can be downloaded from the official website of NSDL e-Governance Infrastructure Limited.

Visit the official website: Go to the home tab of the NSDL e-Governance Infrastructure Limited website. Navigate to the relevant section: Click on 'All Citizens of India' and then select 'Forms' from the dropdown menu. Find the appropriate form: You will find the NPS Account Maintenance section. Click on it, and then locate the 'Form UOS S2: Subscriber Details Change' document. Download the form: Once you have located the form, download and print it. The S2 form is also available for direct download in PDF format.

2. Fill Out the Form

After downloading the form, you need to fill it out with the correct bank details. Ensure that all fields are accurately completed. This includes your personal information, current bank details (account number, bank branch, IFSC code), and the new bank details you wish to update.

3. Submit the Form to Your Associated Nodal Office/POP-SP

Once the form is completed, you need to submit it to your associated Nodal Office (POP-SP) or Point of Public Enquiry (POP-SP). This is the official process to update your bank account information with the Central Regulatory Authority (CRA) system.

Locate your Nodal Office/POP-SP: Use the official NSDL e-Governance Infrastructure Limited website to find the nearest Nodal Office or POP-SP. Submit the form: Take the filled S2 form along with any required supporting documents (such as identity proof and NPS account statement) to the designated office. The staff will initiate the process to update the information in the CRA system.

4. Await Confirmation and Completion of the Process

After submitting the form, you should receive a confirmation that your request has been noted. The CRA system will be updated with the new bank details, and your partial withdrawal process can then be completed. The process typically takes a few business days to be completed, during which you might receive updates from the Nodal Office/POP-SP.

Conclusion and FAQs

Updating your bank details for NPS partial withdrawal is a straightforward process involving downloading the correct form, filling it out, and submitting it to the appropriate authorities. By following these steps, you ensure that your withdrawal requests are processed efficiently and without delays.

FAQs

Q: What if the bank has not updated my details after submitting the form?

A: If the update has not been completed within a reasonable timeframe (typically a few days), you can contact the Nodal Office/POP-SP to check the status of your request. They will be able to provide you with an update on the progress of your bank detail update.

Q: Can I update my bank details online?

A: No, as of now, the process of updating bank details for NPS requires submission of the official S2 form in printed and signed form to the designated Nodal Office/POP-SP. Online submission of the form is not supported.

Q: Is it necessary to visit the Nodal Office/POP-SP in person?

A: While it is ideal to submit the form in person to ensure that it is processed promptly, you might be able to lodge the form via a trusted third party, such as a friend or family member, who can submit it on your behalf. However, it’s advised to confirm the specific requirements with the Nodal Office/POP-SP before proceeding.

By following these steps, you can ensure that your NPS partial withdrawal process is seamless and without hiccups. If you have any further questions or need assistance, feel free to reach out to the NSDL e-Governance Infrastructure Limited or your current Nodal Office/POP-SP.