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‘Penny drop’ verification
November 6 , 2023
379 days
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- The Pension Fund Regulatory and Development Authority (PFRDA) has made ‘penny drop’ verification.
- It is mandatory for the withdrawal of funds by subscribers of the National Pension System (NPS) for the timely transfer of money.
- Through the 'penny drop' process, Central Recordkeeping Agencies (CRA) check the active status of the savings bank account.
- It matches the name in the bank account number with the name in the PRAN (Permanent Retirement Account Number), or according to the documents submitted.
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