NPS Refund Process

Process of Refund from Subscribers Pension Contribution Protection Account (SPCPA)

  • The subscriber/claimant/depositor may approach PFRDA directly to submit their claim for refund as per the prescribed format, along with necessary supporting documents.
  • Post receipt of claim by PFRDA, PFRDA shall scrutinize the documents and legitimacy of the claim as per the available records in the custody of PFRDA. However, in case of any discrepancy in the documents, PFRDA may refer the claim to the intermediary for verification.
  • In case the claim request is received by the Aggregator (IIFL), the Aggregator (IIFL) shall forward the claim to PFRDA, along with the supporting documents.
  • Post scrutiny of subscriber's/claimant's/depositor's claim, PFRDA may accord the necessary approval for refund from the Account.
  • The subscriber/ claimant/ depositor shall be refunded the deposited contribution plus the compensation recovered from the intermediary, if any. Further, interest shall be paid at the rate determined by the Authority, for the period in which the funds are lying in the Account.
  • The refund amount shall be directly credited to subscriber's/claimant's/depositor's saving bank account.