MWM Digital Interface for NPS/APY Subscribers

The Pension Fund Regulatory and Development Authority (PFRDA) has released a circular outlining the reinvestment of unclaimed transaction amounts and the process for subscribers to reclaim such amounts through the My Withdrawal Module (MWM). The MWM will have provisions for submitting bank account details and uploading proof of account, as well as the option for subscribers to choose their Annuity Service Provider. Stakeholders are advised to ensure the accuracy of bank account details to avoid delayed payments, and any unclaimed amounts beyond one month will be reinvested in the same PRAN. The CRAs will be responsible for building the MWM to ease the process of reclaiming the amount.

Ease of reclaiming the amount by Subscriber through MWM




Feb 07, 2023

All NPS/APY Stake Holders

Subject: A. Reinvestment of Returned & Unsuccessful Transaction amount into the same PRAN

B. Ease of reclaiming the amount by Subscriber through MWM

NPS/APY Subscribers permitted to withdraw from their Permanent Retirement Account Number (PRAN) as per the applicable guidelines and the provisions of regulations issued by PFRDA. The amount thus withdrawn is payable as lump sum and utilized as ‘Purchase Price’ to buy Annuity from the empanelled Annuity Service Provider (ASP) chosen by the Subscriber at the time of exit.

  1. Amount withdrawn but unclaimed: There are instances wherein the corpus of Subscribers, which could not be credited to their Savings Bank (SB) Account because of incorrect bank account details. There are also scenarios where the Subscribers cancel the Annuity under ‘free look period’ and the purchase price meant for Annuity returned to lie in NPS system till the selection of new ASP by the Subscriber. These amounts identified as ‘withdrawn but unclaimed’ which do not earn any investment returns to the benefit of Subscribers.
  2. Reclaim the Amount: The Subscribers can reclaim the amount as per format attached (Annexure) that can be submitted to the nodal officers, Points of Presence (POP), APY Service Providers, CRAs and NPS Trust (NPST) as the case may be. The corpus meant for the e NPS Subscribers that emanate due to unsuccessful transactions because of wrong bank account number claimed from NPST.
  3. MY WITHDRAWAL MODULE (MWM): PFRDA through its Central Record Keeping Agencies (CRAs) is in the process of building a Subscribers’ digital interface ”MY WITHDRAWAL MODULE (MWM)’’ to ease the process of reclaiming such amount, which shall have the following enablement,
  • Provision to submit the beneficiary bank account details and verify the same through penny drop for name matching between PRAN and Bank Acct
  • Provision to upload the proof of Bank Acct
  • The option to choose ASP for reissue of Annuity as per the choice of Subscriber.
  1. Ensure correctness of Bank Acct number: The stakeholders need to ensure while processing withdrawal request of the associated Subscribers that the Bank acct/IFSC code are correct to ensure timely payment of corpus. In case of APY, the Service Provider Banks/ Dept of Posts/BCs need to ensure the corresponding Bank Acct of the Subscribers are in the operative status until the closure proceeds of APY credited.
  2. Reinvestment in PRAN: Post building the MWM, the amount which lie beyond one month without transferring to the beneficiary’s Bank Acct shall be reinvested in the same PRAN as per the choice of investment/PF prevailed at the time of exit, to benefit the Subscribers with ‘market linked returns’. However, those PRANs frozen for any further transaction except for payment towards lump sum or to buy Annuity.

CRAs can build the MWM for the benefit of Subscribers and popularize the facility to ease the process of reclaiming the amount.

Chief General Manager


MWM Digital Interface for NPS/APY Subscribers

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