Which organization requires 'penny drop' verification in order to withdraw NPS funds?
Pension Fund Regulatory and Development Authority
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The National Pension System, Atal Pension Yojana, and NPS Lite subscribers must now obtain "penny drop" verification before withdrawing funds or changing their bank account information, according to the Pension Fund Regulatory and Development Authority. As part of the procedure, Central Recordkeeping Agencies verify that the savings bank account is still active and compare the name on the account number to the name on the PRAN or the filed documentation.
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