- National Pension Scheme (NPS) was introduced by Government of India with effect from 1st January 2004
- Central Recordkeeping Agency (CRA) is one of the cor infrastructure and critical for NPS operations.
- CRA will deal with record keeping, adminstation and service for all subscribers under NPS.
- Permanent Retirement Account Number (PRAN) is issued to every subscriber under NPS.
- NPS consist of Tier-I and Tier-II accounts.
- Tier-I cannot withdraw till the age of 60 years or death of a subscriber.
- Tier-II is allowed to withdraw at anytime like savings account.
Following are some of the rules in relation to NPS Partial Withdrawal :
- NPS withdrawal is allowed.
- NPS withdrawal is allowed only after 3 years.
- Minimum 5 years time period required between TWO withdrawals.
- A Subscriber can withdraw only 25% of the amount his subscription.
- A subscriber can withdraw only 3 times during the tenure of his subscription.
- A subscriber can withdraw money for marriage of his child.
- A subscriber can withdraw money for construction of New House or Purchase of New House/Flat in his own name or legally wedded wife name. If already own a flat, withdrawal is not allowed.
- A subscriber can withdraw money for specified illness treatment to his own or family members and dependents such as Cancer, Stroke, Heart Valve Surgery, Kidney failure, coma, total blindness, critical illness, myocardial infarction, stroke, accident of serious life threatening nature, coronary artery bypass graft and paralysis.
- When a subscriber is suffering from illness, family members may submit the request for withdrawal.
Instructions:
Following are some of the instructions while filling NPS withdrawal form :
- All fields marked with * must be filled.
- All dates must be in DDMMYYYY format.
- Subscriber must submit his application to Nodal officer/POP/Aggregator of processing of request.
- Before submitting the withdrawal form, subscriber must ensure the bank details are matched with the bank.
- Subscriber must also attach the bank proof (cancelled cheque/Bank certificate/Copy of bank pass book).
- Subscriber should specify the purpose of withdrawal and proof must be attached.
- The withdrawal amount shall be directly credited to the bank to the subscriber account as mentioned in the form.
- Withdrawal amount can be different from the requested amount of the subscriber.
- The permitted withdrawal amount shall be only if the eligible criteria.
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NPS Withdrawal Form