What types of Withdrawals are allowed under the National Pension System?
As per Pension Fund Regulatory & Development Authority (PFRDA) Exit Rules, following Withdrawal categories are allowed:
a) Upon Normal Superannuation – At least 40% of the accumulated pension wealth of the subscriber has to be utilized for purchase of annuity providing for monthly pension of the subscriber and the balance is paid as lump sum to the subscriber.
In case the total corpus in the account is less than Rs. 2 Lakhs as on the Date of Retirement (Government sector)/attaining the age of 60 (Non-Government sector), the subscriber (other than Swavalamban subscribers) can avail the option of complete Withdrawal.
b) Upon Death – The entire accumulated pension wealth (100%) would be paid to the nominee/legal heir of the subscriber and there would not be any purchase of annuity/monthly pension.
c) Exit from NPS Before the age of Normal Superannuation – At least 80% of the accumulated pension wealth of the subscriber should be utilized for purchase of an annuity providing the monthly pension of the subscriber and the balance is paid as a lump sum to the subscriber.
Where are the Withdrawal forms available to the subscribers?
Withdrawal forms are available on the NSDL-CRA Corporate Website (http://www.npscra.nsdl.co.in). Subscriber can also send an email to "npsclaimassist@nsdl.co.in" or "info.cra@nsdl.co.in" to get the Withdrawal forms in their e-mail ID.
What is an Exit Claim ID and what is its relevance?
For any superannuating subscriber/attaining 60 years of age, CRA generates a Claim ID six months prior to the attaining 60 years of age. CRA intimates the generation of Claim ID to the subscriber / POP-SP vide e-mails, letters, SMS. POP/POP-SP can also view the Claim IDs generated for underlying subscribers at ‘Welcome Page’ in CRA site.
For Pre-mature Exit and Death cases, the Claim IDs will be generated by the associated POP-SP or CRA when the Withdrawal request for the same is received.
If the Claim ID is not generated for a subscriber even if the date of birth is less than six months away, the concerned POP-SP should update the correct retirement date in the CRA system.
Full Information in Gujarati about NSDL withdrawal Click on below link
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