3 types of withdrawal allowed in NPS in India
3 types of withdrawal allowed in NPS:
1. After 60 years: When the subscriber reaches the retirement age of 60 years, he/she has to purchase an annuity for at least 40% of the accumulated pension wealth. The balance corpus will be paid as lump sum to the subscriber. If the corpus is below Rs 2 lakhs, he/she can withdraw the entire amount on retirement.
2. Upon death of subscriber: The full accumulated pension would be paid to the legal heir/nominee of the Subscriber.
3. Premature exit from NPS before the age of 60 years: At-least 80% of the accumulated pension should be utilized for purchase of an annuity for monthly pension and the balance would be paid as a lump sum to the Subscriber.
Types of withdrawal forms in NPS:
1. After 60 years: Form 101-GS has to be filled up by Central and State Government employees and Form 301 has to be filled up by corporate and all citizens of India.
2. Upon death of subscriber: Form 103-GD has to be filled up by Central and State Government employees and Form 303 has to be filled up by corporate and all citizens of India.
3. Premature exit from NPS before the age of 60 years: Form 102-GP has to be filled up by Central and State Government employees and Form 302 has to be filled up by corporate and all citizens of India.
Withdrawal forms can be downloaded from NSDL-CRA corporate website http://www.npscra.nsdl.co.in.
Documents to be submitted for Superannuation, premature exit and death under NPS
In case of superannuation and premature exit: Along with withdrawal form, a covering letter from the associated Nodal Office with stamped receipt filled and cross-signed on revenue stamp by subscriber. Also he/she needs to submit original PRAN card (affidavit in case of Non submission of PRAN card), KYC documents attested by POP and cancelled cheque or bank certificate or Copy of Bank Passbook.
Upon death of subscriber: Nominee(s) who are registered in the CRA system or legal heir(s) (nominee was not registered) can submit the Withdrawal request with required documents to CRA through the Subscriber’s associated Nodal Office along with original death certificate issued by the Local Authority.
How to check withdrawal status of NPS?
Anyone can check the withdrawal status through the ‘Limited access View’ functionality which is available at www.cra-nsdl.com. He/she can also check the withdrawal status under the menu ‘Exit Withdrawal Request’ by logging into website. Finally, amount would be credited directly to the bank account of the Subscriber or nominee/legal heir, as the case maybe.
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