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3 types of withdrawal allowed in NPS in India

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3 types of withdrawal allowed in NPS

National Pension System (NPS) subscribers are allowed to withdraw their NPS corpus only on three conditions:

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.

If you have any doubts regarding NPS withdrawal process, kindly leave as comments. We would try our level best to address those.

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10 Comments
  1. Kdavid Raju says

    Respt sir I am from AP so I want to withdraw the nps account my pran 500092360872

  2. Shroff says

    If I am leaving the country permanently to set up residence elsewhere, but I have less than ten years of having an NPS account, what is the process I should follow? And how much can I expect to get from the NPS?

  3. vinayak thakar says

    I had submitted withdrawal form alongwith original PRAN card to POP.
    They have lost it in transit,
    Please inform me the procedure for withdrawal in such conditions.
    Regards

    1. Mohammad Ali says

      Hello Vinayak,

      You can check your Withdrawal status in ‘Limited access View’ functionality which is available at CRA website. Issues related to withdrawal can either send by email to info.cra@nsdl.co.in or npsclaimassist@nsdl.co.
      Mohammad Ali recently posted…Simple steps to get your free CIBIL Credit Report onlineMy Profile

  4. Ketan Dicholkar says

    very much doubt regarding withdrawal of nps amount as I have already resigned from govt service and I want withdrawal my amount from nps account pl provide tele no on which I can talk to someone for my satisfaction. pl help

    1. Mohammad Ali says

      Hello Ketan,

      if a subscriber wishes to exit from NPS before attaining the age of 60.
      He/she can withdraw up to 20% of the sum accumulated till that point of time. The subscriber has to buy annuity with the rest of the money.
      Mohammad Ali recently posted…Simple steps to get your free CIBIL Credit Report onlineMy Profile

  5. Shilpi rawat says

    Hello…i am a govt employee and my current corpus in NPS is below 1 lakh.i want to resign and exit frm NPS bt hv no idea how to initiate d process.kindly guide me throughly…

    1. Mohammad Ali says

      Hello Shilpi, If a govt. employee resigns from his/her job and joins in a private organization, he/she can continue the subscription in NPS provided that organization has NPS facility. Otherwise, usual NPS withdrawal rules applies to all NPS subscribers.
      Rule: If a subscriber wishes to exit from NPS before attaining the age of 60. He/she can withdraw up to 20% of the sum accumulated till that point of time. The subscriber has to buy annuity with the rest of the money.
      Mohammad Ali recently posted…Simple steps to get your free CIBIL Credit Report onlineMy Profile

  6. Moreshwar says

    Very useful information, Thanks

    1. Mohammad Ali says

      Thanks Moreshwar. Keep coming
      Mohammad Ali recently posted…Simplified EPF Composite Claim Form for Withdrawal Aadhar and Non Aadhar basedMy Profile