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Withdrawal from NPS can be:
1. On attaining the age of superannuation;
2. Before attaining the age of superannuation (Pre-mature exit), provided the subscriber has subscribed to NPS for atleast 10 years;
3. On death of the subscriber
Subscriber can exit NPS before 60 years, provided the subscriber has subscribed to NPS for atleast 10 years.
If the accumulated pension wealth of the subscriber is more than Rs. 1 lakh, but the age of the subscriber is less than the minimum age required for purchasing any annuity from any of the empanelled ASPs as chosen by the subscriber, such subscriber has to continue in NPS, until he or she attains the age of eligibility for purchase of any annuity.
The subscriber can continue to subscribe to the National Pension System beyond the age of superannuation, by intimating in writing that he would like to contribute to his pension fund. When a subscriber opts for continuing to subscribe to Tier I account beyond the age of superannuation, the same position continues for Tier II account also. Such subscribers will have access to all the normal facilities like access to CRA System, change of PFM/scheme etc.
Subscriber has to bear the NPS related charges. Subscriber can exit at any time after the age of superannuation, even if he has given any such intimation.
Yes, a subscriber can exit from NPS after giving due notice, at any point of time after availing the benefit of continuing to contribute to NPS irrespective of the period of contribution indicated by the subscriber while submitting the request to continue to contribute to NPS.
The subscriber should submit the Withdrawal request forms (as given below) to his/her POP-SP (or POP - for Corporate subscribers):
- Withdrawal on Superannuation
- Pre-mature withdrawal (before superannuation)
The forms can be downloaded from the CRA website https://nps.karvy.com.
The following documents should be enclosed along with the request for withdrawal on Superannuation:
1. Proof of address
2. Proof of identity
3. Cancelled cheque /Bank Certificate /Copy of passbook with the subscriber photograph
4. Original PRAN Card/Affidavit for non-submission of PRAN Card
5. Request Cum Undertaking Form (If subscriber is having a corpus of less than Rs. 2 lakhs)
The following documents should be enclosed along with the request for pre-mature withdrawal: 1. Proof of address
2. Proof of identity
3. Cancelled cheque /Bank Certificate /Copy of passbook with the subscriber photograph
4. Original PRAN Card/Affidavit for non-submission of PRAN Card
5. Request Cum Undertaking Form (If subscriber is having a corpus of less than Rs. 1 lakh)
The following documents should be enclosed by the nominee(s) along with the request for withdrawal on death of a subscriber:
1. Proof of address
2. Proof of identity
3. Cancelled cheque /Bank Certificate /Copy of passbook with the claimant photograph
4. Original PRAN Card/Affidavit for non-submission of PRAN Card
5.Original Death Certificate
The subscriber should specify the nomination details in the Withdrawal request on superannuation or pre-mature Withdrawal Form. He/she can nominate a maximum of 3 people. The nomination percentage shares between the nominees should add upto 100 and should not be in integers/fractional values.
A claim ID needs to be generated in the CRA system, to enable raising/processing of withdrawal requests in the CRA system. For withdrawal on attaining the age of 60 or superannuation - a claim ID is generated by the CRA, six months prior to the date of a subscriber's superannuation For pre-mature withdrawal or withdrawal by legal heirs on death of a subscriber - a claim ID is generated when the concerned Nodal Office (CHO/POP/POP-SP) raises a request for the same in the CRA system. A subscriber can raise an online request for withdrawal only after a claim ID is generated. In case of pre-mature withdrawal, he/she has to contact the Nodal Office for generation of Claim ID, before raising an online request.
A subscriber who wishes to withdraw on attaining the age of 60 or superannuation can make a withdrawal request at any time after the generation of Claim ID, upto 6 months before the superannuation date. However, the Withdrawal request will be processed only after completion of Superannuation age/ Date of Retirement (as per the CRA records).
Contributions deductions under the NPS made by the employers from the salary of such subscriber shall be stopped one month prior to the date of superannuation, as may be applicable, to ensure that the exit and withdrawal of the subscriber is smooth and effective. The employer shall settle directly the said last month contributions at their end with the concerned employee.
Withdrawal on superannuation (or on attaining the age of 60): The Subscriber can withdraw a maximum of 60% of the pension wealth as lump-sum and is required to transfer a minimum of 40% of the pension wealth to Annuity. Where the accumulated pension wealth is less than Rs.2 lakhs, the entire amount can be withdrawn as lump-sum. Withdrawal before superannuation (Pre-mature exit) - The Subscriber can withdraw a maximum of 20% of the pension wealth as lump-sum and is required to transfer a minimum of 80% of the pension wealth to Annuity. Where the accumulated pension wealth is less than Rs.1 lakh, the entire amount can be withdrawn as lump-sum. The subscriber should mention the allocation percentages for the amount to be withdrawn as Lump-sum and the amount to be used to purchase life annuity, in the withdrawal request.
At least 40% of accumulated pension wealth - as available as on the date of final exit from NPS including those contributions and investment income that have been contributed and accrued to the account beyond the age of 60 years or the age of superannuation, should be used for purchase of annuity; balance is to be paid to subscriber in lump sum.
In the event of a subscriber's death, all the registered nominees or Legal heirs should jointly submit the withdrawal request.
The entire accumulated pension wealth of the subscriber shall be paid lump-sum to the nominee or nominees or legal heirs.
The nominee or family members of the deceased subscriber shall have the option to purchase any of the annuities being offered upon exit, if they so desire, while applying for withdrawal of benefits on account of deceased subscribers’ Permanent Retirement Account.
In case the nomination is not registered by the deceased subscriber before his death, the accumulated pension wealth shall be paid to the family members on the basis of the legal heir certificate issued by the Revenue authorities of the State concerned or the succession certificate issued by a court of competent jurisdiction.
In the event of a subscriber's death, all the registered nominees or legal heirs (including the guardian(s) of any minor nominee(s)) should jointly submit the withdrawal request to the CBO. The form can be -downloaded from the CRA website https://nps.karvy.com Online submission of withdrawal request cannot be done, in case of withdrawal on death of a subscriber.
Yes, the subscriber has the option to make an online request for withdrawal from the CRA website, using his/her I-PIN. After submission of an online request, the subscriber should print the auto-populated form, paste his/her photograph, attest the photo, sign the form and submit the form with the enclosures (as selected while filling the form) to his/her Nodal Office.
A claim ID must have been generated in the CRA system, before the subscriber can make an online request. The subscriber should contact his/her Nodal office for generation of claim ID, in case the same has not been generated already (eg. in case of pre-mature withdrawal).
The lump-sum withdrawal amount is credited to the subscriber's bank account through electronic mode (RTGS/NEFT) and the amount annuitised is transferred to the ASP selected by the subscriber.
ASP is an acronym for Annuity Service Provider whose functions include:
a. Receipt of funds from Trustee Bank and instructions from CRA, for investment in annuity for subscribers, on withdrawal
b. Payment of monthly annuity/pension to the subscribers
Yes, he should choose from the list of ASPs available.
Annuity is the fixed monthly income that a subscriber will get against the corpus invested with the ASP at the time of withdrawal. The monthly annuity pension depends on the corpus amount, annuity scheme selected etc.
a. A Subscriber exiting NPS on account of Superannuation can opt for deferring the Withdrawal of his/her lump sum share (maximum 60%) until he/she attains the age of 70 years.
b. In such cases, the subscriber should intimate his or her intention to do so in writing in the specified form at least fifteen days before the attainment of age of superannuation and agree to bear the transaction/maintenance charges levied by all the NPS intermediaries (CRA, TB etc.) for maintaining the PR Account.
Yes, the subscriber has the option to make an online request for withdrawal from the CRA website, using his/her I-PIN. After submission of an online request, the subscriber should print the auto-populated form, paste his/her photograph, attest the photo, sign the form and submit the form with the enclosures (as selected while filling the form) to his/her Nodal Office.
A claim ID must have been generated in the CRA system, before the subscriber can make an online request. The subscriber should contact his/her Nodal office for generation of claim ID, in case the same has not been generated already (eg. in case of pre-mature withdrawal).
Subscribers exiting NPS on account of Superannuation can defer the purchase of Annuity for a maximum period of 3 years (minimum 40% is to be invested with ASP for purchase of Annuity)
In such cases, the subscriber should intimate his or her intention to do so in writing in the specified form at least fifteen days before the attainment of age of superannuation and agree to bear the transaction/maintenance charges levied by all the NPS intermediaries (CRA, TB etc.) for maintaining the PRAN.
A subscriber will not have the option of deferring the purchase of annuity:
- In case of pre-mature withdrawal or
- In case of withdrawal on attaining the age of superannuation, if he/she does not intimate his or her intention to do so in writing in the specified form at least fifteen days before the attainment of age of superannuation to the NPS Trust or CRA
Partial withdrawal of upto 25% of the subscriber’s contribution (not Employer’s contribution) is allowed under certain specific circumstances (eg. Purchase of house, higher education of children etc.) as per the PFRDA regulations, provided the subscriber has been in the National Pension System for atleast 3 years.
Such withdrawal is allowed only for a maximum of 3 times during the entire tenure of subscription under the NPS.
Tier-II account shall stand automatically closed at the time of exit of the subscriber from the National Pension System, even if an application so specified for the purpose has not been received from the subscriber, and the accumulated wealth in such account shall be transferred to the bank account provided by the subscriber, while submitting his application for exit from the National Pension System.
A subscriber having a valid and active Tier-II account of the Permanent Retirement Account can withdraw the accumulated wealth either in full or part, at any time. The subscriber should submit a duly filled Form S12 to his POP-SP for doing so. There is no limit on such withdrawals as long as the account has sufficient amount of accumulated pension wealth to take care of the applicable charges and the withdrawal amount. The form can be downloaded from the CRA website https://nps.karvy.com
The subscriber will receive SMS/Email alerts:
- at the time of generation of claim ID
- at the time of acceptance of request
- on closure, intimation of funds transferred to the subscriber's bank account/ASP.
The subscriber and the Nodal Office (DDO/POP/POP-SP) can check the withdrawal status at any time, from the CRA Website https://nps.karvy.com
The list of documents that can be submitted as proof of address and proof of identity, is provided in the application form for withdrawal.
Sl. No Proof of Identity (Copy of any one of the given below document) Proof of Address (Copy of any one of the given below document)
1 KYC Certification - Annexure I [only for Govt. employees and in NPS Lite -GDS subscribers (Department of Posts] KYC Certification - Annexure I [only for Govt. employees and in NPS Lite -GDS subscribers (Department of Post]
2 Passport issued by Government of India Passport issued by Government of India
3 Ration card with Photograph Ration card with Photograph and residential address
4 Bank Passbook or certificate with photograph Bank Passbook or certificate with photograph and residential address
5 Voter identity card with photograph and residential address Voter identity card with photograph and residential address
6 Valid driving license with photograph Valid driving license with photograph and residential address
7 PAN Card issued by Income tax department Letter from any recognized public authority at the level of Gazette officer District Magistrate, Divisional commissioner, BDO, Tehsildar, Mandal Revenue Officer, Judicial Magistrate etc.
8 Certificate of Identity with photograph signed by a Member of Parliament or Member of Legislative assembly Certificate of Address with photograph signed by a Member of Parliament or Member of Legislative assembly
9 Certificate of Identity with photograph signed by a Member of Parliament or Member of Legislative assembly Certificate of Address with photograph signed by a Member of Parliament or Member of Legislative assembly
10 Job cards issued by NREGA duly signed by an officer of State Government Job cards issued by NREGA duly signed by an officer of State Government
11 Photo Identity card issued by Government, Defence, Parliamentary and Police Departments Latest Electricity/ water bill in the name of the Subscriber/ Claimant and showing the address (less than 6 months old)
12 Ex-Service man card issued by Ministry of Defence to their employees Latest Telephone bill in the name of the Subscriber / Claimant showing the address (less than 6 months old)
13 Photo Credit card Latest Property/ house tax receipt (not more than 1 year old)
14 Identity card issued by Central/ State Government and its Departments, Statutory / Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to Universities and Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc. Existing valid registered lease agreement of the house on Stamp paper (in case of rented / leased accommodation)
15 - Central/ State Government and its Departments, Statutory / Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institution for their employees
Some reasons why a withdrawal request could be rejected are:
1. Original PRAN card OR Affidavit in case of non-submission of PRAN card not submitted along with the Withdrawal form.
2. KYC documents (Photo-ID Proof and Address Proof) not attested by POP/POP-SP.
3. Name provided in the Withdrawal form is different from the name provided in the KYC documents (Photo ID and address proof).
4. Address mentioned in the Withdrawal form is different from the Address Proof provided.
5. ‘Date of Retirement’ mentioned on the Withdrawal form does not match with date mentioned on the POP/POP-SP covering letter. Hence, POP/POP-SP confirmation is required for correct Date of Retirement.
6. Withdrawal fund allocation percentage not provided in the Withdrawal form.
7. Nomination details and bank details not provided in the form.
8. Photograph is not ‘self-attested’ by the subscriber/claimant.
9. In case of death, Withdrawal request is not submitted by the registered nominee as per the CRA system.
The CRA will:`
1. Receive the withdrawal request (online)
2. Process the W/D request as per PFRDA regulations
3. Send instructions to the PFMs for transfer of funds to the Trustee Bank (TB);
4. Send instructions to the TB for transfer of the lump-sum withdrawal amount to the subscriber's bank account and
5. Send instructions to the TB to transfer the amount to be annuitized, to the ASP.
6. Update the status of the withdrawal request in the CRA system, which can be checked by the subscriber/Nodal Office from the CRA website
7. Send email/SMS alerts on generation of claim ID, acceptance of request, rejection, successful processing etc.
Point no. 3, 4 and 5 will be a part of the daily settlement process run by the CRA.
The lumpsum amount will be transferred to the Subscriber's bank account on the 4th working day after the Nodal Office authorizes the withdrawal request in the CRA system.
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