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Pre-mature withdrawal is allowed for Central/State Government sector subscribers on voluntary retirement or exit from service before superannuation.
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 shall continue to remain in NPS, until he or she attains the age of eligibility for purchase of any annuity.
A subscriber can raise a request for withdrawal on superannuation (or on attaining the age of 60) or for withdrawal before superannuation (Pre-mature exit) in the following ways:
1. By submitting a request in physical form to the Nodal Office(DDO), with necessary enclosures
2. By raising an online request in the CRA website, using his/her I-PIN and submitting the auto-populated physical form to the Nodal Office.
The subscriber should submit the Withdrawal request forms (as given below) to his/her DDO:
- Withdrawal on Superannuation Form
- Pre-mature withdrawal (On voluntary retirement/exit before superannuation) Form
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 (KYC Certificate suffice for Bank proof in case of Govt. employees)
4. Advance Stamp Receipt
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 (KYC Certificate suffice for Bank proof in case of Govt. employees)
4. Advance Stamp Receipt
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 nominees, 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. Advance Stamp Receipt
5. Copy of Death Certificate
6. No Objection Certificate for family pension
7. Request Cum Undertaking Form (If subscriber is having a corpus of less than Rs. 2 lakhs)
8. Non-IRA compliance Certificate if subscriber is non IRA compliant
The subscriber should specify the nomination details in the Withdrawal request. 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 6 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 (DDO/DTO/PAO) 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).
Contribution deductions under the NPS made by the employers from the salary of such subscriber shall be stopped at least one months 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 one 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. 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. Where the accumulated pension wealth is less than Rs.1 lakh, the entire amount can be withdrawn as lump-sum.
Where the accumulated pension wealth in the Permanent Retirement Account of the subscriber is equal to or less than Rs.2 lakhs, the subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing annuity (and hence shall not receive any pension).
Where the accumulated pension wealth in the Permanent Retirement Account of the subscriber is equal to or less than Rs.1 lakh, the subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing annuity (and hence shall not receive any pension).
In the event of a subscriber's death, all the registered nominees or Legal heirs should jointly submit the withdrawal request.
In the event of a subscriber's death, the entire accumulated pension wealth will be paid to the nominees/legal heirs as lump-sum.
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 subscriber's DDO. The form can be downloaded from the CRA website https://nps.karvy.com. Online submission of withdrawal request cannot be done by the nominee(s)/legal heir(s) in the event 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. This option is not available to the nominees/legal heirs, for withdrawal on death of a subscriber. 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 get witness signatures 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 annuitized is transferred to the ASP selected by the subscriber. Monthly payout of pension to the subscriber will be done by the ASP.
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
For Government sector subscribers, the default annuity contract provides for:
a. Annuity for the life of the subscriber or spouse (if any) - (with provision for return of purchase price);
b. On demise of the subscriber, return of purchase price of the annuity - to be used for purchase of annuity (at a premium rate prevailing at the time of such purchase) for other family members in the order of:
i. living dependent mother of the deceased subscriber and
ii. living dependent father of the deceased subscriber - until all are covered.
Thereafter, the purchase price to be returned to the surviving children or legal heirs of the subscriber.
A Subscriber who is withdrawing on attaining superannuation, who wishes to opt out of the default option and choose a different annuity contract, shall be required to specifically opt for such option.
For Government sector subscribers who wish to withdraw before attaining the age of superannuation, the default annuity contract applies, which provides for:
a. Annuity for the life of the subscriber or spouse (if any) - (with provision for return of purchase price);
b. On demise of the subscriber, return of purchase price of the annuity - to be used for purchase of annuity (at a premium rate prevailing at the time of such purchase) for other family members in the order of:
i. living dependent mother of the deceased subscriber and
ii. living dependent father of the deceased subscriber - until all are covered.
Thereafter, the purchase price to be returned to the surviving children or legal heirs of the subscriber.
A Subscriber who is withdrawing on attaining superannuation, who wishes to opt out of the default option and choose a different annuity contract, shall be required to specifically opt for such option.
Annuity is the fixed monthly income that a subscriber will get against the corpus invested with the Annuity Service Provider (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, PFM etc.) for maintaining the PRAN.
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, PFM 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 60 or 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
In case a subscriber opts for deferment of purchase of Annuity, in case the death of the subscriber occurs before such due date of purchase of an annuity after the deferment, the annuity shall mandatorily be purchased by the spouse (if any) providing for:
i. Annuity for the life of the spouse;
ii. On demise of the spouse, return of purchase price of the annuity - to be used for purchase of annuity (at a premium rate prevailing at the time of such purchase) for other family members in the order of:
1. living dependent mother of the deceased subscriber and
2. living dependent father of the deceased subscriber. (until all are covered)
Thereafter, the purchase price to be returned to the surviving children or legal heirs of the subscriber.
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 S 12 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/DTO/PAO) can check the withdrawal status at any time, from the CRA Website https://nps.karvy.com.
Below documents can be accepted as Proof of Identify and Proof of Address:
Sr 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 Aadhaar card / letter issued by Unique Identification Authority of India Aadhar card / letter issued by Unique Identification Authority of India clearly showing the address
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. KYC documents (Photo-ID Proof and Address Proof) not attested by DDO/DTO/PAO.
2. Name provided in the Withdrawal form is different from the name provided in the KYC documents (Photo ID and address proof).
3. Address mentioned in the Withdrawal form is different from the Address Proof provided.
4. ‘Date of Retirement’ mentioned on the Withdrawal form does not match with date mentioned on the DDO covering letter. Hence, DDO/DTO/PAO confirmation is required for correct Date of Retirement. 5. Withdrawal fund allocation percentage not provided in the Withdrawal form.
6. Nomination details/Witness (to nomination) details not provided in the Nomination form.
7. Bank Details not provided
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 Withdrawal 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 nos. 3, 4 and 5 is 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.
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 years, 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. On option such service, subscriber will be shifted to All Citizen model on attainment of superannuation age. Subscriber has to bear the NPS related charges. Subscriber can exit at any time after the age of 60, even if he has given any such intimation.
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