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Withdrawal of funds From Nps

Withdrawals from the National Pension System.

  1. 1. The minimum period for the subscriber to be invested in the NPS is for a period of at least 10 years, in order to apply for a withdrawal .

  2. 2. There can only be three withdrawals made with a time gap of 5 years between each such withdrawal. In the case of any diseases or sickness , such condition will not apply.

  3. 3. All withdrawals can be effected on one’s own contribution . Withdrawals cannot be effected from the corpus or from contributions done by the employer .

  4. 4. Limits are frozen at 25% of the contributions made by the subscriber.

Applicable to only the All India Citizen and the corporate model

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Serial number All Citizen model / Corporate model of the National pension system Purpose Frequency Limits Diseases covered (refer point iv under Column Purpose)
  1. • The National Pension System Trust, or the central recordkeeping agency, acting on behalf of the National Pension System Trust or any other entity authorized by the Authority for the purpose , may on receipt of an application for withdrawal from subscriber in the specified form and subject to fulfilment of conditions ,so specified may allow withdrawal from the National Pension System in the mode and manner permitted under these regulations, guidelines, circulars, orders or notifications issued by the Authority from time to time.

  2. • A partial withdrawal of accumulated pension wealth of the subscriber, not exceeding twenty-five per cent. of the contributions made by the subscriber and excluding contribution made by employer (*1), if any, at any time before exit from NationalPension System subject to the terms and conditions, purpose, frequency and limits.

(*1) : Benefits accrued under section 80 CCD2 cannot be used for withdrawals as they are classified as Employers contributions.
  1. I. For Higher education of his or her children including a legally adopted child

  2. II. For the marriage of his or her children, including a legally adopted child;

  3. III. For the purchase or construction of a residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse.

  4. Note : In case, the subscriber already owns either individually or in the joint name a residential house or flat,other than ancestral property, no withdrawal under these regulations shall be permitted.

  5. IV. For treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the diseases covered in the last column of the table.

The subscriber shall be allowed to withdraw only a maximum of three times during the entire tenure of subscription under the National Pension System and not less than a period of five years shall have elapsed from the last date of each of such withdrawal.
The mandatory requirement of five years having elapsed between two withdrawals shall not apply in case of “treatment for specified illnesses or in case of withdrawal arising out of exit from National Pension System due to the death of the subscriber
Limits: the permitted withdrawal shall be allowed only if the following eligibility criteria and limit for availing the benefit are complied with by the subscriber:-
  1. a. the subscriber shall have been in the National Pension System at least for a period of last ten years from the date of his or her joining

  2. b. (b) the subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal
  1. (i) Cancer;

  2. (ii) Kidney Failure (End Stage Renal Failure);

  3. (iii) Primary Pulmonary Arterial Hypertension;

  4. (iv) Multiple Sclerosis;

  5. (v) Major Organ Transplant;

  6. (vi) Coronary Artery Bypass Graft;

  7. (vii) Aorta Graft Surgery;

  8. (viii) Heart Valve Surgery;

  9. (ix) Stroke;

  10. (x) Myocardial Infarction

  11. (xi) Coma;

  12. (xii) Total blindness;

  13. (xiii) Paralysis;

  14. (xiv) Accident of

  15. serious/ life threatening nature.

  16. (xv) any other critical illness of a life threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time

Conditions apply to the above rules and regulations.

  1. 1. The above accumulated pension wealth , in the Tier 1account , shall not be liable to seizure, attachment by any process of any court at the instance of the creditor or a decree of the court unless it is sanctioned prior by the NPS trust or it’s authorised representative.

  2. 2. Any assignment , pledge , contract ,order ,sale or security of any kind made by a subscriber of the NPS cannot be assigned against the future benefit to be received by way of the wealth from the NPS . This actions are void ab initio or null and void, unless such sanction is done by the NPS trust.