NPS Withdrawal Made Easier: PFRDA Offers Formal Withdrawal Facility
– Pension Fund Regulatory and Development Authority (PFRDA) now offers a formal withdrawal facility to National Pension Scheme (NPS) subscribers
– Subscribers can withdraw their money periodically on a monthly, quarterly, half-yearly or annual basis up to the age of 75
– The Systematic Lumpsum Withdrawal (SLW) option will benefit the subscriber by offering returns on the deposited amount
– This facility is available for both Tier-I and Tier-II accounts
More Options for NPS Subscribers
The PFRDA has announced a formal withdrawal facility for NPS subscribers, making it easier for them to withdraw their money. Subscribers can now withdraw their money periodically on a monthly, quarterly, half-yearly, or annual basis up to the age of 75. The Systematic Lumpsum Withdrawal (SLW) option will also benefit the subscriber by offering returns on the deposited amount. This facility is available for both Tier-I and Tier-II accounts, with Tier II account holders being able to start the lump sum withdrawal option before completion of 60 years.
Withdrawal Made Easy
The new rules will do away with the requirement of taking 60% of the total deposit in one go, making it easier for subscribers to withdraw their money. As per the current rules, when an NPS subscriber attains the age of 60, he can withdraw up to 60% of the total pension amount. The remaining 40% goes to purchase an annuity on corpus basis, from which the pension is drawn. The subscriber can keep his entire amount in the NPS account till 75 years of age and gets the facility of gradual withdrawal of 60% of his capital on an annual basis, which has to be applied for every year.
Additional Information
In recent times, many central government employees and state government employees have been demanding the re-implementation of the old pension scheme. Many protests and fasts were also carried out to emphasize this. In the last year, many state governments have re-implemented the old pension scheme, and in many states, employees have started agitation demanding the implementation of the old pension. The Ashok Gehlot government of Rajasthan was the first to revive the Old Pension Scheme (OPS), with the Rajasthan State Road Transport Corporation (RSRTC) issuing an order to implement the OPS for the employees.
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