NPS Withdrawal: Withdrawal National Pension System i.e. NPS is a retirement pension scheme. Anyone between the age of 18 to 60 years can join this scheme. The money deposited under this scheme is given to you in the form of pension after retirement. But this money can also be withdrawn in case of emergency.
NPS Withdrawal: NPS is also called National Pension System. Through this scheme, you can avail the benefit of fixed income in retirement. The money deposited under this scheme is given to you only on retirement. NPS can be started with a minimum amount of just Rs 1000.
There are two accounts under NPS, which include Tier 1 and Tier 2. You cannot withdraw the money deposited under Tier 1 account before retirement. However, the money deposited in Tier 2 account can be withdrawn.
However, there is a perception among people that money can be withdrawn from NPS only after 60 years of age.
How to withdraw money from NPS in an emergency?
Step 1- First of all go to the official website of NSDL.
Step 2- After which you have to log in by entering PRAN number and date of birth.
Step 3- After this you can request to withdraw money.
Step 4- Then submit the withdrawal form and other required KYC documents.
STEP 5- Once verified, money will be withdrawn.
Important rules for withdrawing money
- If you have less than Rs 5 lakh in your account, the entire amount can be withdrawn.
- The person should be associated with NPS for at least 3 years.
- At the same time, money can be withdrawn only three times during the entire period of the scheme.
- Apart from this, you can request to withdraw money before retirement only in certain situations.
- Which includes higher education of children, marriage, buying a house, serious illness etc.
When can you close your NPS account?
Along with this, you can also close your NPS account in some situations. Some conditions have been laid down by the government regarding closing the account. According to the information received in this regard, the long-in period (lock-in-period) of NPS has been kept from 5 years to 10 years. Which means that you cannot close the account in this period.
However, as soon as the long in period of the scheme ends, you can discontinue this scheme if you wish. However, if you are a working person, then money can be withdrawn under NPS only after 10 years. Which means that you will have to deposit money in the NPS account for 10 years.
Most Read Articles:
- 8th Pay Commission: Due to fitment factor 2.86, salary-pension of 1.2 crore employees will increase so many times, know details
- 8th Pay Commission: Big news! Central employees allowances can change, know what will be impact on DA?
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
