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| New Pension Scheme |
PARTIAL WITHDRAWAL DURING SERVICE
**Not exceeding from 25% of
subscriber’s Contribution in Pension Wealth & excluding contribution of
employer.
Reasons:-
1. Higher Education of his or her children (including legally adopted).
2. Marriage of his or her children including legally adopted child.
3.Purchase /Construct a residential house/flat in his or her own name or
in joint name with his or her legally wedded spouse(He or she is not entitle,
if residential house/flat is available).
4.For Treatment of specific illness (hospitalization) of self, child
(including adopted), legal spouse, dependent parents : Cancer, Kidney failure
(end Renal failure), primary pulmonary Arterial Hypertension, Multiple Sclerosis,
Major organ Transplant, Coronary Artery Bypass Graft, Aorta Graft Surgery,
Heart Valve surgery, Stoke, Myocardial infarction, Coma, Total blindness,
Paralysis, Accident of serious/life threatening nature, Other critical illness
issued by Authority.
5. Improve their employability or acquire new skills by pursuing higher
education/acquiring professional and technical qualification(New)
6.Who wish to set up a new business/ acquire new business will also be
allowed to make partial withdrawals from his contributions (New).
PARTIAL WITHDRAWAL CONDITIONS
1. Can withdraw after 03 years of joining
NPS(minimized from 10 to 03 years)
2.25% of contribution in his or her account of
subscriber on date of application of withdrawal
3. Maximum Three (03) times during entire tenure of
NPS.
4. At the interval of minimum 05 years from last
withdrawal. 05 years mandatory requirement is not applicable in case of
‘Treatment for Specific illnesses’. Withdrawal application can make by family
member also in case of self-illness.
WITHDRAWAL PROCESS: NPS trust or nominated authority
for the said purpose is responsible to process & approving the withdrawal.
***Form 601-PW: Partial withdrawal form from Tier-I
(As per latest amendment of Gazette of India No.315
dated 10.08.2017).
NOMINATION:
Nomination in NPS by Subscriber:
Nominee/s is /are entitle to receive money unpaid in
account of subscriber. Nomination is discretion of subscriber.
1.Self nomination is invalid.
2.If no family, nomination may be of Any
person.
3.A fresh nomination is required after
marriage, family members can be nominee & other is invalid.
4.Nomination can be one or more members.
5.in case of minor nominee, guardian
nomination is must.
6.Any change in marriage status as per
law, customs may be changed by intimation to /notice to PFDRA.
Family:
For Male – Legal wife, Children (married / Unmarried),
his dependent parents, His diseased Son’s widow and children.
For Female – Legal Husband, children (married/
unmarried), her & husband’s dependent parents, Her diseased son’s widow and
children.
WITHDRAWAL FORMS
Withdrawal for accumulated pension wealth of
subscriber, the request is to be made in the following forms.
1.FormNo.101-GS : Withdrawal form for existing on normal Retirement.
2.Form No.102-GP : Withdrawal form for existing before
the age of normal Retirement
3.Form No.103-GD : Withdrawal form for claim on death
of subscriber
4.Form 601-PW
: Partial withdrawal form from Tier-I
Apart above following to be attached with
claim/withdrawal Application/Forms –
1. Form 401-AN: Nomination details
2. Annexure-‘B’: List of Documents
(RB.No. 2010/AC-II/21/18 dated 16.08.2013 & RBA
No. 21/2013 ) & No. 2016/F(E)III/1(1)/3 dated 27.05.2016 (RBE-55/2016) - Exits & withdrawals under
the National Pension System
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