[new] NPS Withdrawal Form Pdf 2022

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In this article, you will get NPS Withdrawal Form Pdf direct download link. So, read the full article carefully you will know all details about NPS (National Pension Scheme) withdrawal process. Its Application process, documents required etc.

Government employees who want to take their accumulated pension before retirement can use the NPS Withdrawal Form PDF. Form 302 – Employees of corporations and other citizens who want to take their accumulated pension before retirement may use this form. the PDF NPS Withdrawal Form

NPS Withdrawal Form pdf in details

Name of the formNPS Withdrawal Form pdf
Name of the Scheme NPS (National Pension Scheme)
Department AuthorityGovt. of India
Form Typepdf
Uploaded byJM, on 10th August 2022
Official Websitewww.enps.nsdl.com/eNPS/NationalPensionSystem.html

NPS Withdrawal Form Pdf

National Pension System (NPS) is a non-profit, defined retirement savings plan that is designed for participants to make the best decisions about their future with regular savings throughout their working years. NPS strives to promote savings habits for retirement among the population. It is a step towards creating a sustainable solution for the issue of providing an adequate retirement income for every citizen of India.

Under NPS savings, each individual’s savings are pooled into the pension fund, which is put into PFRDA certified fund managers who are professionals as per the investment guidelines approved by PFRDA diversifying portfolios consisting comprised of Government Bonds, Bills, Shares, and Corporate Debentures. The contributions will grow and grow over time depending on the earnings realized from the investment.

When they reach the normal withdrawal of NPS subscribers can utilize the pension funds they have accumulated in the scheme to purchase an annuity for life from a PFRDA affiliated Life Insurance Company apart from taking a portion of the pension accumulation in lump sums, if they wish to do so. In this post, we basically emphasized on NPS Withdrawal Form Pdf how to withdraw, requirement all details are given below-

How can I withdraw my NPS full amount?

  1. After attaining the retirement age when the subscriber reaches retirement age, they must buy annuity plans through Government-authorized agencies, for 40 percent of the total amount. The remaining 60% is able to be withdrawn in two ways either in a lump sum or in installments. If the subscriber does want to take advantage of this option, the following options are readily available:
  2. Increase the time for buying annuity plans to 3 years beginning from the day when you turn 60. This option is perfect for subscribers who have a large portion of their contributions invested in equity. If the market’s performance is poor when they retire subscribers can defer the cash withdrawal. To do this the subscriber needs to make his request for deferment in writing at least 15 days before retirement to the relevant authority. If the subscriber dies within the deferment time, it falls to the spouse to buy the annuity.
  3. Another option is to delay 60 percent of the withdrawal to when you reach 70. You can make new contributions in this time. When you reach the age of 70, the funds can be taken out in one lump sum or in installments. If you choose to withdraw the money in installments the subscriber needs to make an application in writing fifteen days before retirement to the appropriate authority.

If the subscriber chooses to deferment, they will be charged for maintaining the Permanent Retirement Account, as well as charges from the central recordkeeping agency trust bank and pension funds and any other charges that may be applicable at any date.

What documents are required for NPS withdrawal?

The following documents are required for NPS withdrawal-

  • KYC Documents (address and photo-id evidence)
  • “Cancelled Cheque” (having the name of the subscriber, Bank Account Number, and IFS Code) or
  • a ‘Bank Certificate in the form of a Bank Letterhead having Subscriber’s name along with the Bank Account Number as well as IFS Code that must be provided as proof of bank account.

How do I submit an NPS withdrawal form?

The online withdrawing process-

  1. By subscriber using User ID & IPIN: The subscriber can directly initiate withdrawal application using his/her User ID & IPIN in the CRA system within a period of 6 months before the age of superannuation/vesting date opted by the subscriber. In order to initiate the request within the system, the user has to provide information such as lump sum percentage of withdrawal, the annuity percentage share information, Annuity Service Provider information, Bank details, and nomination details, etc.
  2. By Nodal Office/POP/Aggregator: In case subscriber is not able to initiate the request directly into the system, the withdrawal application can be initiated by the concerned Nodal Office/ POP or Aggregator in the CRA system using their respective logins. The subscriber must complete the withdrawal form in physical form along with any supporting documents, such as ID and address proof, bank details, and so on. in the Nodal Office.
  3. The death claims shall directly be initiated by the Nodal Office/POP/Aggregators through their respective logins in the CRA system.
  4. The Nodal Office shall verify whether the withdrawal Request Form is properly completed and verify that any KYC documents have been provided by the claimant or subscriber. This Nodal Office will initiate and approve the request only when this verification has been completed.
  5. Post authorization of the request in the CRA system, the Nodal Office/POP/Aggregator shall forward the withdrawal application form and supporting documents received from the subscriber to CRA.

NPS Withdrawal Form Pdf download link

Conclusion- In the above-mentioned article we have discussed about National Penson System its process to withdrawal, documents required, withdrawal limitations also NPS Withdrawal Form Pdf. So, hope you have helped with this post. Thamk You!

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