NPS Rule Change The rule related to withdrawal has been changed for the subscriber of NPS. Now before withdrawal in the scheme you have to upload four necessary documents. This rule has come into force from April 1. (Jagran file photo)
New Delhi : If you are a subscriber of the Retirement Fund Scheme National Pension System, then this news is for you. To withdraw money from NPS, you have to submit some important documents. This new rule has come into effect from April 1. You can withdraw money from NPS only after getting these done.
The Pension Fund Regulatory and Development Authority (PFRDA) has said that those who want to get paid from their pension corpus and want to exit the scheme, it will be mandatory to upload certain documents from April 1, 2023 .
What documents have to be submitted
In the notification issued by PFRDA, it has been told that the subscriber and the concerned nodal officer, POP and corporate will have to ensure that the required four documents are uploaded on the respective CRA user interface. Also, it has to be checked that whatever documents are uploaded, their print is clear.
- Nps exit form
- ID and address proof
- Bank account proof
- PRAN card copy
Process will be faster
After the implementation of these rules by PFRDA, the annuity payment will become faster and easier for the people who exit this scheme.
The rules for partial withdrawal were changed at the beginning of the year
The rules related to partial withdrawals were changed in January 2023 by the Pension Fund Regulatory and Development Authority (PFRDA). It was said by PFRDA that from January 1, 2023, partial withdrawal applications will have to be submitted to the concerned nodal offices. An NPS investor can avail partial withdrawals only three times during the maturity period of the scheme.
What NPS Scheme?
NPS is a pension scheme. In this, you deposit the accumulated fund for retirement. Investing in this gives a rebate of Rs 1,50,000 under Section 80C of Income Tax and an additional rebate of Rs 50,000 under 80CCD.