NPS New Rules : The rules for partial withdrawal of money from NPS have been changed this month. After this, the method of withdrawing money from NPS has completely changed. After the introduction of this rule, you can withdraw only a part of your contribution. In such a situation, while withdrawing money from NPS, you should know about this rule in detail.
What is the new rule for withdrawing money from NPS?
According to the rules issued by PFRDA, now you can make partial withdrawal only after three years of opening the NPS account. This cannot exceed 25 percent of the contribution made by you to the pension account. This rule was issued by PFRDA on January 12, 2024 and it has come into effect from February 1, 2024.
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Example: You have contributed Rs 8 lakh during the three years of opening the NPS account and during this period the money in the fund has increased to Rs 15 lakh, then you can withdraw 25 percent of your contribution (8 lakh) i.e. Rs 2 lakh during withdrawal. Can only withdraw.
How many times can you withdraw from NPS?
After opening of NPS, you can withdraw money from your pension account only maximum three times. There is also a rule regarding withdrawals that there should be a gap of at least 5 years between two withdrawals. However, this rule does not apply if you or any member of your family has a serious illness.
When can you withdraw money from NPS?
- higher education of children
- children’s marriage
- to buy a first home
- for a particular disease
- for medical expenses
- On starting a new business or startup
How can I withdraw?
To withdraw NPS money, you will have to fill a self-declaration form. It will have to be deposited through CIA or Point of Presence. If the subscriber is suffering from any serious illness, he can also submit the withdrawal application through his family member.
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