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Now, submit documents online for NPS withdrawal; offer valid till June 30
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Now, submit documents online for NPS withdrawal; offer valid till June 30
Jun 11, 2020 7:00 AM

The Pension Fund Regulatory and Development Authority (PFRDA) recently allowed National Pension System (NPS) subscribers to submit their documents online for withdrawal of funds till June 30, 2020.

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"Subscribers can submit scanned and self-certified images of documents through their registered email IDs," PFRDA said.

"In the current pandemic situation, it may not be possible for many subscribers to submit physical documents for full or partial withdrawals. Hence, nodal offices/Points of Presence (POP) will take documents in digital form to process requests by subscribers," it added.

(Also read:

Need to withdraw funds from mutual fund, PPF, NPS, FD? Check eligibility, tax implications)

Earlier, NPS subscribers who wished to withdraw funds were required to submit the duly filled-up withdrawal forms along with the supporting documents to the associated nodal officers or POP for processing their request.

In April, government also allowed NPS subscribers to partially withdraw funds from their accounts to meet expenses related to the treatment of coronavirus. Subscribers can make the request for partial withdrawals towards the treatment of the illness of subscriber, the legally wedded spouse, children, including a legally adopted child or dependent parent.

(Also read: Not received EPF advance claimed under COVID-19 pandemic? Here's why)

The NPS withdrawal amount cannot exceed 25 percent of contributions made by the subscribers. Users can make a partial withdrawal a maximum of three times during the entire tenure of subscription under NPS.

A subscriber cannot, however, withdraw money from the NPS before the completion of three years.

Under the existing rules of the national pension system, these partial withdrawals are completely tax-free.

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