Everyone worries about their post-retirement time. A large number of people are investing in NPS these days. Let us know when you can withdraw money from NPS account.
Can be withdrawn after the age of 60
NPS investors can withdraw money after the age of 60. But keep in mind that a person can withdraw only 60 percent of the money. This money will be tax free. The remaining 40% money will have to be put in the annuity plan, so that you get pension every month. There will be tax on this annuity plan. If the amount is less than Rs 2 lakh, then 100% of the money can be withdrawn from the NPS account.
If You Exit Before Time
If NPS investors want to exit before 60 years. So they have to put 80% of the money in the annuity plan. While 20 percent of the money can be withdrawn. If the accumulated money is less than 1 lakh then in such a situation 100% money can be withdrawn.
In case of death
If the investor dies, the entire money is given to the nominee.
How to exit
In the case of offline, the entire process will have to be completed by visiting the NPS office. At the same time, in case of online, one has to login at enps.nsdl.com.
Who can open NPS account?
Anyone from the age of 18 to 65 years can invest in NPS. Its maturity is at the age of 60 years. That is, whether you start investing at the age of 18 or at the age of 50, you will get the money only after turning 60. That is, the earlier you start investing, the more profit you will get.