NPS account: Withdrawing money from National Pension System account has become easy. In such a situation, if you are thinking to withdraw money from the account, then you can withdraw 25 percent of the total deposit amount for contribution. Money will be transferred to your bank account in just five days. The Pension Fund Regulatory and Development Authority (PFRDA) has made this change. Let’s know what is the easy process.
This is easy process
You can withdraw money from a three year old account only. Only 25 percent of the total amount is allowed to be withdrawn. You have to give the application to the Nodal Office in writing. Along with the application, supporting documents will also have to be given. It also has the facility of self declaration. The special thing is that online withdrawal can also be done along with offline.
This is how online withdrawals will happen
First go to the CRA website (https://cra-nsdl.com/CRA/). Login here using UserID and Password. Now in the page that opens, choose the option of Partial Withdrawal. The amount you can withdraw will appear on your screen. Reasons for withdrawal have to be given. After that the work of Self Declaration is to be completed. A request has to be submitted after the process is complete. Cross check the bank account details before submitting. All further processing will be completed through OTP. Except the day this process will be completed, the money will come to your account within 5 working days.
How to open an account in wife’s name
To make your wife an Independent, you can open an NPS account in her name. NPS account will give a lump sum to your wife on completion of 60 years of age. Also, they will also get regular income as pension every month. With an NPS account you can also decide how much pension your wife will get every month. With this, your wife will not be dependent on anyone for money after the age of 60 years.
Account to be matured at age 60
You can deposit money every month or yearly in NPS account at your convenience. You can open an NPS account in the name of a wife from Rs 1,000. At the age of 60, the NPS account matures. According to the new rules, if you want to keep running the NPS account till the age of the wife is 65 years.
Account opened and easy
National Pension System (NPS) account has become easier to open. The Pension Fund Regulatory and Development Authority (PFRDA) provides the facility to open NPS accounts through one time password (OTP). As an initiative to provide digital solution to the subscribers, PFRDA is already providing the facility to open online NPS account through e-signature in a paperless manner.