You can withdraw your money from National Pension Scheme in these ways

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You can withdraw your money from National Pension Scheme in these ways
You can withdraw your money from National Pension Scheme in these ways

You can withdraw your money from the National Pension Scheme under three circumstances. If the subscriber is dead, he is over 60 years or even before maturity, he can withdraw. Both offline and online methods can be adopted to remove it.



National Pension Scheme is a scheme launched by the government. Whose age limit has been increased to 70 years. If in such a situation you have got the need of money and then how will you withdraw your money from this scheme. There are actually three circumstances for withdrawing money from NPS. The first condition is retirement i.e. at the age of 60, the second condition is the death of the subscriber itself. Thirdly, you can withdraw your money from NPS even after maturity. There are both offline and online methods for this. Let us also tell you what conditions have to be followed for withdrawing money. If you want to withdraw money from NPS before maturity, then your account must be 10 years old. Where you will get 80 of the amount

Percentage will have to be used to buy the annuity. From which the pension of the subscriber is made. You can withdraw the rest in a lump sum.

Which form is required to be filled: To claim the amount of NPS, the subscriber has to fill Form 302 . People who fill this form before retirement. In which apart from personal information, NPS account number , reason for withdrawal , annuity option and your bank information have to be given. On the death of the subscriber, the option of annexure is given in the form for nomination.

Which Documents Required :-

–  PAN Card Copy

– Canceled Check

– Receipt acknowledging the receipt of amount received from NPS

– Identity Proof and Address Proof

You can also apply online : Applying online is also very easy. Your application is verified by the POP service provider. You can also check your application online. After your application is processed, a lump sum amount is deposited in the subscriber’s account. It is issued only on the basis of the annuity option given in the application.



Important things to keep in mind: If the total amount in your pension account is less than one lakh, then it can be withdrawn completely. At the same time, the other important thing is that after the closure of Tier 1 account, Tier 2 account gets closed automatically.

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Article first Appeared on Informalnewz

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