A subscriber can exit NPS due to following reasons:
- Superannuation (or retirement)
- Turning 60 (All Citizens model)
- Premature Exit
- Death
How do you exit NPS? Are you aware of the exit process?
PFRDA came out with a circular in November 2015 stating that all withdrawals or exit from NPS shall be made online. However, the process is completely online only for nodal offices and Point of presence. When PFRDA mentioned online, it did not mean “Online for Subscribers” but for the intermediaries.
For subscribers, the process is not completely online. For subscribers, even the online process contains multiple offline steps. You can read the PFRDA circular here.
How to exit NPS?
If you have decided to exit NPS, you can place a physical request or make a request online.
1. Physical Process
If you are a Government subscriber, you can visit nodal office (PAOs and DTAs) and submit physical form. Nodal Office will subsequently create an online request on your behalf.
If you are a non-Government NPS Subscriber (All Citizens Model), you can visit PoP-SP and submit physical form. PoP-SP will create an online request for exit on your behalf.
You can download the forms from CRA website. Along with the form, you will have to submit original PRAN card and a few KYC documents. Such details are provided in the forms.
2. Online Exit Process
You can log in to eNPS portal (CRA website) and create exit request yourself.
All NPS subscribers (Government NPS subscribers and All Citizen Model subscribers) can register on CRA website and can place the request for exit from NPS online.
However, you need to specify Claim ID at the time of placing an exit request. This Claim ID is a major cause of concern. The need for Claim id ensures that the process cannot be entirely online.
Snapshots from CRA website
Once you log in to CRA website, this is what you see.
Since my superannuation or 60th birthday is more than 180 days away, I do not see the option to withdraw due to Superannuation.
Also, notice that the claim id is to be mandatorily entered. Secondly, my present corpus under NPS is way less than Rs 1 lac (rules for Premature withdrawal provided as appendix). Hence, I can even withdraw the entire amount lump sum. No compulsion to purchase annuity.
How to Create Claim id for online exit process?
If you are exiting NPS on superannuation (retirement) or turning 60, CRA will automatically generate and communicate claim id to you six months prior to your retirement or 60th birthday (as the case may be).
However, if you are making a premature exit, you need to request nodal office (Government Subscribers) to create Claim id for you. This request is offline.
In case of All Citizens Model, you need to visit PoP and submit the form.
I am not sure which form to fill. Perhaps, nodal office or PoP can answer.
How will eNPS subscribers create Claim id?
Those who opened NPS account through eNPS do not have a physical PoP.
I checked with NSDL CRA about process of generation of Claim id for eNPS subscribers. At the moment, even NSDL is awaiting clarification from PFRDA. eNPS is a new development. In any case, subscribers under Citizens model cannot exit (prematurely) before 10 years. So, by the time first eNPS subscriber is eligible for exit, PFRDA will come out with necessary directions. I am copying the response from CRA customer care.
Dear Subscriber, we wish to inform you that for your query regarding generation of claim id after completion 10 years in NPS, we are yet to receive the guidelines from PFRDA (the regulator of NPS), once we receive the guidelines from the PFRDA we will inform you accordingly. We hope this clarifies the matter and thank you for being our valuable subscriber.
What details do I need to specify in the online form?
In the online form, you will have to have to specify/confirm following details:
- Lump sum and Annuity percentage
- Annuity details (Frequency, Insurance company, Annuity plan)
- Bank Account Details
- Nominee Details
Am I done after submitting the online exit request?
No. You still need to provide physical copy of duly filled in form (auto-generated by the system) along with KYC proofs (identity an address) and original PRAN card to nodal office or PoP.
Can the nominee apply online in the event of death of subscriber?
No. In the event of death of the NPS subscriber, the nominee must approach the nodal office or PoP to submit requisite form (as mentioned above). There is no online exit process in the event of death of the subscriber.
Demos for Online Exit from NPS
There are useful demos on PFRDA and CRA Websites about how to initiate withdrawal requests online. You can find the demos at this link (on left sidebar). There are different demos for Government and All Citizens model subscribers.
Additional Links
- PFRDA Circular dated November 12, 2015
- Exit Procedure as mentioned on PFRDA website
- Demos for online exit process on CRA website. (Demos at the bottom of left sidebar)
- NPS CRA Withdrawal FAQs
- NPS Subscriber Forms
- Should you invest in NPS?
- NPS Tax Benefits and Tax Treatment at Maturity
- NPS Revised Exit and Withdrawal Rules
Additional Info: Issues/Limitation with Premature Exit from NPS
- You need to utilize at least 80% of the accumulated corpus to purchase an annuity plan.
- Annuity rate is inversely linked to age of the purchaser. If you are young, you will get a lower rate. Hence, by purchasing annuity plan at a young age, you will have to settle for a lower annuity rate.
- You can draw only up to 20% lump sum. Even though the entire 20% of the lump sum withdrawal is exempt from income tax, the annuity income is taxed at your marginal income tax rate.
- If the accumulated corpus is less than Rs 1 lac (in case of premature exit), it is not mandatory to purchase annuity. You can withdraw the entire amount lump sum. However, only 40% of the accumulated corpus is exempt from tax.
- Subscribers under All Citizens model cannot exit NPS making subscriptions for 10 years. So, if you haven’t made contributions for at least 10 years, you have to continue. There is no option.
NPS is meant to accumulate retirement savings. Premature exits should be avoided unless in the event of emergency.
Point to Note: In the event of exit from NPS on turning 60 or attaining superannuation, it is not mandatory to purchase annuity if the accumulated corpus is less than Rs 2 lacs.
150 thoughts on “How to exit NPS?”
I had applied for NPS (all citizen model/individual) through ICICI net banking. My PRAN has been generated. But I have to send physical subscriber registration form within 2 week to ICICI Mumbai central registry. What happen if i will not send any documents? Because, I want to open NPS through online process of using e NPS with Aadhar card and eSign verification. Can I open my NPS and create PRAN in this way? What will happen to my previously generated PRAN for which no documents/proof submitted? Is there any charge/penalty for such case? Is there any process to delete that wrongly/unwillingly generated PRAN?
You applied for PRAN, right? How was it wrongly or unwillingly generated?
You can’t have two PRAN. Stick with the one already generated.
Sir, i served in central police for 2 years then they terminated me on behalf of medical ground before leaving i have completed all necessary documentation for withdrawal of nps and submitted my nps card with the form. Now after one year of medical termination i am going to join railway there i have not mentioned the experience of central police. Sir, Can u tell me my nps account is closed or not and can i open a fresh account in railway. My nps online showing my withdrawal request has accepted.
Please contact NSDL CRA.
I got a government job and my officer said to me apply pran no to get pension , but I have already account nsdl cra what I do now can I get new pran card or what the process help me sir
You can’t have second PRAN.
You can use the existing PRAN.
Suggest you go through the following post.
https://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Neeraj sir same problem is with me. please tell me what happened in your case. give me contact details
Sir, I worked in a public sector bank for 1.5 years and then I resigned the job. Now I want to close my Nps account. I have no idea how it is to be done. There is no help from the bank’s side too. I have around Rs 80000 in my nps account. Kindly help and guide me to close my nps account and the process to withdraw the amount. Thank you.
Dear Shami,
I have shared the information in this post. If this is not enough, please contact NSDL CRA.
Nan I am also having 95000 in my NPS account. If you have any information regarding closing procedure, pls convey your information via this post
sir i have opened NPS account online recently in the month of Feb 2017 and deposited some initial amount for purpose of addition tax benefits. but because of some other issues now i am not interested to continue this account and want to close it prematurely. pls guide us in this regards.
thanks
Sachin
Can’t exit before 10 years.
Dear sir,
Now , I resigned my central govt job(april,2017). I worked above 1.5 years(between 2015-2017) and my NPS account has rs.95,000 amount(less than 1 lakh) . I want to take my nps amount. i.e.,I want to exit.
can i take full amount?
What I do?
How can I intiate?
And Am also waiting for 10 years?
Could I withdraw only after 10 years?
Pls explain…. I want to exit now…
Dear sir, I worked for Millitary Engineer services for 1 week then I got job in railway. When I was in MES I filled nps form offline 6 months ago but till now I don’t get pran number or card. Now I am serving railway. But I have not mentioned about MES. Is my pran account already created? If yes how can I check status? Because rail authority also saying to fill a pran form.
I don’t know. Please contact NSDL CRA.
Respected Sir,
First, thanks for your useful posts.
I have worked for 4 years in postal department and left the job.
The amount in my account is 208000/-.
I applied for premature exit and got 20% amount i.e, 40000/-.
Now there is roughly 167000/- balance in my account.
Is there any way I can withdraw this money without annuity?
If this is not possible, for my amount and age(26), how much monthly can I expect?
Also, which annuity is the best in your opinion?
Dear Mr. Sharma,
You get only up to 20% as lumpsum on premature exit.
You will have to purchase annuity.
Monthly depends on purchase amount, your age and prevailing annuity rate. Will be quite low because of you age.
When I applied for withdrawal, I do not remember which annuity provider I have provided. Even after nearly 8 months, no annuity is purchased. So, can I change the annuity plan now?
Also after purchasing annuity, can I surrender it? Even if I get half the amount, I will be more than glad to do that given the prevailing rates for my age.
What is minimum age for purchasing annuity under the plan selected?
Think you can surrender.
Hi sir,how could he exit before 10years?he exited after 4 years?????
Mr. sharma please tell me the process of withdrawal of amount and about these annuity purchases. Please contact me jithusnr@gmail.com. As I’m 26years and resigned from the dept. with NPS balance 1.27 Lakhs
deepak sir plz contact me my no 8406077124 and suggest me
Hi Sir,
December 2016, I have registered for NPS through eNPS portal and got my PRAN too.
I have made total of 12000 deposit so far, 6000 at the time of opening and 6000 last month.
But I want to invest money in mutual funds. So I want to close NPS. My age is 27.
Will I be able to close NPS now? If Yes, please guide me with the procedure.
Will there be any lose if I exit now?
Thank you.
Hi Rudhra,
You can’t close before completing 10 years in NPS.
Sir, I was an employee of department of posts for a period of Apr, 2007 to may, 2014. Then I was dismissed from service. Sir, what will happen to my NPS a.c. Can I withdraw the deposited amount?
Your NPS account will still be intact.
Think you can exit. However, 80% of the amount has to be used to purchase an annuity plan.
I want to know also for this matter.
Please don’t share your contact number on this platform. Your information can be misused.
Hi
I am NRI in Middle East I purchased eNPS in 2016 and i had my PRAN generated. However there was a discrepancy in submitted documents forms and Account stands frozen. I am unable to provide these documents. Can i get this account closed instead or leave it in frozen state.
also If i return to India can i convert the same NRI NPS Account to Resident NPS Account.
Lastly are you allowed to have a NPS account if you already have LIC Annuity Plan like Jeevan Dhara / Jeevan Suraksha.
Hi Dipen,
You can’t exit before 10 years.
On return, as I understand, there is no defined procedure yet.
I believe, once you update personal details with PoP, change in residential status should happen.
Yes, you can have NPS along with other pension plans.
Mai p.k.s mai pahle se railway group d me job karta tha mera already NPS hai mai avi group c me karta hu to mera new NPS ban jayega
Get your NPS account transferred to new organisation.
Hi,
I worked for a private sector bank ( Karur Vysya Bank) for three years and now I have resigned. The NPS account holds roughly a balance of Rs. 6 lacs. As it is a private sector bank, Is there a possibility for premature withdrawal atleast to the tune of 20% lumpsome and the rest as annuity? Or is that option available only for Govt employees? Please clarify. If it is possible, where can I get the claim Id from and how long would the entire procedure take?
Kindly reply..
You can exit only after 10 years.
Sir
Muje NPS se exit hona h
Process btao plz
New AC. Kholna h so
Dear sir,
I have resigned my job and i would like to close my nps account i have completed my 18 months of service.. can i exit nps.. ..? If i exit nps can i recreate my new PRAN number and nps account again for another job. Kindly reply me sir,..
Thanking you sir
You can exit after 10 years under All citizens model.
Sir I have paid only for 1 yr sum of 5lak then I decided to stop ,it’s been two years iam not paying is there any way to get refund.
You can’t exit before 10 years.
Sir,
I want to make my NPS investment risk free, i.e. I want to invest less money on market,more money into bonds, how to do that?
How will be the returns if I invest only in government bonds? will it be at least equal to FD returns..?
Hi Sabthosh,
The returns in NPS are market linked.
Therefore, difficult to comment.
But yes, if you choose to invest in Government securities, you avoid credit risk.
Yes sir, I know my investment will be safe, if I invest in government bonds, but I want to know how will be average returns on my interest?
Will I get 7 to 8 percent a year or less than that?
typo it is return on investment..
Hi Sabtosh,
There is no guarantee of returns.
Also depends on how the fund manager manages the portfolio.
You can get less than 7-8% per annum.
sir,
I resigned from Dena bank ,government bank my service period is from 8 may 2013 to 29 September 2017 i am moving to Germany for good my investment shows around Rs 4,34,000/- can you please suggest me how i can exit NPS as i will not be returning back to India is it possible for me to get full amount also i saw your earlier post thats says i can withdraw only 20% of my investment thats what i understood is that correct ??My mail id is sonal.dongare@gmail.com
Hi Sonal,
If the account is under All Citizens model, you can’t exit before 10 years.
Dear Deepeshji,
My wife became a NPS member in Aug 2015 and has now gone abroad & become a foreign citizen. Can she withdraw her entire NPS contribution?
Thanks
Sanjay
Dear Mr. Sharma,
NPS is only for Indian citizens.
Technically, the account has to be closed but I am not sure of the process.
Suggest you write to NSDL CRA and seek clarification.
Respt sir I am from AP so I want to withdraw the nps account right know is it possible to do this
If you meet the conditions, you can exit.
Sir,
I worked for postal dept and came under nps. After 4 years I quit the service and surrendered my nps pran no. I got 50000 amount at that time. But still 200000 is pending in that account. Now I going to join in another central government service. Can I avail new pran no. Or else should I use the old one
I think you can get new PRAN.
But in NSDL cra site my Pran no is in still active status. But freezed. I m confused after seeing this. Please guide me
Please contact NSDL CRA.
I have same prob. Want to contact with you. My no. is [removed]
Sir,
I have been working in a govt bank for 4 years. Due to my husband’s job I am resigning this job and moving abroad with him. I want to close my NPS account also before I leave. There is about Rs.4.00 lacs in the account. How can I withdraw that? Do I need to invest 80% in annuity scheme even if I will not stay in India any longer?
Yes, you will have to purchase annuity for 80% of the accumulated corpus.
Sir, If I get premature exit from NPS and got 20 % of corpus and invest 80% in ASP then will my PRAN Account be closed ? In this scenario, can I open New PRAN No.
Yes, I think you can.
Dear sir,
I have served for 4 years in a PSU and have quit the job. My NPS balance is around 5.5 lakhs. As am in a financial crisis, is it possible to close the account and get the money credited without purchasing a plan from corpus fund. Kindly guide.
Dear Chetan,
You need to purchase an annuity plan. Could have taken out the entire amount as lumpsum if the accumulated wealth was less than Rs 2 lacs.
Sir mai central force me job krta tha.pr mujhe
Dissmiss from service kar diya gya h,pr mere nps account me ballence 3 lakh 19 hazar rs h .to kya mai ye paisa withrawal kr sakta hu or mera nps account active rhega ki nhi.ya mera account band kar diya jayega .plz help me..
Your account will not be closed automatically.
You can either transfer to All Citizens model or you can even close your NPS account.
I have an nps account generated on Feb 14 2011 , i paid 1000/per month for 13 months ,after thad i stopped paying. Now i got msg from NPS to exit from the account by giving withdrawal form and kyc documents to aggregator ,but i don’t know how to get withdrawal form ,and i don’t know my user ID and password,pls Guide me
Ya mera nps account ka paisa gov.jabt (freeze) to nhi kr lega
Don’t think Government can take away your money from NPS.
Sir
i am working currently in a government job.i have also been selected in another government job.which i want to join.But i have not taken NOC from my current employer to apply for that job.I have nps account in my present job.
Since i have not taken noc from my current employer will there be any problem in nps if i switch my job.
Please tell me possible remedy
Thanks in advance
Hello can you contact me
Hello can you help me in this case? I am also having same problem.
Sir, I had leaved my railway group D and joined railway group called but have not taken NOC from previous job therfore I have not mentioned any information and pran no in present job. I can get new pran no. Please suggest me.
You can have just one PRAN.
In case two PRANs have been opened, please refer to the following post for resolution.
https://www.personalfinanceplan.in/product-review/how-close-second-nps-account/
Sir, I joined central government job on 16 Feb 17 and regined on 15 Jan 18 after 11 months.
1. can I close my nps account and what is the procedure to close it.
2. If join state government job, after closing of central government nps account, then my fresh nps account be open.if any problem be face by me.
Sir please reply as early as possible.
As I understand, you can close for government employeees.
However, if you plan to go back to government job, suggest you keep the account and not close it.
After closure, if you join, you can open a new account.
Thanks sir for giving right information
Please give ur contact no. Mine is same problem.
..
Sir,
Thank you for the very informative post.
I joined NPS four years ago. Now I am 58, and will be retiring in April.
Since I have not completed 10 years, can I exit NPS in April when I retire ?
(I do not want to withdraw any money. I only want to purchase annuity for 100 % amount in NPS, But I cannot wait for the annuity payment for another two years )
Thanks,
Rajaraman
Dear Sir,
You can exit and purhcase annuity right away. There is no issue.
Sir if my nps account is not linked with Aadhar can I open a new nps account from Aadhar. I want to close my previous account.
No, update your Aadhaar in the existing account.
Hello Deepesh,
Hope you are doing well!
I am contemplating moving abroad in a couple of years and have already started investing in NPS. What happens to my NPS account once i move out of the country?
Also i plan to settle abroad and would acquire their citizenship after many years. I am aware that India does not allow for dual citizenship. Does that mean i will have to close my account?
In either of the two events mentioned above, in case i have to close my account, what will happen to my corpus generated all this while? Will i loose any money in the process? Will i be able to withdraw the entire corpus after a tax deduction?
Awaiting your valuable response!
Kind Regards.
Hi Viddhi,
Am not sure if CRAs are ready for this.
A few weeks back, one of the readers posted that there was no formal process yet to mark an NPS account as Non-resident.
However, CRA was willing to do it on case-by-case basis.
Now, you are talking about giving up citizenship. This requires another level of decision-making.
Am not sure if PFRDA has clarified on this matter yet.
However, since NPS is for citizens, I believe you wouldn’t be allowed to invest further. You would have to close your account.
Be rest assured, your money won’t be confiscated.
Just that it is possible that they may ask you to purchase an annuity for 80% of the accumulated amount (just as they would have if a citizen had exited pre-maturely). Btw, this may be quite painful too.
What if i keep the balance in my account to less than 1lac. Will i still be asked to convert to annuity or can i withdraw the entire amount?
Hi Viddhi,
How do you ensure that?
But yes, if you do, you won’t have to purchase an annuity plan.
Thank you so much for your valuable response. To your question of how i will ensure, i will only invest the minimum amount required to keep the account alive. That way it will not exceed 1 lac.
Dear sir,
Before 3 years I was central govt employee.than after 2 year I resigned that job.my nps account opening during govt service.but at the time of resigned I exit nps account from pre mature exit.i got 20% money and still 80 % in account.and account is freeze after 20%withdraw .
But this time I got a new govt. Job in state (rajasthan).
So please sir you tell me can I shift this account
central to state govt after activation.
Otherwise I apply for new pran.
Please suggest me sir.
I hope you give your best.
Thanks sir
Dear Vivek,
In my opinion, you can apply for new PRAN ( no need to shift).
Better still, write to NSDL CRA about your case and seek clarification.
Sir
i am working currently in a government job.i have also been selected in another government job.which i want to join.But i have not taken NOC from my current employer to apply for that job.I have nps account in my present job.
Since i have not taken noc from my current employer will there be any problem in nps if i switch my job.
Please tell me possible remedy
Thanks in advance
Can’t comment.
Kindly drop ur contact number….wanna talk to u as i facing the same situation..
Sir
Can you please tell me what is annuity purchasing on premature exit??? Does this mean 80% of my corpus will be refunded on monthly basis???
Thanks in advance
Sir
I want to resign from my govt job and exit from my nos account . My age is 25 and total sum collected in my nps account is 1.22 lacs . Can I exit from nps and how?
Ashutosh,
Yes, you can exit. I have described the process in the post.
In case you face any issues, please contact NSDL CRA.
Dear Sir,
I have just opened NPS through SBI Internet Banking and PRAN also generated. i have below the queries
1.Do I want to take print out of PRAN application form and send to Mumbai along with Photo ,signature and ID and Address proof?
2.If the address is mismatched between address proof and PRAN application, what will I do?
3.Do I transfer PRAN from SBI to ICICI bank?
Your response is highly appreciated.
Hi Karthik,
I am not sure if I got your question right.
if you want to make any changes to your PRAN card, contact SBI.
If you want to shift your NPS account to ICICI, you can go through the following post.
https://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Dear Sir,
I opened NPS in 2014 and regularly paying on monthly basis.In 2016 I immigrated to Canada and in future will get Canadian citizenship.
I want to know NPS will be relevant after Canadian citizenship as I have to give up Indian citizenship as per rule.
In case I want to withdraw my mony what is the process for that.
Thanks and Regards
Gurvinder Singh
Dear Gurvinder,
You can continue NPS account as NRI.
However, if you take up Canadian citizenship, the account needs to be closed.
You can exit voluntarily. The reason for exit does not matter.
But yes, 80% of the amount will have to used to purchase an annuity amount.
Sir ,
I have open my nos account in 2014 that time I work in railways but I hv leave that job .Now i hv join new job in state government but I don’t mention the working in railway so plz tell mi i can close this ac or continue ??
Can’t comment. You can have just one PRAN.
Dear Sir,
I have subscribed to NPS under Corporate Model. It has been close to 1 year, but now i want to exit NPS. Is there a way i can exit immediately or how i can exit as early as possible.
Thanks
Hi Nikhil,
You won’t be able to exit before 10 years.
Will i be able to exit with all my invested money after 10 years and if yes what are the pre conditions for the same.
You can exit after 10 years. There are no pre-conditions.
80% of the corpus will have to be used for purchase of annuity.
I resigned from Central Govt office and joined in state government office I have already have PRAN and the same has been provided to my new employer in the month of July, 2017. While providing the PRAN they asked me to provide PPAN number which is not available with my ex-employee.
I have filled the form ISS I for intersector shifting but till my NPS contribution is not dedcuted from my salary and desposited, in this case what to do?
Please provide me the solution.
Regards.
Venu
Dear Venu,
Please talk to DDO or your nodal office.
You can check with NSDL CRA too.
As I understand, you have given PRAN to state govt. employer and also filled form ISS-1. This finishes your job.
Hi Deepesh,
I got the PR for Canada and will be leaving in 6 months time. So far I have invested 1.5 lakh NPS tier 1 account in 3 years.
Is there a way I can withdraw it early?
Hi Manish,
You can take it out after 10 years.
If you relinquish Indian citizen, you need to talk to CRA. They may give you a way out.
Thanks for the quick response.
sir I am Govt employee since 2012 and in my account near about 10 lacs deposits in my CPF account and I want to withdrwal all amount from my this CPF account whether it is possible ? please guide me
Hi Paresh,
Do you have NPS or a provident fund?
yes I have fund in my CPF account
नमस्कार सर
मैने central government मे जनवरी 2017 से डिसेंबर 2017 तक नोकरी करके डिसेंबर 2017 मे ही रिजाइन दिया, उसके साथ मैने NPS account को all citizens model मे SBI bank मे शिफ्ट किया था. अभी मेरा state government मे सिलेक्शन हुआ है, अब मै मेरे NPS account को SBI (POP-SP) के all citizens model से state government मे शिफ्ट कर सकता हूं या फिर नया अकाउंट खोलना पडेगा क्या? प्लिज गाइड करे.
Sir
I have served in state govt in past and also have pran card . If I apply for new pran then what happens?
Hi Vasu,
You are not supposed to apply for a new PRAN. Use the same PRAN.
Sir I have 1.22 lacs in my nps account . If I quit then how much money I receive as annuity ? Age 24 years
if you quit now, you will have to purchase annuity for ~ Rs 96,000.
At your age, the monthly income will be negligible.
1. I had PRAN account while serving at previous job and closed it while resigning from service. The PRAN account had closed and the subscribed amount had withdrawn under premature exit.
2. Now, I have joined a job under state government. So in this situation, can I open a new PRAN account ? If yes/No, what is the procedure to open new PRAN ?
3. Please help me to resolve the issue. I will be so thankful.
You can open new NPS account. You can fill up an account opening form through the office.
Narawade sir, I have same problem. How have you closed your NPS account. Pl help me &
Hello
I am investing in atal yojana since sept 2015.
I wish to discontinue the scheme and withdraw my money
Pls guide on the process and also advise on deductions if any
Please go to the bank where you opened your account and submit closure form.
What is the Resignation date field in the form ? Do I have to have left my job if I want to prematurely exit from NPS mandatorily ? Or is it the date I want to close my NPS account ?
I started my NPS account last year and have less than 1 lac in contributions so I know I can make full withdrawal, but not sure if I have to left my current company in order to make premature withdrawal.
Yours is Corporate NPS or All Citizens model NPS account?
I haven’t opened this NPS account via my company, so I’m guessing it’s an All Citizen’s model NPS account.
Sir,My New organisation does not have NPS system.It has EPF.What should I do with the amount lying in my NPS account.How can I get the fund back.
You can keep making minimum contribution in your NPS account to keep it alive.
Sir..
I have opened my NPS account in the year 2013 with Rs.1000.. PRAN was also generated..Till now I have not contributed any amount in account. Now when I was trying to log into NPS using pran details, I am getting the error PRAN data not found in database.. Is this error means my account was deactivated.. ? Now I have joined in state govt. job. Govt. Is going to implement cps.. Can I open new NPS account..?
Can’t say.
Please check with NSDL CRA.
Hi,
I’m working in the private sector and to save additional tax i opened NPS account and contributing 50K every year in the same since last more than 2 years. Very soon i’ll be migrating from India to Canada on permanent basis, so have no clarity what will happen to my account and what all likely options are available-
Do i have an option to withdraw the entire amount and close the account?
Can i continue deposit form abroad, if yes what process to be followed?
What if i don’t withdraw the money and also not do any transaction form now onward, in this case what will happen to already accumulated money in my account?
I really need proper guidance on it, as have no clue what is the feasible option for me.
TIA…
This is complex. You can’t exit before completing 10 years.
Btw, even NRIs can contribute to NPS. You can contribute online. Therefore, they wouldn’t let you exit for this reason.
You can write to CRA and check this.
If you were foregoing Indian citizenship, then it may be a different matter.
Sir I am central government employee but I want to exit from nps account.it is possible or not if next time I generate nps account then number will be same or different
Sir, I opened NPS account 3 years ago and have 36000 as balance. I will be leaving India permanently in coming months. So, what will happen to my NPS account? Can I get it closed or I’ll have to wait for completion of 10 years to get the amount back?
Chirag,
Will you cease to an Indian citizen?
I ask because NRIs can invest in NPS.
Hi Deepesh,
As I came to know that NRI can invest in NPS, then I created NPS account as Tier-1 and then invested 20000/- into that. I came to know that I forgot to update KYC details in my ICICI bank. My KYC form went to ICICI Bank from NPS, there they rejected it due to details mismatch. After that I updated my KYC details in ICICI Bank. Then I raised a Grievance request to re verification for my KYC. This NPS says me to physically go to the ICICI BANK and sign the document in presence of Bank manager, and then I need to send it to NPS head office.
I am surprised to see their response. How ridiculous it is. How can I come to India just for NPS purpose and visit the Bank. I came to know those guys are very lazy. It is shameful to tell the people to invest online. And not providing any proper customer service.
Now my question is : Is it possible to exit totally from NPS account, then again re create the account with proper care, so that my account can be active?
Regards,
Venkata.
Hi Venkata,
Difficult for me to comment without knowing the exact issue.
Did you open the account online (through bank account and PAN) or you did it through ICICI branch?
Perhaps, you can request the bank to intervene and manage this issue for you?
As I understand, your NPS account has been opened, you have a PRAN and an initial investment of Rs 2 lacs has gone in. Under all citizen’s model, you can’t exit before completion of 10 years. So, you will have to get the issues rectified in the existing account itself
Dear Sir
I have resigned and have decided to move to another country and take citizenship. As you said, we cant exit before 10 years. And even after that, we’ll have to purchase annuity for 80 percent of the amount. Is there any option for full withdrawal after 10 years? Because it wouldn’t be of use to me if I purchase an annuity here when I’m residing somewhere else, right?
Dear Nimmi,
I understand your concern.
However, as I understand, there is no well-defined procedure for such cases.
Please write to NSDL CRA and seek clarification. They may allow you to exit before.
Hi Sir,
I have opened nps last year by myself with adhar card. It has now 18,000 only. Can I close my nps account amd if yes. How much I will get. I don’t want to buy annuities
Thanks in advance.
You can close after completing 10 years.
Hello Sir,
I worked in a private firm and have opened an NPS account 3 years back. Now I wish to withdraw the NPS amount. Since the accumulated amount is less than 1 lakh, I hope complete withdrawal is possible.
Here I am just confused between the “withdrawal” and the “exit ” in NPS. It says 10 years needs to be completed and it also says complete withdrawal is possible. So if I place a withdraw request will the amount be credited in the account immediately or will be on hold for that much period of time?
Also if we place an online request for withdrawal, that would be enough or still do some process offline, like submitting this to any office in person.
Also when I try raising a request it is shown that “claim Id is not generated” what does it mean?
Hi Shanish,
You can’t NPS before completing 10 years.
Does it mean, I can’t withdraw money before completing 10 years even though the accumulated money is less than 1 lakh?
You can’t exit before you complete 10 years.
Hi Sir,
I have opened my NPS account through online mode as eNPS and got the default POP and POP-SP (eNPS PoP: 5000682 PoP-SP: 6396950) and KYC by ICICI bank ,
Can you PL let me know
1. Do I need to change my POP and POP-SP while exiting from NPS as current (POP office:- eNPS – Online ) or I can exit with this POP and receive my fund in bank account.
2.If cannot possible suggest the approach
Hi
I am 42 I purchased the NPS online in Feb 2019 through my salary account I am a non govt employee. My query is:
1. When should I purchase the equity plan is it when I am 60 or can that be opted now also. For a corpus of say 10 laks on maturity ( my age going 60) can I only withdraw a lump sum of 2 lac and rest I need to buy annuity?
2. There are certain options for premature withdrawal which can be done 3 times at the max how much can I withdraw each time and what should be time gap between these withdrawals and how many years after starting the NPS is the 1st withdrawal possible.
3.
1. You can purchase annuity when you exit the plan. If you exit prematurely (before 60), you will get only uotp 20% lumpsum. Remaining to be used to purchase annuity. If you exit at the age of 60 or thereafter, you can take out up to 60% lumpsum.
2. 25% of your contribution. Gap of 5 years.
Mr. Deepest. You have mentioned one cannot exit before 10 years. But should the monthly contribution also be made for 10 years? Please reply
Minimum contribution is Rs 1000 per annum.
Sir,
Firstly, thankful for your valuable information and help.
I am working in sbi, my nps investment is in tier 1 category. I selected my contribution in nps tier 1 account from 02.08.2010. NPS balance amount in tier 1 account as of 30.06.19 is Rs.11.11 lakhs. Due to criminal conviction, i am terminated from my job on 06.07.2019 i.e., 9 years from the investment. I am having loans in my bank around Rs.9.49 lakhs. I need to close my debts from my sources. I am not having any assets to close the debts. Please let me know what are the rules to withdraw my contribution total amount from tier 1 account as i have no job and no guarantee to get a job i.e., no income from next month onwards. How much i can get from my nps account. After withdrawal of total amount or partial amount, if i got my job after 6 to 7 months (presently criminal case is in appeal status), can i again opt for contribution or not!!!
As a special case kindly provide complete information.
Dear sir,
I am central govt. autonomous Employee. I served almost 8 years. Now I wish to resign from service. Could I fully withdraw NPS contribution, if I am not interested with pension from annuity purchase? When can I get the NPS money. Is it compulsory to get the money only after 10 years. Till that period, am I supposed to contribute? How much I should deposit after resignation?
Sir, I have been working in a public sector bank for the last 10 years and also a NPS subscriber for 10 years. My NPS account has a balance of Rs 8,80,000/-. Now I want to resign and settle in UK. I need to fund my wife’s higher education in UK. Can I close my NPS account and withdraw the full amount? Please help