In this post, let’s look at the latest exit and withdrawal rules for Government Sector NPS (for central and state government employees) and All Citizens model/Corporate Sector NPS (for private sector employees/self-employed).
Latest NPS Withdrawal Rules
Partial withdrawal up to 25% of own contribution (excluding the contribution from the employer) is allowed after 10 3 years for defined expenses. Defined expenses can be:
- Child higher education or marriage
- Construction/purchase of the first house
- For treatment of 13 specified illnesses and any accidents or diseases of life-threatening nature for self, spouse, children and dependent parents.
- To start a new business (added in 2018)
Please note contribution means only the principal amount i.e. your subscription amount (and not the returns on that corpus). Maximum three withdrawals are allowed during the with a minimum gap of 5 years between each withdrawal. The restriction on time gap between withdrawals is not applicable in case of specified illnesses.
Specified illnesses are cancer, kidney failure (end state renal failure, primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, coronary artery bypass graft, aorta graft surgery, heart value surgery, stroke, myocardial infarction, coma, total blindness and paralysis.
Latest NPS Exit Rules
The rules for Corporate Sector NPS and All Citizens model NPS are same. Clearly, for All-Citizen model subscribers, there is no concept of superannuation.
You can see that the exit rules for Government and private sectors employees/citizens model subscribers are slightly different.
Please note in case of death of subscriber after the purchase of annuity plan, the payout will be governed as per the annuity contract. NPS or PFRDA will have no role to play.
For private sector employees/ self-employed, the exit rules are silent on treatment if the subscriber dies after retirement (and before the purchase of annuity). As I understand, in such a case, the entire wealth can be withdrawn as lump sum by the nominee or legal heir. There will be no mandatory purchase of an annuity plan. In case the subscriber dies before the withdrawal of lumpsum amount, the amount will have to be necessarily withdrawn by the nominee/legal heir.
The original NPS exit and withdrawal rules were released in May 2015. These regulations were followed by multiple amendments in 2017. I have provided all the links at the end of the post.
There is an additional option for private NPS subscribers (All Citizens NPS). They can continue contributing to their NPS account even until the age of 70. This option was not available earlier. You could contribute only till the age of 60.
In fact, now, you can join NPS till the age of 65 under All Citizens model. Note this option is not available to Government sector subscribers.
You can read very crisp FAQs from PFRDA (dated October 9, 2017)about deferral of lumpsum withdrawal and annuity purchase, the extension of NPS account beyond the age of 60 and treatment of NPS Tier-II account at the time of exit from NPS.
How do the partial withdrawal and exit rules benefit investors?
There is flexibility available to investors that they can use these funds in case of an emergency or an important life goal. PFRDA has capped the number/amount of withdrawals and limited the use of funds for specific purposes. Therefore, the primary goal of NPS as a retirement product remains intact.
Additionally, there is a provision for proper exit (not premature) before the age of 60. So, if the retirement age at some organisation is less than 60 (say 58 years), the NPS subscriber can stop contributing at 58 and even opt for annuity/pension from the age of 58. Earlier, this was not possible.
Every subscriber had to keep contributing until the age of 60. Any exit earlier than the age of 60 would have been considered premature exit and withdrawal rules had to be applied accordingly (mandated purchase of annuity/pension for 80% of the amount). The changes do away with this restriction.
What are the documents required for Partial Withdrawal from NPS?
PFRDA, in a circular dated October 24, 2016, has listed out the documents required for partial withdrawal.
For Higher Education: Copy of Admission letter of the Institute along with the fee schedule
For the marriage of children: Self Declaration. The format for self-declaration is provided in the circular.
For purchase or construction of a residential house or flat in his or her own name or in a joint name with legally wedded spouse: Photocopy of title documents of the property, Approved plan and self-declaration OR Loan offer letter from a housing finance company or a bank and self-declaration. The format for self-declaration is provided in the circular.
For treatment of specified illnesses of the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents: Certificate from a doctor.
How do I exit NPS Account?
In case you want to exit NPS (pre-mature or regular exit), there is a different process to be followed. I have written a separate post on this topic.
Additional Links
NPS Exit and Withdrawal Regulations, 2015
NPS Exit and Withdrawal Regulations, First Amendment, 2017
NPS Exit and Withdrawal Regulations, Second Amendment, 2017
NPS Exit and Withdrawal Regulations, Third Amendment, 2017
Old Exit and Withdrawal rules for NPS (Till early 2015)
- Upon attainment of 60 years: At least 40% of the accumulated wealth in the NPS account needs to be utilized for the purchase of annuity/pension. Remaining 60% can be withdrawn as lump sum. The subscriber has an option to defer the withdrawal of lump sum amount until the age of 70. At the age of 70, any balance in the account will be paid out to the investor as lump sum. There is no compulsion to purchase an annuity plan in case the total accumulated wealth is less than Rs 2 lacs.
- Before attainment of 60 years: At least 80% of the accumulated wealth in the account needs to be utilized for the purchase of an annuity plan. The balance can be withdrawn as lump sum.
- Death of the subscriber: Entire accumulated wealth to be paid to the nominee/legal heir. No option for the purchase of an annuity plan.
- Deferment of Annuity: A subscriber has an option an defer mandatory annuity purchase (as mentioned in (a) and (b)) by up to 3 years
No partial withdrawal from NPS was permitted before the age of 60.
Problems with old rules
The common refrain was that investors/subscribers did not have the option of accessing these funds even in cases of emergency.
An additional concern was that a number of organisations had retirement age lower than 60. Hence, if the retirement age was 58, the subscriber would have had to contribute for 2 more years to be eligible for a normal exit. In such a case, pension/annuity would have begun only at the age of 60. If such a subscriber exited the scheme at 58, this would have been considered early exit (before attainment of 60 years) and corresponding rules would have applied.
The post was first published on July 28, 2015 and has been updated since.
438 thoughts on “Latest NPS Withdrawal and Exit Rules (2019)”
My sister husband died one yes again he had nominated his mother in nps.what is the procedure that total amount of nps withdrawl by sister
Dear Ravindra,
I am sorry for your loss.
The form to be submitted will depend on whether he was Government NPS subscriber or All Citizen model subscriber.
In case of Government subscriber, he needs to submit Form 103GD. Else he needs to submit Form 303.
Form 303: http://www.southindianbank.com/UserFiles/Forms/NPS%20Withdrawal%20Form%20in%20death%20cases.pdf
Form 103GD: https://npscra.nsdl.co.in/central-forms.php (Download from this link.Form for Withdrawal by Claimant due to Death of Government Employee)
You can approach nearest Point of presence with filled in forms and requisite documents.
Please go through the following links:
http://economictimes.indiatimes.com/wealth/invest/how-to-claim-nps-proceeds-on-death-of-subscriber/articleshow/50414510.cms
https://npscra.nsdl.co.in/faq-withdrawal.php
Sir,
I have completed 11 years, l am purchase the land, I am NPS category Tier II,. Can I withdraw the 25% from my account it is possible or not, pl send message to preamjm@gmail.com
Dear Prem,
There is no restriction on withdrawal from NPS Tier II account.
You can withdraw the entire amount whenever you want.
Sir,
I worked in state bank of India as I have left it I want to close my account can u please guide me what document are required and whom to contact for closure of account.
Suggest you go through following post.
http://www.personalfinanceplan.in/opinion/how-to-exit-nps/
Sir if i change my job then it is possibl to close the old nps … and after closing can i open a new account in new job
Think you can do that.
whom to address Form-103 for withdrawal
I am recruited in Central govt. Office in 2005. If I now resign or resign in nxt 2 yrs, how can I get my NPS savivings. What will be the procedure?
Dear Anjali,
You will find all the answers at this link.
https://npscra.nsdl.co.in/all-faq-withdrawal.php
Hi Deepesh, thanks for this nice article on NPS.
I am a self employed person, I started investing in NPS about a year back and been investing about 5% of my monthly income. my question is, do you think this is sufficient?
thanks,
Sangeeth
Hi Sangeeth,
It is difficult. If NPS is your only investment, then it may not be enough, especially if you are young.
Young earners should try to save/invest atleast 25-30% of their monthly income.
And yes, not everything should go to NPS.
With NPS, you are almost locked in till the age of 60. There are only a few exit opportunities.
Invest across asset classes. Take exposure to equity funds, debt funds etc.
Hello Deepesh,
Please advise what happens to NPS corpus after retirement at 60
1. Upto 60% can be withdrawn and used as desired
2. However 40% must be used to purchase annuity. Now this annuity will provide monthly/yearly income to the subscriber, however what happens after subscriber dies? Does the annuity payment continue to spouse/nominee? Is there option for spouse/nominee to break the annuity and withdraw the initial 40% amount that was used to purchase annuity? If yes, what is the tax treatment for such breakage of annuity and the fund received by nominee?
Thanks
Hi,
1. Yes
2. See NPS and Annuity are two separate things. NPS has noting to do with annuity except that you have to use at least 40% of accumulated corpus for purchasing annuity. NPS trust does not sell annuity. Annuity is sold by empanelled insurance companies.
Now, insurance companies can sell any types of annuities. The terms of annuity will be written down in annuity contract (between you and insurance).
It depends on the annuity whether you get the return of purchase price or whether your spouse gets it after your death. Please go through the following link
https://npscra.nsdl.co.in/annuity-service-providers.php
Surrendering annuity plans does not typically yield much. So, don’t count on it.
RESPECTED SIR,
I WANT TO DISCONTINUE THE NPS SCHEME KINDLY GUIDE ME STEPS FOR CLOSE THE SCHEME SO THAT MY CONTRIBUTION WILL STOP. KINDLLY SEND ME ON EMAIL ID. SAINI.DALIP1989@GMAIL.COM
You can discontinue but won’t be able to take the money out. In case of early exits, you can only withdraw 20% of the corpus. 80% will be converted to annuity.
Secondly, if you are withdrawing, do not withdraw in this fiscal. Tax rules for NPS withdrawals are lenient only from next year (FY2017).
http://www.personalfinanceplan.in/opinion/nps-tax-benefits-and-tax-treatment-at-maturity-revised/
Suggest you go through the following link for more on how to exit NPS.
https://npscra.nsdl.co.in/faq-withdrawal.php
Sir,
I am category NPS Tier II,. Can I withdraw the 25% from my account it is possible or not, pl send message to preamjm@gmail.com
Dear Sir,
My age is 55 years and I am a govt. bank employee. I want to open NPS account.
My question is for how many years the amount will be blocked and what are the options available for withdrawal?
Dear Vijay Sir,
It will be blocked till your retirement. You will open account All Citizens model (Referred to as Corporate model in this post).
Atleast 40% must go to purchase an annuity. You can defer purchase of annuity for a few years.
You can withdraw the lump sum amount in 10 annual withdrawals.
Hello Deepesh,
I joined State Bank of India in 2011 and took premature retirement in 2013. Would I be able to withdraw 20% of my NPS corpus under the revised rules?
Hi Arun,
You took retirement in 2013 and the revised guidelines came in 2015.
I am not sure but I think you should be able to do it.
Thank you very much for your prompt response,Deepesh.
You are welcome, Arun
I am a Cisf Jawan… If I retired after 10 years of successful service how much money or facility I get…
From nps account… After 10 years….
Depends on the contribution amount and the returns you earned. There is no fixed amount.
Nice to withdraw 25 percent but there should pension to dependant after death and clairfy it how much pension employee will get per month after retirment and easy way to withdraw through ddo
There is option for pension to spouse after death. Please go through the following post.
http://www.personalfinanceplan.in/opinion/annuity-options-under-nps/
Pension amount is not guaranteed. Depends on the accumulated corpus, type of annuity (pension) product chosen and the prevailing annuity rate at the time of purchase of annuity.
Sir mere father hvpnl haryana may nps kar charity the university ke 5 year ke bade death ho gee ..Laken about mere maa ke koi family pension nahi h ka nps may family pension h send ans.
Vikash,
आपके पिताजी के बारे में सुनकर दुख हुआ|
NPS में अलग से कोई पेंशन नहीं मिलती| जो जमा राशि है, उससे ले सकते हैं|
आपको देखना पड़ेगा की आपकी माँ को NPS से वार्षिकी (annuity) मिल सकती है या नहीं|
My mother recently retired after attaining the age of 58 years and opened a NPS account. She plans to invest 50,000 for the next 2 years until she attains the age of 60 years. Please guide if she would be able to withdraw all of Rs 1 lac after attaining the age of 60 years? Or the amount will be locked for at least 10 years.
She does not need to wait for 10 years. She can withdraw after turning 60.
Atleast 40% of the corpus will have to be used to purchase annuity.
Remaining 60% can be withdrawn lumpsum.
Hi deepest! How to change my tier 1 to tier 2?? please explain me..
I need some wdl from my NPS tier 1 Account!,any possibility pls reply me…& also changed to tier 1account to tier 2 account..
There is no restriction on withdrawal from Tier-II account.
Withdrawal rules for Tier-I are mentioned in the post. Please go through the post.
You can’t convert from Tier-I to Tier-II
You can convert from Tier-2 to Tier-I
Thank u!
Deepesh Ji!
I have joined AIIMS Patna on 7th Sept 2012 after tendering my technical resignation from ICMR, MoHFW where I joined on 21st April 1988. When I joined AIIMS, I was told that I would not get benefit of my past service as new AIIMS was started in 2012 and hence I have opted for NPS from Sept 2014 and made my contribution. Now Ministry of Health and Family welfare, DoPT and Finance have issued a circular that whoever has joined new AIIMS after tendering Technical Resignation will get all benefit of their past service and will be covered under Old Pension Scheme 1972.
Now I want to exit from NPS as early as possible.
I shall highly appreciate for your all possible suggestions and guidance on this.
Thanking you.
Sincerely yours,
Alok Ranjan,
Assistant Professor
Dear Mr. Ranjan,
NPS was offered by AIIMS? or you joined on your own?
Do you now have the option on choosing between NPS and old pension scheme?
I assume the old pension is a defined contribution scheme.
Dear Deepesh
I was working in Canara Bank (Public Sector), a Govt. of India Undertaking, from July 2013 to January 2016, where I had contributed for NPS under Corporate Scheme for Govt Employees. Now I have quit the service to start a new venture that is entrepreneurial in nature. I want to Exit NPS under the new circumstances. I am 33 years of age and has only had the NPS account opened for less that 2 years. My corpus is Rs. 197500 as of March 31,2016. Can you kindly clarify if there are any rules/regulations preventing me from taking the Exit option.
Dear Joe,
You can exit NPS but 80% of the accumulated corpus would have to be used to purchase annuity.
Only 20%, you can withdraw lump sum.
So, you wouldn’t get much in your hands.
In my opinion, don’t exit unless absolutely necessary. Keep the account alive with minimum contribution.
Good luck for your venture!!!
Dear Deepesh
Thank you very much for your prompt reply and your kind advice. But I was told by some officials that Exit is not possible without min 10 years of service. I want to know the actual rule regarding this, even if I decide not to exit. It seems that some officials spread wrong info among the public. So I would really appreciate it if you could tell me if such a rule exists.
Thank you very much in advance.
10 years is for partial withdrawals.
There is no such condition for exits.
You can exit any time. The only issue is that 80% of the amount will go towards purchase of annuity.
Dear Deepesh
You have been of great help. Thank you very much.
Dear Deepesh
In connection with my earlier doubt of exit from NPS I am faced with a new problem now. My former employer m/s Canara bank is refusing to process the exit request. What should I do in this case? Is there a body that I can complain to in this regard? Will banking ombudsman be of any help?
Dear Joe,
Have they offered any reason for not allowing you to exit?
Hi Deepesh,
I have some peculiar problem with NPS. I was a government servant and i resigned from my job in August 2014. I gave an application for withdrawal at the same time and i asked for deferment of purchase of annuity (As it was allowed at that point). But my organization didn’t process my application till now. After repeated complaints to CRA and NPS they have agreed to do so now. But i wanted to pursue my studies and i strongly depended on the withdrawal amount. Since i didnt get that in time i somehow managed things with great difficulty. Now i have asked NPS/PFRDA for Ombudsman to resolve the things and i want to get compensation for the delay also. But NPS informed me that they dont have any Ombudsman appointed as of now (But NPS gazette notification mentions about ombudsman).
I have two questions with regard to my situation:
1) Whom i should contact with regard to getting “ombudsman”.
2) My department is asking for me to choose annuity provider (as per new rules). But i have strictly denied that i don’t come in purview of new rules as i had submitted my documents before the news rules came into effect. (I am still 30 and Annuity options are lackluster). Is my stand valid and can i stick to it.
Hi,
1. You can write to PFRDA.
2. Even in case deferment of annuity, you can postpone it only for up to 3 years. Not more than that. So, you must select annuity provider. I am not sure if you will achieve much by taking this up with PFRDA. I don’t know what the rules were in August 2014.
I am not sure if you have a legal recourse or if it is worth your time and effort.
Did you ask your employer why they didn’t forward your application?
Did you have a significant amount in NPS? If the amount is small, there is no point fighting over this.
NPS structure is such that you cannot defer purchase of annuity forever. So, there is no point arguing over choosing annuity provider.
Hi,
Thanks for your reply. Since i am outside India i have written e-mail to PFRDA and awaiting for reply.
I have more than 7.5Lakhs in NPS.
After PFRDA 2015 bill there are some stable rules and grievances mechanisms have been introduced which was missing in previous ones. That’s why when i asked for ombudsman they said not yet appointed.
My department has a “Super Sarkari” work culture. When i asked for clarifications for in these 1.5 Years several times, even i made written request, they didn’t respond. When i complained CRA they came with flimsy grounds which were baseless. NPS wrote a strong letter to my department and then they got activated and started processing the application. They had not even seen what is inside the application form this long time. I want to take this matter to “ombudsman”, only because of deficient of service they have provided [Whole mechanism from my Department to NPS]. More than that, it was an humliation for me. It was a Research Center and i was working as Scientist in that and i didn’t expected this.
Exit rules in August 2014 was as mentioned out by you in the article as “Old Exit and Withdrawal rules for NPS”. New rules came into effect after May 12,2015. As for as deferring for three years, i am in verge of finishing my studies and i don’t need annuity nor the money. Even its deferred for 3 Years its a big + for me. Still continuing is a good option for me but i have some scores to settle ;-).
I can understand. I am that kind of person too. Would want to settle scores if such harassment were to happen to me.
Would suggest keep shooting e-mails left, right and centre.
Don’t build it up in our head. Will unduly distract from more important things.
As I see, deferral is not a possibility for Government Employees.
You are fighting against Government bodies. They will happily and slowly keep passing files and do nothing. That will lead to even more harassment. So, relax.
Good luck!!!
I am resigning after 2 years of my job than how can i withdraw money
Sir i want to convert category of my nps account which is currently with PNB from corporate category to all india citizen category as i have resigned from pnb and i have joined a new organization where is no nps.
SO i want to keep this account alive by contributing my individual share.
Kindly guide on inter sectoral shift.
As I understand, now corporate model is now same as All Citizens model. PFRDA realized the stupidity of having unnecessary categories.
There are only two now. Government and All Citizens.
You can continue in the same NPS account. You merely need your PRAN and you can keep contributing.
I’m employee of state Bank of India. we under nps. In my pran
My personal detail is wrong please help me for correction
Contact nearest Point of Presence (POP) to get the details rectified.
Dear sir,
I am a state government employee, I left my job this year and at the same time I withdrew all the contributions in my nps account since it was below 1 lakh .
Recently I joined another job and I would like to open new NPS account since i withdrew 100% from my old Account . Will my withdrawal from old account affect my new Account in future?
You can open new account. The previous account is already closed.
thanx a lot sir,
Since whole of the amount was transferred to my SBI account , would it be okay if i use the same SBI account for the new account or should i use different SBI account? Will there be any problem in future if I use the same SBI account?
Thanx a lot sir,
Sir another query , While withdrawing amount from my previous NPS account, whole amount was transferred to my SBI bank account. Will there be any problem in future if i use the same SBI account for new NPS??
Doesn’t matter. Once your older NPS account is closed, you can open new NPS account.
Khio i want to know the proceess and forms to full withdrawl
I have a question regarding closure of account & funds withdrawal as I am not employed anymore.
I quit my job in August, 2015. I have an NPS account, opened in October, 2013. Can I continue to contribute through a conversion of account, or can I withdraw my funds and close the NPS account? I do not work presently and do not have plans to for the next few years at least.
Thanks.
It is your choice. I can’t really comment on this.
Just that if you choose to exit, you will have to convert atleast 80% of the accumulated corpus to annuity.
Dear Sir,
My sister was an clerk in corporation bank, she dies in April 2016. she completed her 2.5 years in bank before dying and she was unmarried. my father and mother both are nominees in the ratio 40:60 resp. sir we had already made claim to NPS through the bank,sir i would like to know that how much amount we will get according to this scheme and how much percentage of amount we will get.
thanks
Sorry for your loss.
I cannot comment. Depends on the accumulated corpus. You will get the amount based on the nomination ratio.
V have a employee who expired on 19.09.2012. He has joined the services in the year 2004 and was governed by NPS schemes. Since there was no withdrawal scheme in the year we have started a provisional family pension to the Nominee his wife. However, since now there is a withdrawal option can we stop her pension and ask her to withdraw the amount from NPS account. do v have to recover the provisional paid to her till now. Pls reply on parab_samir@rediffmail.com
Hi Samir,
I am not sure if I got the question right.
Withdrawal on demise of NPS subscriber was always permitted.
Stoppage of provisional pension must be employer’s choice. Can’t really comment on it.
I am a NPS subscriber of NPS Tier I & Tier II. My account is freezed. Please inform me the rules for unfreezing.
Regards
S K Kedia
Why did your account got frozen?
Contact Point of service (PoP or PoP-SP).
Hello sir
I worked in punjab and sindh bank for 3 years. I resigned in oct 2015 . Now i became a resident of canada. Now i want to exit from Nps. Can i get full refund?
Thanks
No Shiv. You cannot withdraw the entire money. Atleast 80% needs to be used to purchase an annuity plan.
I have the similar case. I have taken the exit. I want to get my full amount back.
Should I wait to get my citizenship status changed and keep delaying the annuity purchase?
Worked from 2014 to 2019 in central govt.
Exited in 2019 after resignation.
Thanks in advance
Respected Sir, I was an state govt employee from 1.6.13 to 25.11.14 & I left the job for higher study. PRAN No. was activated in June 2015 after quitting the previous service. I have not received the PRAN kit & no contributions were made. It is zero balance. I had sent a letter to NSDL MUMBAI for exit /surrender of PRAN No. No response was there till today. Now I joined in a central govt service and have applied for new PRAN No. Will it create any problem sir? I’m in a worry situation, please kindly help and suggest me.
You can’t have two PRAN.
Try to get the first one cancelled.
Personally, I do not see much of a problem though.
I also have same condition as u please pratap contact to me how u solve it
Thank you very much sir for your quick reply. But please suggest me sir how to cancel the first allotted PRAN. I am no more in the previous service.
To be honest, I don’t know. Contact Point of presence or NSDL.
Sir I have 40000 less than 1 lakhi n my account and I have wroked only for6 months in Syndicate bank.Is it possible to withdraw total amount or I have to wait for 10 years.I have contacted customer care but they are saying that I can’t withdraw money since I come under corporate category. Also my account is in Freezed state.
Dear Sandeep,
As I understand, you are looking for a complete exit from NPS.
In such a case, you can take out only 20% as lump sum while the remaining 80% must be used to purchase annuity.
Sir but the amount is less than oone lakh is it not possible to withdraw full amount
Please refer to clause 4(b) of revised regulations. Link is provided in the post.
For corporate sector subscribers, you can exit only after 10 years.
You could have withdrawn the entire amount since the amount is less Rs 1 lac. However, you are yet to complete 10 years.
Hence, can’t withdraw.
Respectd sir, my nps account is closed nd my 80% annuity is not clear till date..sir which bank is most benefits for annuty
Dear Anuj,
You purchase annuity from an insurance company (and a not a bank).
Go with the insurance that offers you the highest rate. There should not be any other criterion.
Sir my Email is anujprakash1985@gmail.com
sir I had joined delhi police in june 2004and nps deduction was made under a no.which i latter knownas pre pran no. In nov.2008 I resigned after that pran acount were opened . So how i can get my emoluments i have no pran no. Only pre pran no. Where should i approach
Amit,
Can’t comment much about it. Contact CRA i.e. NSDL.
Sir, I joined railway on April 2003 and my NPS account is open and I found NPS Card.but I leave the job March 2014 without resignation and again I joined another railway board on sept.2014 and I done this job only two month and again without resignation left the job. But this again my NPS account is opened buI couldn’t found card reason that when card is came my office I leave the job So my two NPS account is opened by I got one NPS card and second card I left for divisional office. After 7th month again I joined central govt. Job and office through fill the again NPS form and send it but this time my NPS account doesn’t open and I received a letter from NSDL Company and mention that you’r pan card is already exist in NPS account and administration officer take a necessary action. So I want to close both NPS card and future time job any govt. Department and left the job through proper channel. This time my job is gone reason that I was not resignation previous department so sir please help me my next future.
How you opened second NPS account if you have one already NPS no
sir,i joined in railway in 2007 and opened an nps account.but in 2013 i left the job due to some personal reason and joined my father’s ancesstral businees
now i want to close my nps account and get back my money that i contributed during my railway service period
kindly guide me what i have to do?
sir,i have downloaded forms for exit from nps before attaining the age of 60 year
but where to send these application
kindly guide me
mo-7873497295
Sir, I have 2 years of govt service and now I want to take voluntary retirement. How can I get my money that was deducted in PRAN account for the last two years and also I want to close my PRAN account.
Sir,
I think you mean you have two years of service left.
NPS charges are non-refundable.
Suggest you wait for two years and then close NPS account.
Dear sir,
I had worked in railway for six months and contributed some fund in my nps account….now i m in another job of central government…i have not resigned in railway just like that i left it….will i face any problem here in opening new nps account…plsss reply
You can not have two NPS accounts. Inform the accounts team of your older PRAN (NPS account) and make contributions to the older account.
I want to talk emergency in this case
Sir,my date of joining as govt. servant is 21/6/2006. I want to withdraw some money from my NPS A/c. My NPS a/c have rs.559000/- on 1/7/2016 as contribution made by me plus my employer.How can I withdraw it and How much i recieved.
Dear Mr. Singh,
Partial withdrawal is allowed only in specific cases such as higher education or marriage of children, purchase of first house or for medical treatment. You are not allowed to make partial withdrawals for any other reason.
Partial withdrawal is allowed after 10 years. You can withdraw only up to 25% of own contribution.
NPS is meant for your retirement. Do not touch it unless necessary.
I have opened NPS account as citizen not as employer. I want to close my account and withdraw my account. Please Guide.
Dear Shila,
Contact the nearest Point of service (POS) of NPS.
Alternatively, go to bank/POS where you opened the account.
https://npscra.nsdl.co.in/faq-withdrawal.php
Please note you will not be able to withdraw the entire amount (if the accumulated corpus is above a certain threshold)
You will be able to withdraw only 20% as lumpsum and the remaining amount needs to be used to purchase an annuity.
Can I continue to subscribe to NPS even after 60 years of age and avail income tax concession 80ccd 1b.
Comment updated:
As I understand, Govt. NPS subscribers are not permitted to invest in NPS beyond the age of 60 or superannuation. Hence, there will be no concession under Section 80CCD.
For other subscribers, contribution can be made till the age of 70. Just that under 80CCD(1), the benefit is a percentage of income. If you don’t have income, such tax benefit cannot be availed.
There is no such restriction under Section 80CCD(1B).
I am employee of edu.deprt.haryana can I withdraw amount from my account.what the procedure give me . I have completed my ten years of job.
Dear Ram,
Partial withdrawal is possible after 10 years of contribution.
However, it is permitted only for specific reasons.
You need to fill in partial withdrawal form and submit to the nearest point of presence.
http://www.livemint.com/Money/P0TDmSDc3tusqRE2SKyesN/DYK-The-process-for-partial-withdrawal-from-National-Pensio.html
Hi Sir,
Could contribution amount be variable?
As I work in private sector I may not work till 56/58 years. I may plan to retire(stop working) early (50 years). So my question is while I’m working (till 50 years) I can cotribute 50,000/year and from 50-60 years(after retirement/stopped working) I can contribute 10,000-20,000/year (depending on my finantial condition at that time). So is it possible?
Thanks, Harshal
Hi Harshal,
Yes, the contribution amount can be variable.
And you don’t have to be so pessimistic.
Good luck!!!
Hello Sir,
I have an NPS account with a pvt bank where accumulated corpus is around 5.5 Lakh. I have my PRAN no. Now I am moving to another organisation where NPS in not there. Whether I can continue this NPS account opened by the earlier org.? If yes, what is the min contribution to be given?’Please guide me in this regard.
Dear Saptarshi,
You retain the same PRAN. You continue the same account.
Go through the following link.
https://npscra.nsdl.co.in/faq-subscriber-shifting.php
https://npscra.nsdl.co.in/download/government-sector/central-government/forms/Intersector%20Shifting%20-%20Form%20ISS-1.pdf
Sir,
Good evening.
I was a central Government employee w.e.f. 31.01.2005 and I technically resigned from that job on 04.07.2016 due my selection in All India Institute of Medical Sciences (AIIMS), Rishikesh and I joined in AIIMS on 05.07.2016. I want to premature exit from NPS which was operated by me during my previous job and want to open a new account in my present job. Whether I can premature exit from that NPS? My total corpus is Rs. 1270000. What amount will I got on premature exit? What is the procedure of premature exit?
Dear Manoj,
There is no need to exit the previous account.
You can continue with the same PRAN (NPS account) at AIIMS too.
Talk to the accounts team at AIIMS. They will provide the relevant forms.
If you exit, most of the amount (80%) will be converted to annuity. Don’t opt for premature exit.
Thanx for for prompt reply.
Actullay sir, I am in financial crises thats why I want to premature exit. I want to know about the 80% annuity. Is their any monthly pension will come from 80% annuity or the my 80% amount will be blocked.
You will get monthly annuity.
Sir,
What is the procedure for Premature exit.
Dear Manoj,
Please visit the following link.
You will get all the answers.
https://npscra.nsdl.co.in/all-faq-withdrawal.php
Thanks a lot sir for this guidance.
i am a central government employee. i lost my password for PRAN no also the mobile no which was registered is not function in the current place (jammu as being prepaid no does not work in jammu)
how can i revive my password?
also i want to change my nomination percentage and want to add my second son in it
plz guide me
Dear Ms. Upadhyay,
If you are a subscriber under All-Citizens model, then you will have Form S2/CS-S2 to the Point of Presence where you opened the account.
Visit this link for more details.
https://npscra.nsdl.co.in/all-faq-maintenance.php
If you are a Central Government NPS subscriber, please follow the steps as provided in the following link.
https://www.npscra.nsdl.co.in/nodal-office-maintenance-of-subscribers-details.php
I must concede my knowledge of operational matters in NPS is limited. Hope you find the answer useful.
Hi.. exit from Tier 2 account is taxable or not in NPS
It is taxable. It is not clear how it will be taxed.
Suggest you go through following post.
http://www.personalfinanceplan.in/opinion/should-you-invest-in-nps-tier-ii-account/
sir i worked in central govt for two years, my nps account is open , now i want to resign the job and want to join new central govt job with a new pran no is any problem.
Dear Ravi,
You can continue with same PRAN.
hello Sir
My father is retired from his job, his job period was only 2 years, he was a government teacher.
Under NPS scheme the total amount was Rs 246000/- and after withdrawing 60 % of amount the rest is less than Rs 100000 and on that amount he will get only Rs. 500 to 600 per month as pension.
Therefore my question is that, can he withdraw the rest amount from NPS, as the monthly pension is very less.
Hi Abhineet,
Government NPS subscribers can withdraw the entire amount lump sum if the accumulated corpus is less than Rs 2 lacs.
Since in your father’s case, the amount is greater than Rs 2 lacs, he must purchase annuity.
I am a central gvt employee from since 2004.after 20year service how can I get my deposit money?
Dear Rinku,
Where do you want to deposit money?
My age is 36 years.I am planning to invest till 60 years @ Rs.50,000 per year for next 24 years.From this , I will invest Rs. 12,00,000 & I will save Rs. 5,000 Tax per year.My queries are :
(1)At the age of 60 years , how much I will get & how much I have to invest further(approximately) ?
(2)If I dies before 60 years, what will happened to my invested amount ?
(3) After 60 years , till how much years I will get pension & how much (approximately) ?
(4) If I dies at 62 years, I will take pension for 2 years. What will happened to my remaining money which is still invested ?
Returns are not guaranteed in NPS. Will also depend on your allocation to different funds (E, C and G).
Assuming you invest Rs 50,000 per annum on April 1 and earn a return of 10% p.a., you will end up with approximately Rs 48 lacs.
You will have to use at least 40% to purchase annuity.
2. Goes to your nominee.
3,4. Depends on type of annuity chosen
Suggest you go through following post.
http://www.personalfinanceplan.in/opinion/annuity-options-under-nps/
sir,
I have joined in central govt job on july 2015 and i technically resigned it on dec2015. I want to cancel my pran and want to go for higher studies. Please guide, office staff where i have worked were not helping me in cancellation of my account.
Dear Kranthi,
My understanding of operational procedures is a bit limited.
You will have to submit Form 102-GP. However, in a recent circular, PFRDA has prohibited CRA from accepting physical forms for exit.
As I understand, you can request exit online by logging into your NPS account. (https://enps.nsdl.com/eNPS/LandingPage.html)
Suggest you go through following link. I am not sure if these are relevant now.
https://npscra.nsdl.co.in/faq-withdrawal.php
http://www.npstrust.org.in/index.php/exitnpsmenu?id=49
Dear Sir,
I was in a Public Sector bank from 2013 till feb 2016 when i resigned to start a business. I was under the NPS scheme for the entire duration with an accumulated corpus of Rs. 253701. It was opened by my employers. Is there any way the nps account could be transferred to the individual domain from the employer-employee domain? If yes, kindly tell me the entire process. if no, then what should i do? can i open an individual nps account and have the corpus transferred or should I exit? Kindly help.
You cannot open a new NPS account.
However, as I understand, you can get it sihfted to All-Citizens Model.
PRAN is portable. You can download Form ISS-I and submit at nearest PoP.
Thank you for your reply sir. Do I have to submit the form to my ex employers or any PoP will do? Also in the form there is a mention of DDO/CBO/POP-SP regn no. and name, what exactly is this?
To be honest, I am clueless too.
Suggest you contact NSDL (which is the Central Record Keeping Agency).
You can find address at the following link.
https://www.npscra.nsdl.co.in/contact-us.php
PoP is point of presence. It is applicable for subscribers under All Citizens Model.
PoP id is something you will get from the nearest Point of Presence of NPS.
The problem is with DDO/CBO regn no. Perhaps, you can seek clarification after calling NSDL.
Dear Sir,
I am in Central Govt. Service as a temporary status worker with the benefits of GPF since 20-2-1999. My service has been regularized under NPS scheme w.e.f. 13-8-2009 and accordingly contribute to NPS Tire-I fund. But sir, as per the recent Supreme Court judgment, now my service will be counted under the benefits of old pension scheme-1972. In this regard, I am too much interested to know that, is it possible that govt. contribute to my NPS scheme till my superannuation and also give me the benefits of govt. pension with retirement gratuity etc? It not, what will be happen with my existing NPS funds? At present there is no similer order to stop Tire-I contribution. Sir, more than 70 similer employees in NE Region suffering from this subject.
If possible, please reply me via mail to: arunsekhar_2012@yahoo.com
Dear Arun,
Difficult for me to comment on this. Perhaps, only Government can clarify.
However, I do not see the Government contributing to NPS and consider you for defined benefit pension at the same time.
In any case, you do not have to worry about NPS funds. In case Government stops, you can transfer NPS to All-Citizens model and continue contributing to it.
Sir,
I had given resignation from my state government job and I want to close nps account.i had contributed only two amount monthly. I didn’t want that money,i just want to close my existing nps account.tell m the procedure for closing account.
Talk to accounts office in your department. They will guide you.
I will put down my understanding of exit process. Please understand my knowledge about exit process is purely theoratical.
Starting April 1, 2016, withdrawal process has been made online. Suggest you go through following PFRDA circular dated November 12, 2015.
http://pfrda.org.in//MyAuth/Admin/showimg.cshtml?ID=786
You can register on CRA website (https://cra-nsdl.com) using PRAN and other details and initiate withdrawal request.
The issue is with Premature exit (as in your case).
In case of premature exit, you need to provide Claim id at the time of initiating online request. Claim id can only be generated by nodal office. For nodal office to do that, you need to submit physical form.Sounds bizarre, right?
As I understand, you will have to submit Form 102-GP to the nodal office (PAO/DDO).
I Ram Krishna was in railway service during June 2004 to may2007. I were given technical resignation through proper channel in Central Railway Nagpur division to join at BHEL Nagpur. I am in BHEL from may2007 to till now. When i were in Railway PRAN no. was not allotted to me. I have given many times applications regarding for PF withdrawal purpose but that time PF withdrawal was not applicable as government rule for NPS 2004.
Kindly give me advice for PF withdrawal from PFRDA without allotted PRAN no. or transferred to BHEL TRICHY PF trust Chennai.
Dear Ram Krishna,
I am not sure if you can withdraw NPS funds or transfer NPS account without PRAN.
You must find out your PRAN. Talk to someone in the accounts section in the office where you used to work.
Btw, PF is different from NPS. I assume you are referring to NPS when you are talking about PF.
Do you have PRAN with BHEL too?
No sir, i have tried to apply for PRAN in railway during 2012-13 but they were not considered because i had given technical resignation before PRAN allotment announced by Govt. i have tried so many times to NPS transfer in BHEL but it could not possible to transferred to PF TRUST BHEL TRICHY.
Now UAN No. is also allotted by BHEL to me and registered in UAN portal by me.
EPF and NPS are different products. PRAN is for NPS and UAN is for EPF.
If you didn’t get PRAN while working with Railways, what is the concern?
I was left railway may2007 and PRAN allocation was started during 2010-11. I have tried to apply for PRAN those days but my application was not accepted by related department of Nagpur DRM office. They tell me that you can not apply for PRAN allocation. Although you have given technical resignation in railway so now you have tried in BHEL for this.
My wife who is a homemaker had invested lump sum of Rs 12 lacs in 2012 with the funds received from her parents. Now the corpus is Rs 16 lacs. She is 30 now and lic offers annuity from age of 30. Pls advice whether it is better to go with purchase of annuity with 100% corpus or stay invested. Pls advice.
Stay invested.
With the present annuity rates she is expected to get 1lac every year. If we wait for 30 more years,are annuity rates going to increase? Why I am thinking of exiting nps is we waited for 4 years and got a return of 4 lacs. With annuity purchase also she can get 1 lac every year. Pls advice.
If you exit investments at a small gain, you will never make large gain.
Stay invested.
Annuity rates increase with age.
Suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/annuity-options-under-nps/
Thanq for your reply sir…I thought with 1lac annuity (with return of purchase price) going to be received everyear for next 30 years, we can invest again.
To stay invested is the best idea and we shall follow. Thanq so much sir.
You are welcome, Kishore.
My father was an LIC agent and he has taken nps sawalamban scheme. My mother is the nominee of this scheme. Since my father is no more now, how can we go ahead with the claim procedure? Weather my mother will get the whole lumpsum ammount deposited in the nps account or she will get the pension as she is the nominee.
Dear Divakar,
I am sorry for your loss.
Under NPS Swavlamban, there is no mandatory purchase of annuity by the nominee in the event of death of subscriber.
Your mother can withdraw the entire amount lumpsum.
However, if she desires, she can also purchase annuity (pension) plan.
For withdrawing the amount, suggest you contact the PoP-SP, the place your father opened the NPS account.
They will provide you the detailed instructions.
In case you face issues, let me know.
Thanks for your reply.
Sir i resigned from the para military capf service on 11th sep 2016 i wrked here for one year and my contribution in nps account is below then 1 lac now i m preparing for civil services and i want to withdraw whole money from nps acc ….what is the process for it…nd what is annuity..how to buy annuity ..nd why annuity is necessary?
Dear Dinesh,
Since the amount is less than Rs 1 lacs, you can withdraw the entire amount lump sum.
For how to exit NPS, suggest you go through following post.
http://www.personalfinanceplan.in/opinion/how-to-exit-nps/
Dear sir
i worked for only one year from 2009-10 and contributed to NPS and then resigned. the total corpse in my PRAN account is only about 60,000. i am 46 years old. i want to know the details of benefit i will get from this small sum on attaining the age of 60 yrs, since exit options are not there. Or shall i contribute to it periodically to increase the post 60 returns. whether this account will be alive, even if i do not contribute to it. pl suggest
viveksharmaaai@gmail.com
You can exit NPS.
Since the amount is less than Rs 1 lac, you do not have to purchase annuity plan.
In case you continue, you have to invest atleast Rs 1000 per annum.
Suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/how-to-exit-nps/
Dear sir
I have resigned from central govt job in 2011. My total amount is around 4 lakhs.This year I have contributed 50k under voluntary NPS contribution(online). Can I continue like this without exiting from NPS and I am presently working in a private company which have separate pension scheme.Can I show this extra contribution for tax exemption under 80CCD
Yes, you can do that. You can shift your NPS account under All Citizens model.
Suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Cannot comment about your employer pension scheme.
Sir mujhe 8 year complete ho chuke hai aur mai dcps se paise nikal sakta hu…
I assume you are referring to NPS when you talk about DCPS.
Aapko pension se paise kyun nikalne hain?
Pension plan retirement ke liye hota hai.
Hi Deepesh,
Thanks for the article, I have worked in a corporate sector for the last 2 years & now resigned for higher studies. It might take an year or two till i start my next job (mostly in govt sector).What would do you suggest i continue my NPS account or exit form it ( amount < 1lakh). If i continue how can the contribution (6000/annum) be made
Thanks
You are welcome, Trinath.
It is a personal decision. If you need money, you can exit.
Otherwise, you can continue.
You can make the contribution through CRA website. https://cra-nsdl.com/CRA/
Sir
I was in central govt service and my PRAN no was also generated my contribution in that PRAN A/C was approx Rs.60000 Now I joined another central govt service by giving simple resignation to my previous department/job also I not mentioned any details about my previous job to my new office where I am currently working ,now l have applied for my new PRAN .(i)Can I get new PRAN No or not?.(ii) if i want to continue with my previous PRAN then it will create any technical problem with my current service?.
Abhishek,
1. You can have just one PRAN.
2. Shift your existing NPS account to your new employer. Talk to the accounts team in your new office.
As I see, you are moving from central govt. to central govt. Shouldn’t be much of an issue.
You can go through following post but it won’t be as useful in your case.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Dear Sir
I have a unique query, if the employer deducts the NPS from salary , however the same is with employer only as the employee has not been allotted PRAN number ( Employee did not submitted the filled up form or any other reason) , and before allotment of PRAN number the employee lefts the job, then what to do with the amount? how can the amount be refunded to resigned employee and what rate of interest to be payable should we pay rate of interest @ PF or without interest? and also please tell if the employee does not not submit the filled form for NPS then what to do with the amount and how much interest to be paid..
Dear Piyush,
Difficult to comment. You can talk to NSDL in this matter. NSDL is acting as the CRA.
In my opinion, there should not be any interest paid. Pay the deducted amount to the employee without any interest.
If employee has not filled in and submitted the form, it is employee’s mistake.
Please understand this is just an opinion. My understanding might be incorrect.
I have a unique query, if the employer deducts the NPS from salary , however the same is with employer only as the employee has not been allotted PRAN number ( Employee did not submitted the filled up form or any other reason) , and before allotment of PRAN number the employee lefts the job, then what to do with the amount? how can the amount be refunded to resigned employee and what rate of interest to be payable should we pay rate of interest @ PF or without interest? and also please tell if the employee does not not submit the filled form for NPS then what to do with the amount and how much interest to be paid..
Sir I am working in public sector bank and serving notice period can I stop my contribution so that I can withdraw whole amount as it is now less than 1 lakh…to support my higer education or I want to stop contribution during notice period.. Can I?
Amit, don’t think you can stop it.
Sir explain can I stop this during notice period?
Amit, I think you cannot stop your NPS contribution (through employer).
It is not your choice.
Sir please reply/respond i m waiting for ur suggestions egarly ….plz
Dear Sir I want to stop contribution of NPS during my notice period so that the amount would not exceed more than one lakh want to withdraw it to support my studies.I m working in public sector bank kindly advice me what and how to do?
Amit,
Already answered this question from you a few times.
I think you cannot stop your NPS contribution.
Dear sir,
I have joined govt job on Feb 17 2016 and we were registered in NPS and have a personal PRAN no. At the end of September 2016 there was deduction made and adjusted for previous months. We were to get 23000 but got 9000 after deduction but found no credit in my pran account. Would you please explain whether they have done wrong or right
Dear Sangma,
Didn’t get your question.
Please check with your accounts team.
I joined Postal department in the year 2011 and resigned my job in 2013 due to personal reasons. I submitted form for premature exit in 2015 and received 20% of the accumulated sum in August 2016. I haven’t proceeded with the purchase of annuity with remaining 80%. What if just leave the account idle without purchasing annuity?
Arthi,
You will have to purchase annuity within 3 years from the date of exit from NPS.
Thank you sir. I need some guidance regarding the purchase of annuity can you please help sir
There is not much to do when it comes to annuity purchase. What guidance do you need?
sir, in LIC Jeevan akshay plan the minimum entry age is 30. Right now I am 28 years old. so should wait for two years
Yes, wait till the age of 30.
You are right. For premature withdrawal for govt employees, there is no scope for deferral.
Hello sir, I am a central govt employee under NPS. I completed 13 yrs service and want to resign fm job.My NPS amount is 800000 lump sum including govt contribution.My question is can I will get 20 % of all amount or only my contribution I mean govt contribution also can received by me..
sir, once annuity is purchased should I make any further payments. when I will be able to get the benefits after I complete 60 years or from now onwards
sir, new premature exit rules for government employees purchase of annuity can’t be deferred?
Sir, if deferment is not allowed what should I do? since Jeevan akshay plan is given as the default option for premature exit for which minimum age at entry is 30 years. how to proceed with annuity purchase as I have to wait for two years to attain minimum entry age. please help sir
Regulations allow you to wait till you reach an eligible age of purchase of annuity (even though deferral is not allowed).
Hence, don’t worry about it.
Thank you so much sir. Your advice is so helpful
Sir i m railway employee. Now my selection has done in delhi govt. I have given resignation 3 months ago but has not accepted. Should i join without relieving. And how to use my pran no in next job without relieving from railway
Dear Sandeep,
This is bizarre. Why wouldn’t they relive you?
In my opinion, you can shift NPS if you want. I don’t think previous employer can do anything about it.
Suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Please understand this is what I think. I may be wrong.
I applied for nps in march 2016 but cheque got debited in April 2016 . Nps number ws generated in April . Can I claim nps benefit for year 2016 17
Since the bank account debit and allocation of units is in April, you can claim for FY2017.
You have not taken benefit for FY2016, right?
Hi Deepesh..Thank you for all the suggestion and guidance your are providing to all of us….My query is that my wife was working in a pvt. Ltd. firm and has resigned 5/6 months back. She has an NPS account but she may not work anymore in any institution and if she did that may be after quite a some time (i.e. may be after 4/5 years min). She would want to withdraw her NPS funds, can you please guide if she can and how.
Hi Sanjay,
Thanks. Please share the post with friends and family.
Exit from NPS (all citizens model including corporate sector NPS) is permitted only after 10 years. I doubt that’s the case. If that’s case, she can exit. 80% of the accumulated corpus will have to be used to purchase annuity.
Alternatively, she can shift her NPS to the nearest PoP and keep contributing. Minimum contribution is Rs 1,000 per annum.
Suggest you go through the following posts.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
http://www.personalfinanceplan.in/opinion/how-to-exit-nps/
Hi!
I was an NPS subscriber for two years until I resigned from my job with a private company. I don’t have any intention of using my NPS even if I get a new job. My total sum is below Rs 1 Lacs.
Can I withdraw the full amount now? or will I have to wait 10 years even if I discontinue using my NPS account?
Thanks and Regards,
Samuel
Hi Samuel,
Under All Citizens model, you can’t exit before 10 years.
Hence, even though your accumulated corpus is less than 10 years, you can’t exit.
Thanks a lot for your reply, though its a sad one 🙁
So, if I don’t make any deposit for the next 8 years, will they freeze my account due to inactivity or something or will my account be as good as today?
It is your money. You might have to regularize the account. Nothing much I guess.
Btw, minimum contribution is RS 1,000 per annum.
i am presently an NRI working in the middle east. I wish to invest in NPS and would not mind the lock in period of 60 years. My only concern is in the event of me returning back to india in next few years what will happen to NPS account as the rule clearly states if the contribution doesnt come from a NRE/NRO account.. the NPS account will be closed. What are my options to continue investing in NPS after returning to india for good after few years and well before the retirement age
Dear Wasim,
Once you shift back to India, you can update your residential status with CRA/PoP. Subsequently, you can contribute as resident.
Please go through PFRDA circular dated January 12, 2016 on PFRDA website.
Thanks for the response
Hello Boss,
I need your help,
I have read your above comments, you have explained very smoothly 🙂 and after that I can understand, I can’t exit from NPS But I want, may be my case can different from others.
I am LIC agent, but not working in more then 2-3 years, and I want to withdrew all money from my NPS account, due to personal issue.
So, request you to please let me know, how much amount can i withdrew in % and how (what is the process)
Many Thanks
Pramod Malviya
Dear Pramod,
I assume you are subscriber under all citizen’s model.
You cannot exit before you complete 10 years in NPS.
Is your account more than 10 years old?
Additionally, please let me know your accumulated corpus.
Dear Sir I am state govt.employee since 2 years.Now I want to resign and join another state govt.job by closing my old nps account.Can I apply for new nps account ? And how much amount can I get from my old account if accumulated fund is less than 2 lakhs.
Dear Nitin,
You can shift your NPS account from state govt to central govt. No need to exit NPS and then open a new NPS account.
Suggest you go through following post.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Dear Deepesh
I was working in Bank of Baroda (Public Sector), a Govt. of India Undertaking, from June 2013 to October 2015, where I had contributed for NPS under Corporate Scheme for Govt Employees. Now I have quit the service to prepare for civil services. Is it suggestible to exit from my current NPS account or to transfer NPS to the future employer when employed again ?
In case of account freezed what would be the procedure to unfreeze, as my NPS scheme is under Corporate model (Public sector bank).
Dear Krisha,
Under Corporate NPS model You can exit prematurely before you have contributed for 10 years.
Hence, premature exit is not an option.
About how to shift NPS account, suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
You can check to procedure to unfreeze with NSDL CRA.
Sir…my investment amt is Rs 12 lacs and it became Rs 15.5 lacs. I recently changed my scheme preference from sbi scheme c tier I to Lic scheme c tier I.
Which is the best performing provider in nps??? Shall I stick on with Lic or shall I change in april.. . Pls guide me sir…
Naveen, I am not permitted to comment.
In my opinion, for Scheme C, it won’t matter much.
Btw, any specific reason for switching from SBI to LIC?
MY AGE IS 30 AND SHOULD I OPT AUTO CHOICE IN APRIL. no specific reason sir to shift to lic..
to which provider shall i shift and which would be optimum allocation sir???
So long as NPS is not your only investment for retirement, it is ok.
I would have gone for Active choice. Auto is also ok.
under active choice of yours…which would be your provider and your optimum allocation sir????
Dear Naveen,
There is no fixed answer. Depends on so many things.
At your age, it may be prudent to take maximum exposure to equity.
I invested in march 2013 sir
My father was working in haryana state government. He got expired on Oct-15 .please advice how to widraw his nps amount.
Dear Manish,
I am sorry fro your loss.
Suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/how-to-exit-nps/
You will get some idea.
Hello Deepesh,
Thanks for nice article. I have a NPS corporate account for last two years. I will be relocating to Sweden in March and would like to withdraw the NPS account. Is there any provision for employees, who are moving out of India to withdraw full amount.
Thanks
Kishore
Dear Kishore,
In my opinion, there is no such provision. You need to have contributed to NPS for atleast 10 years before you decide to exit NPS.
Sir…why is G tier investment showing max returns when compared to C and E…? will the same trend continue? what is the logic behind this.?
Dear Kishore,
Investment in G would have done better than C and E for the period under consideration.
I cannot comment upon future trend.
sir…i started nps in 2013 &if i want to withdraw full in the form of 100%annuity..can I???
what is the accumulated corpus?
Please help me sir.Its very urgent. Sir, i am shifting to new job and not want to tell the new employer (State department)about my previous job (central department). can i have new pran number i will exit from old number(having more than 10 year service).Will there be any problem in applying new one.There will be little change in my name and fathers name.what kind of problem may be there.please help me.i am not worrying about the amount.its only about secrecy.
Dear Mr. Singh,
You cannot get a new PRAN (atleast as long as your old PRAN is still active).
In my opinion, you should be able to get new PRAN once your old PRAN is closed. I am not sure of this though.
Contact NSDL CRA to confirm this.
Sir, there are some cases which were previously attached to NPS and now they were converted to GPF account and as per Old pension rules pension is applicable to them. In those cases how to withdrawal entire amount as they are already eligible to get Pension as per old pension rules and also amount deposited in their account is more than 2 lakhs . Pleases suggest how to withdraw pension in these cases.
Dear Sir,
I am not aware if such a switch has been operationalized.
Can’t comment.
Hi deepesh,
Nice to someone helping out people for different situations
I am working with bank of india since 2013 n now i am resigining from my job n getting settled abroad so will i be able to get 100% of my nps amount n if yes then how soon i will be able to get that.
Please do help me in this as u have helped others…
Thank you
Hi Jati,
I am not sure if you have Government NPS or Corporate NPS.
IF it is Corporate sector, you can’t exit before making contribution for 10 years.
IF it is Government sector NPS, you can exit. However, you will have to use 80% of the corpus to purchase an annuity plan. If the amount is less than Rs 1 lacs, you can withdraw the entire amount.
Hi Deepesh,
I was employed with Vijaya Bank [Public Sector Bank] from 12.10.2012 to 04.10.2016. I am not sure if I was under Goverment NPS or Corporate NPS. Please help me in clearing my confusion.
Thanks & Regards,
Arijit Ghosh
Hi Arijit,
I am not sure myself. I think it should be corporate NPS.
Respected sir,
I have served Eastern Railway from 1/9/05 – 11/03/08 (govt NPS). There are no NPS in my present company. My own contribution in NPS is around 34000 and grand total today crossed 80000. Which will benefit me to withdraw the amount or continue as all India citizen mode? In case of premature withdraw how much I can get, and what to do for it?
I have subscribe Atal penson yojana.
Debashis Roy
mob-9126545648
Dear Debashis,
About your NPS account, suggest you continue NPS account under All citizens model.
I don’t think you can hold both NPS and Atal Pension Yojana accounts.
Hai Deepesh
I am a nationalised bank employee.I have NPS as my retirement option.
My gross salary is 44000/-
My nps contribution is 4000/- and my employees contribution is again 4000/- making a total of 8000/- pm
I have joined bank on 2013 and my age then was 24.
My questions are
How much amount i will get on hand on my retirement by mps
(Calculate with current valuez.Return fix at around 7%)
Whether I am eligible for other retirement benefits like DCGR,commutation, leave surrender etc like other bank retirees who have old pension scheme
If possible with current values try to provide my retirement amount
Plz help me
I am sure that I can help me out
Dear Roopesh,
At 7%, at Rs 8000 per month, the corpus grows to Rs 1.67 crores in 37 years.
NPS has nothing to do with your other terms of employment. Suggest you check such details with your colleagues.
Btw, don’t think commutation of pension is applicable in case of NPS. NPS is structured quite differently.
SIR
I am state Government employee and a contributor to NPS now I want to exit from this system I dont like this scheme at all
…Plz elaborate on what is the proper procedure to exit? …
Waiting for your reply desperately..
Thanks&Regards
Dear Manoj.
As I understand, state government offers you NPS.
You can’t exit as long as you are a Govt. employee.
Btw, why don’t you like NPS?
Dear deepesh sir, first of all I want to say thank for the help of people . I am working in Delhi police since 2007 and total contribution in my account is Rs 6 lacs as per msg received from nsdl cra. Sir I want miner to construct my house . how much amount can I withdraw.
Dear Manish,
You can withdraw upto 25% of own contribution (and not the accumulated corpus) only after 10 years. As I see, you have not completed 10 years yet. Hence, you cannot withdraw anything at the moment.
सर पहले मे ग्रह मंत्रालय के अधीन सर्विस करता था लेकिन अब मैने 1नवम्बर 2014 से रेलवे मे ज्वाइन कर ली
मेरा जो पहले का nps अकाउंट था उसका मुझे कुछ अंशदान मिल चुका है
लेकिन जब मैने दुबारा nps के लिए फॉर्म अप्लाई किया तो मेरा नया nps खाता नही खुला
आप दो NPS खाते नहीं खोल सकते. शायद इसी वजह से समस्या हो रही है.
आप अपने ऑफिस में बात करिए. अगर वहां से नहीं हो पाटा तो nsdlcra से बात करिए.
Sir I am going to voluntire resignation from Govt service after completion of 10 years service in CAPF.Please inform me about my contribution amount whether refund to me or not.If refund what is the procedure and how I will get it.My email I’d—– jenassb6@ gmail.com
Dear Niranjan,
You want to exit NPS? What is the accumulated corpus?
Hi,
I am a private employee.Can i invest in NPS?
If yes,then what is the process?
Also suppose i have to invest 24,000 per year.then how much will i get as pension after 25 yrs.
Yes. You can invest in NPS.
You can visit a bank branch to open NPS account. Or you can open NPS account online using Aadhaar card.
http://www.personalfinanceplan.in/financial-planning/how-to-open-nps-account-online-using-aadhaar-card/
NPS provides market linked return.Hence, difficult for me to comment on quantum of pension income.
Sir,
I m a public sector bank employee nd resighning from the job to prepare for civil, as I need money so shall I close my nps account and after getting nw job I wl open it again, how much amount I will get by closing and what is d procedure..
Dear Manisha,
There are many ifs and buts.
Suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/how-to-exit-nps/
I have forgotten my Id & password and i don’t have anything that i can pay installment. NO any card given by PFRDA. Please advise how can i get id & password or how cant i pay my next installment.
Hope to here from you soon. ASAP.
Please contact NSDL CRA.
i am Govt Employee. My total Saving is around 44k . I am going on leave for to complete my education for 5 months. How much I am Eligible to clam? am i able to get? How much maximum amount i can get?
Partial withdrawal is allowed only after 10 years of service.
Dear Sir
I am a PSU company employee. My employer had to contribute INR 10000 per month to my NPS account wef from 2007 as agreed in the Pay revision Board of PSUs. But it could not yet been started due to some internal complication in implementation. It is sure that the scheme will implement and also w.e.f. Yr.2007 ,but not sure when it will finalise.
Due to this delay; I am loosing the benefit of extra rebate in income tax of Rs 50000 per year .
My question is that
1. Whether I will be eligible for income tax rebate of 50K whenever it is implemented; as it is employers contribution only.
2.Could I claim previous years rebate under section 89 after implementation of the scheme.
3.Could I open a separate account from this FY itself with my own contribution to avail rebate of 50K .
If yes to point 3. what will happen to the other PRAN to be started through employers’ contribution .Whether both will merge or continue parallel.
Thanking you in anticipation of solution .
Dear Sanjeev,
Not sure if I got your question right.
1. Exclusive 50K deduction is for own contribution, not employer contribution.
2. Please consult a Chartered Accountant.
3. You can have just one PRAN. You can contribute to your existing PRAN.
Dear Deepash,
I am NRI agr=ed 52 years working in GULF and opened NPS account two months ago – tell me how I can Investe
Dear Pradeep,
How did you open NPS account? Invest through the same channel. You can invest online too.
Sir, I have opened enps under all citizen model. I have two questions….
i) how to close my tier-ii account. is there any penalty in this process
ii) My offiice has decided to tender NPS from April, 2017. In that case what will be the fate of my present eNPS account
1. No penalty. There is no need to close. You can just stop contributing to Tier-II account. Btw, I am not sure if you can close Tier-II account in isolation.
2. You can shift your NPS account. Suggest you go through following post.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Thanks for valuable information. I am IT professional & willing early retirement at age of 45 (current age is 30). I have different career plans after 45 (social). Can I avail pension once I turn 45. Or do i need to wait till attaining 60 years of age. Since my investment duration (15 years) is less surplus investment (> 50,000) will suffice my requirement ?
IF you exit before superannuation or the age of 60, you will have to use atleast 80% of the accumulated corpus to purchase annuity plan.
Do note you can still continue in NPS even after voluntary retirement. You can keep making minimum contribution.
In my opinion, NPS is a poor choice of investment if you are planning an early retirement.
Sir,
My wife joined post office as a postal assistant in December 2005 under Central govt.she left her job in August 2006 due to some family problems.where her total contribution fund in NPS account Rs 40,000 (less than 1 lakh).In March 2009,she again joined govt .job in health department of state government.where health department open new account of NPS.so my question is …can she withdraw her previous job fund s.
Dear Mr. Singh,
She shouldn’t have opened new NPS account in the first place.
Please contact NSDL CRA in this matter.
Dear Deepesh,
I want to say that in the paramilitary their are employee which joined before 2004 in old pension can complete their service in 20 years and got full pension benefit. But joined after 2004 in NPS, those employee why wait for till 60 years. Their should be some changes in pension system for paramilitary personnel.
Thanks
Dear Mohit,
I get the issue that you have raised.
As I understand, NPS is not mandatory for armed forces, navy or air force..
Don’t think there is exception for paramilitary forces.
Sir, I am service man of paramilitary under new pension scheme, I already service 6 years 6 month and I want withdrawal 50 percent of my total saving. Can it possible sir
You can’t make a partial withdrawal before 10 years.
I WANT TO OPEN NPS ACCOUNT IN TIER 1
AS I AM A STATE GOV EMP OF RAJASTHAN
I WANT TO GET ADDITIONAL BENEFIT OF INCOME TAX
CAN I INVEST ONLY 12000 TO NEED OF MY TAX SAVING
You can open NPS account only if you don’t already have one.
Minimum contribution per annum is Rs 1,000.
Hi Deepak,
I am working as a central govt employee from 2011 onwards.
Probably i will retire in 2045.
My question is ” Suppose if I die in 2046 (After one year from retire). What will happen to my NPS account and money. Will it get to my nominees?? or Govt will take it..?
Govt will not take it. Your nominees will get it.
You can also choose annuity option accordingly.
i am presently a govt employee.. have worked for 6 years ,i want to resign from my post and looking for some other govt job, what will be for my deposited money in my NPS account incase i could not get another govt job.
In that case, you can shift your NPS account to under All Citizens Model and continue contributing.
Dear Deepesh
Need some clarity on Amount withdraw from Tier2 Account. I have opened NPS under Private sector Model in 2015 Aug.
Q1. Is there a provision to withdraw some money from Tier2 Account?
Q2. Is there Online provision to File withdarwal Tier 2?
Q3. How much time it takes to recieve money fron Tier2?
Q4. Is there any condition to meet before we withdraw Tier2?
Q5. How would we monitor the ROI In NPS
Hi Navin,
1. Yes
2. Yes (I have seen it. I am not sure if it works)
3. Don’t know. Shouldn’t take more than a week.
4. No
5. You can do in excel sheet
Suggest you go through the following post
http://www.personalfinanceplan.in/opinion/should-you-invest-in-nps-tier-ii-account/
Many Thanks for such a superfast response ! Quite appreciable
You are welcome, Navin.
Please do share the posts you like with your friends.
Dear Sir, I have been alloted a PRAN Number three years back, But no PRAN KIT has been received by me, It might have returned as I left that govt job. I am from ODISHA State. can you please tell me whom to contact for the same kit, and whether It is possible to receive the kit personally by visiting to the office of NSDL, Mumbaii ? As it is very difficult and few chance to contact with NSDL over Phone Call. I am in a worry situation how to get the PRAN KIT.
Please contact NSDL CRA.
Sir i have completed my 7 years of service i want to construct a house i am an govt employee how can i withdraw money under nps plz
Can’t withdraw before 10 years.
Hi,
I have start contributing towards NPS in May-15 and as on date my total contribution is Rs. 101000.00 only and now I am shifting permanently to UK and I wish to withdrawal entire amount.
Please guide me how it can be withdrawal.
best regards,
Raj Nain
Cell No. 9953110894
rajpal.nain@gmail.com
You can’t withdraw/exit before 10 years.
hello sir, I am working in a undertaking state govt. dept.. EPF has been opted in 2001. our dept contribute 10% in my EPF a/c. now I have opened NPS a/c and contributing since last 2 years. and our union is now fighting for GPF. I have 2 confusions; 1. whether I am eligible for NPS? and 2. what will happen if our dept converts EPF to GPF?
If you have opened NPS account under All Citizens model, there is no problem.
State government employees can open NPS account.
one can continue in NPS after attaining age of 60 years BUT Can one start investing in NPS after the age of 60? i,e suppose my DAD is 63 and having pension income so to save tax can he invest 50000 and claim 80CCD deduction?he dont have any NPS account at the moment.
Regards
Piyush
As I see, 60 is the maximum entry age.
Nsdl also rejected the same and didn’t by saying 60 is max entry age but But sir it is no where written that u can’t enter after 60 years ,and were aalso unable to provide rule under which one cannot enter after 60, further there are organisations where retirement age is 65 years for eg doctors in govt hospitals like aiims. And after 60 you can defer till 770 .. I want to enter into nps after 60 and claim tax benefits.. by investing 1.80 lac every year then withrawing same the next year as balance will be less then 2 Lacs it will not be required to purchase annuity but will save tboth at time of investment and 4forty percent at the time of withrawing.. what do u say ?
Dear Sir,
If entry age is capped at 60, you can’t do much about it.
Consider other investment options.
sir, I need your help i clear my situation: my husband join Autonomous body office Govt.service june 2005 and he sudden demise on Aug.2010. Office offer job to me and start provisional family pension O.M.no. 38/41/06/P&PW(A)dated 5th May 2009. Now after 5 year account section give 103GD withdrawal form to fill I have some Q. 1. office stop my Prov. Family pension now? Q2. who get my husband contribution amount?
Dear Madam,
I am not the right person to answer this question.
On offereing job, family pension cannot be seized, it will be continued.
The contribution towards NPS can be withdrawn by the nominee specified by the deceased person
Sir I worked in sbi for 4 years,now I HV joined Punjab state services .should I continue the same pran number? How we can change department and can I take withdrawal for my marriage from this account
Yes, you must continue with same PRAN number.
Suggest you go through following post.
http://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Please give reply to my 2 questions below
1. Is Premature withdrawal can be understood as Exit from NPS?
2. If once exit from NPS can we open new account in the name of same individual?
1. Partial withdrawal is not same as exit. If you exit before 60 or superannuation, you can call it premature exit.
2. I think you can do it.
Thank you
when to stop the tier I contribution before retirement age of 60 years or it should be contributed up to the month of retirement please clarify
Depends on the model you choose to open NPS account.
For Government sector, it is till superannuation.
For accounts opened under All citizens model, it is 60. You can continue beyond 60 too.
when to stop the tier I contribution before retirement age of 60 years or it should be contributed up to the month of retirement please clarify
hello deepesh,
i am a govt employ and having Provident Fund. but no I am on leave for last 12 years and working in gulf. can i join in NPS. then what will happen for my present PF.
Dear Mr. Kutty,
If you wish, you can open NPS account under All-Citizens mode.
Your PF will continue as it is.
My son worked in PNB from 15.07.2013 to 25.09.2016 as Single Window Operator. He has resigned from the bank job. His resihnation has duly been accepted and he is now settled abroad. I want to know how he can withdraw his funds under NPS scheme.
Dear Sir,
If he wants to withdraw before retirement, at least 80% of the amount will be used to purchase an annuity plan (Unless the accumulated amount is less than Rs 1 lac)
sir,
i have acumulated 1lakh and 60 thousand in tier iin 5 yrs account but now i am unable to deposit the monthly instalment. i want to know that when my account value will become zero.
Not sure if I got your question. Why do you want your Tier II account value to go to zero?
Sir,
We are working at Krishi Vigyan Kendra under administrative control of State Agricultural University (UBKV) at CoochBehar, West Bengal but our funding agency is ICAR (Indian Council of Agricultural Research), Govt. of India. Since the joining the authority i.e. SAU extended the benefit of CPF to the employees of Krishi Vigyan Kendra. Now the Authority decided to offer NPS to the employees instead of CPF from April, 2017. From NSDL website we came to know that SBI. CoochBehar (Branch code-00058) is authorized POP-SP. As there is not many instances of opening such types of account (NPS), so the bank officials are taking time to guide our office for opening the account.. Would you please guide us so that we can assist the bank to open the accounts in speedy way.
Dear Surajit,
Please contact NSDL CRA. They will be able to guide you.
Sir, I was a (ad-hoc)government employee and have applied for eNPS and pran was allotted to me. Now my job was confirmed by the Government and eligible for CPF scheme. The concerned clerk told me to apply for new pran as it was not linked for CPF scheme. So please guide me how to link my pran for CPF scheme or i have to apply for new PRAN.
As I understand, you can shift NPS account. Please contact NSDL CRA on how to do it in your case.
I have a pran number in my precious job with more then one lakh amount now i join another job therefore i want to exit NPS account so that i apply for new it is possible or not please reply sir
Why don’t you shift NPS account?
Kya government subscriber online mode se exit kr sakta hai
I am not sure. Please check with NSDL CRA.
Suggest you go through the following post.
http://www.personalfinanceplan.in/opinion/how-to-exit-nps/
sir I have nps lite account now I am in government sector to ab mera yhi pran card chl jyega ya new apply krna pdega govt sectr me
Dear Sachin,
You can use the same PRAM.
Go through the following circular
Sir, I had opened my NPS account in 2014 while in central Govt Job. Now I have left the previous job and join a new Central Govt job. Since my total pension wealth in my previous NPS account was below Rs. 1 lakh so I withdrew the entire amount. I had not intimate my current office that I was in govt job because it is not a technical resignation. I have applied twice for opening a New NPS account before withdrawal but my account has not open. Then I informed my current office that I had a PRAN which is deactivate after withdrawal. My current office is now telling me that your new NPS account is not open now.
Kindly forward some information/link which is beneficial to me in this case.
Also provide some written information in which stated that opening of new NPS account is possible in my case.
Also suggest that my new office is telling me that they can take action against me on account of Hiding information. I have also applied for technical resignation to join again a new Central govt job in railway.
Kindly suggest how to deal with this situation
Please contact NSDL CRA.
You shouldn’t have lied on your application.
Sir my NPS account was opened in jan 2014 and I left the previous central govt job to join a new central govt job. I have wihdrawan the total.pension wealth in my previous pran card because it is below Rs. 1 lakh. I have applied twice for opening a new NPS account before withdrwal but my account has not been open yet. I had not informed my cuurrent ofgice about my previous job because it is not through proper channel. As of now I have intimated my office that I had a PRAN card which is now deactivated after withdrwal of total pension wealth. My new office has told me that your new NPS account will not open now.
Kindly suggest me how to open my new NPS account. Provide some link in this regard.
My current office has told me that they will take action against me on account of Hiding information from them
I have already applied technical resignation to join again a new central govt job in railway.
Kindly suggest me how to deal with this situation
Hello Sir,
I’ve resigned after working for 3 years at State Bank of Hyderabad. Later, I’ve left India for higher studies and currently working abroad. My total amount in NPS was around 2.5 lakhs at the time of resignation. I recently enquired with CRA/NPS for premature exit and withdrawal but the response was that my NPS account should be active atleast for TEN YEARS for premature exit. They suggested me to transfer my NPS account to my new employer. I just cant transfer that account to any employer abroad and with all the complications and confusions in NPS (that I dont understand), I dont think I could or I want to maintain that account for TEN long years, Could you please help me if there is a way I could get my amount and close the account for ever.
Thank you.
Hi Santhosh,
You need to continue the account for 10 years. As I understand, there is no other option.
I want to exit from NPS before retirement , being a government employee, how much amount I will get in lumpsome and how much on monthly basis if have amount Rs. 7lakh.
Sir,
Initially my NPS account was under corporate sector and now shifted to Unorganised sector .How can i exit from NPS because i want to close my NPS account.What is the process for it pls clarify me.
Dear Rajesh,
You can’t exit before 10 years. Have you completed 10 years in NPS?
If yes, please go through the following post.
https://www.personalfinanceplan.in/opinion/how-to-exit-nps/
My PRAN card was issued after 4 years of service and now the arrear NPS amount is yet to be deposited in to the respective NPS account. Now since i am resigning, i would like to withdraw the arrear amount from my company before it is deposited in to my NPS account. Is there any hurdle for the company to encash the arrear NPS amount?
Can’t comment, Pallavi.
Talk to a good Chartered Accountant or NSDL CRA.
Sir,
Recently I resigned from sbi after working for nearly 6 months. Each month there was fixed deduction from salary for nps contribution but my pran no has not been generated yet. What should I do in this situation?
Hi Shekhar,
Your accounts department should be able to help.
You can contact NSDL CRA too.
Hello
Q1) My wife is working in banking sector and we are planning to move abroad for settlement. Is there any rule through which my wife can withdraw full amount of NPS as we will not be residing in the country anymore?
Q2) We both have our accounts with SBI as SBI PPF amount. Can we close those accounts & withdraw whole money or how much?
Q3) I have worked in my previous organization for 4 Years 10 months. Can I take whole EPF amount?
Hi Vineet,
1. As I understand, there is no such provision that gets you favourable treatment in NPS if you are moving out of the country.
2. No. You have to continue for at least 15 years. There is limited provision in specific for exit after 5 years.
3. Yes, but if you exit before you have worked for 5 continuous years, the amount is taxable.
Kind thanks for the information.
Fruitful.
sir
I Preetish Mndaokar was working with Canara Bank which I had left on 18th of june 2016, and now I am not working anywhere, I just want to know can I withdraw the whole amount from my NPS account.
With Canara Bank, is it Corporate Sector NPS or Govt. Sector NPS?
Sir,
I have submitted my Form-101GS after my retirement through on line. The same has been acknowledged. But while making entry the IFSC code of the Bank was wrongly entered. How to to modify the online Form.
Dear Sir,
Please contact NSDL CRA.
Dear Sir,
I plan to quit my present job in a PSU in order to persue higher education full time. I am a member of NPS through my Company for about 7 year now. Is there a law/rule to refund the Company’s share of amount deposited in NPS in my name? Please clarify. Secondly, what is the status of the already deposited money in NPS after i quit?
Regards,
Sandeep Dash
Bhubaneswar, Odisha
Hi Sandeep,
There is no reason why you have to refund company’s contribution to your NPS account. You worked for 7 years. Your employer contributed for 7 years. That’s it. No need to any kind of refund.
If you do not take out money, it remains invested. You have to keep making contribution to keep account active. Only a minimum contribution of Rs 1000 per annum will do.
I WANT SOME INFO. I AM GOVT EMPLOYEE BUT APPLIED FOR PRAN CARD ONLINE THROUGH INDIVIDUAL SUBSCRIBER. NOW WHAT SHOULD I DO THAT IT WILL SHOW THE DDO NUMBER OR MY DEPARTMENT DETAILS SO THAT IT CAN BE ADDED TO GOVT SITE FOR SALARY.
Suggest you go through the following post.
https://www.personalfinanceplan.in/opinion/how-to-shift-nps-account/
Sir,
One of my friend is working in a Government Organization. He has a 2 Year Contribution in NPS. Now he wants to join other Govt. Organization without NOC. He is giving his Technical resignation form current job. He doesn’t want to continue his Present NPS. I want to ask following questions.
1) Is it possible to track information regarding his previous PRAN?, When new Organization will send info to PFRDA to open NPS Account.
2) is there any chance to lose Job in case of hiding this information.
Please Answer…
Hi Pramod,
1. Yes
2. No idea.
I got terminated from service in last month. I served for central govt for 13 yrs and my NPS corpus fund rs 650,000 available in my NPS account. Now i am not able to contribute further. Can i withdraw full/lump sum amount through my NPS account,and which form should i fill up for withdrawal
You will be able to withdraw only 20% of the lumpsum amount. Remaining needs to go for purchase of annuity.
For exit from NPS, please go through the following post.
https://www.personalfinanceplan.in/opinion/how-to-exit-nps/
Sir
I am Prasant Sen one of my friend will be terminated from PSU Bank. He wants to know his NPS account will be close by Employer or not? He worked 4 Years and 9 month. Total amount is 350000/-
Kindly response me sir
NPS account will not be closed.
I have resigned from my company (Private Bank) in November 2015. I was with the organisation for almost 4 years. My NPS balance when i resigned was around 200000/-
I am not on job since then due to all other personal issues. And due to this, i am not contributing anything towards the NPS.
Can i withdraw this amount from NPS? atleast, this will be of some financial help for my family of 5 including me.. If yes then how?
Please reply.
Hi Javid,
I can see you are facing a few problems.
However, please understand partial withdrawal is permitted only in a few cases.
Complete exit is possible only after 10 years.
Sir
I want to know that what information an employer can get for my previous job PRAN crad. Pls be in detail.
Please contact NSDL.
Hi sir
I have worked in a central government job (CISF)since 2013 to 2015. In 2015 I left the job without any resignation. So department removed me from service in January 2016 And recently they sent me a letter regarding termination benefits. They asked me to withdraw the money that I have invested in NPS (around 98000 rs.). They sent me form no. 102. But in recent I have selected another central government job (still didn’t joined).
Sir I want to know that should I withdraw the money. If I exit from NPS, can I get a new pran in next job.
If you exit, you will get a new PRAN in your next job.
If you don’t, you can continue making investments in same NPS account.
can i stop NPS
You mean exit?
From:- Ratnadeep
Hi Sir,
I had been as a central government employee form 2008 to 2010. i was left the job in 2011 with resignation that it accepted. after my resignation my terminal benefits regarding NPS amount, I have no idea how to withdraw NPS amount. Sir please reply how to withdraw NPS amount.
Reply
Please go through the following post.
https://www.personalfinanceplan.in/opinion/how-to-exit-nps/
SIR
I Terminated from PSU Bank . After termination I did premature closure of NPS , 20% I got as a lum sum and 80% invested as a annuity. Now I got another Govt job. I want to join in new organization. Should I get new PRAN card or any problem will come. They will trace me by old PRAN Number.?
kindly help me
You should get new PRAN.
Dear sir , please take out few minutes to kindly guide me .
I am talking about all citizens model NPS tier 1 .
Question 1 : Now , if an individual chooses to continue contribute till 70 and on one fine day in his 65th year chooses to start withdrawing . Now can he withdraw 60 % of his portfolio till the age of 70 in 10 equal / unequal instalments before 70 in order to carry out tax planning ?
Question 2 : As mentioned above he has started the withdrawal process in 65th year can purchase of annuity be deferred uptill 3 years or as the individual has already crossed 60 being a pvt professional a doctor let’s say , he is bound by the law to purchase annuity in his 65th year itself with no option of 3 year deferment ?
Kindly reply
As I see, it is 10 annual installments. Therefore, you can withdraw once per year.
If you exit at 65, you can take maximum 5 installments.
For your query about annuity purchase, suggest you go through the following post.
https://www.personalfinanceplan.in/opinion/you-can-contribute-to-your-nps-account-even-after-you-turn-60/
Hi Sir,
What happens to my NPS investment after my citizenship status changes. Can I get back the amount immediately or have to wait to age 60.
Regards
Pawan
Hi Pawan,
I am not too sure. NRIs can invest in NPS but you are changing citizenship.
I doubt you will be allowed to exit before 60 (regular exit).
Suggest you write to NSDL CRA and seek clarity.
Sir i m 42 years old which time I will get pension please suggest to me I was working in private sector but I have resignation from the company.
You have NPS?
I am railway i have lost my pran card can i get new one had have completed 11years of service can i withdraw the money for buying a new house and how can i get
Yes, you can get a duplicate PRAN card. Contact employer or NSDL CRA. Frankly, you just need PRAN number.
https://www.npscra.nsdl.co.in/faq-maintenance.php (search for duplicate on the page).
You can withraw limited amount for purchase of first house.
if I am allready central govt employee and comes under NPS and if I quiet that jobs and join new govt organization which also come under NPS than what the rules or processing of NPS .
You can transfer your account to the new organization.
What is the procedure or rule to withdraw 25% of the total amount in PRAN, Please informed at earliest
sir,
please tell me that my friend is nps emploee and has contributed for 09 years but unfortunately has died now, how much total amount his spouse get.
Dear Darshan,
Sorry to hear about your friend’s demise.
Depends on the accumulated corpus and whether he was part of All citizens model NPS and Government sector NPS.
Can’t comment unless I have the information.
I am a central govt. employee and my pran account was opened on 28/11/2008. I want to resigned from service and get premature exit from nps with investment in 80% of annuity. Can i get premature exit before 10 year of contribution.
As I understand, For Government subscribers, this can happen. The limitation of 10 years is only for All citizens model subscribers.
Sir,
I want to get premature exit as resigned from central government service. In how many days, i shall get 20% of corpus. After premaure exit, my account will be deactivated. Can i apply as a new subscribe when i get a new job in future.
Once you exit, you should be able to create new PRAN.
Btw, you need to see the need too. Even if you are quiting government job, you can still continue your NPS account by shifting to All Citizen’s model.
Minimum contribution per year is Rs 1000.
Sir,
I am a central gov. servant. When my pran will be deactivted after premature exit after resignation. Then I apply as new subscriber after how many days of deactivation of old pran.
In my opinion, if you exit NPS completely, you can apply for new PRAN straightaway.
Don’t think there is any cooling period for this.
Hello Deepesh,
Thanks for the nice article. I have one query, What will happen to my NPS account post giving up my Indian Citizenship?
I know that my policy will be closed but please elaborate on how will I get the money back?
Thanks,
Archit
hi
sir i got government job last year. i heard that 10%of my salary will go in nps and same amount will be added by govt to my account. so if i deposit 4k from. my side as my salary is around 40k then how much amount i am going to receive as pension after my 62.?and what interst rate is applied to it throughout? please answer following.. specifically ammount of my pension.. please
Dear Khushboo,
NPS provides market linked returns. There is no guaranteed return.
Therefore, it is not possible to comment about the quantum of pension.
Dear Sir, I started NPS tier 1 investment during FY 2015-16 through e-enrolment using Aadhaar. Recently I have received my PR for Canada and would be applying for Canadian citzenship in 2020. My current NPS corpus is INR 1,17,000.I would like to know the guidelines for NPS exit for NRI in case of citizenship changes. Also can i exit the NPS in current FY?
Hi Saima,
Typically, exit is not allowed before 10 years. NRIs can own NPS accounts.
Foreign citizens can’t.
Till such time you don’t become Canadian citizen, you can continue your account.
About exit, you will have to check with NSDL CRA.
I believe you wouldn’t be allowed to exit till such time you complete 10 years or remain Indian citizen.
Dear Deepesh,
Thanks a lot for your reply, I received below response from CRA. Not sure why there are no guidelines for change in citizenship status for NPS while they are present for all other investments like PF,PPF, LIC etc. Do we foresake our investments in NPS when we accept citizenship of another country?
Dear Subscriber, we wish to inform you that as per PFRDA Regulations 2015, clause 4B, Pre-mature Exit from NPS is allowed for the subscribers who have subscribed to the NPS for at least a minimum period of ten years.Further, regarding the conversion of RI to NRI customers in the CRA system. Please note that there is currently no formal guidelines received from PFRDA regarding the process of conversion. However, to facilitate the subscribers we can process such requests in the below mentioned manner:1)Subscriber to fill up the NRI registration form and provide the same along with the supporting KYC documents to his/her associated POP/POP-SP for necessary due diligence.2)On successful verification of the documents (form and KYC documents) need to be forwarded to CRA for the purpose of carrying out the activity.In case of any further queries, you may contact us on our Toll free no. 1800-222-080 using your T-PIN.We hope this clarifies the matter and thank you for being our valuable subscriber.
Dear Saima,
I can only imagine your frustration at such a response.
The only reason I see is that it is a low priority item.
In my opinion, I suggest you mark an e-mail to PFRDA and seek clarification.
I have an NPS account when I joined a PSU Bank. Now I have resigned.
I plan to start my business and need funds. Can I withdraw funds for the same?
I do not intend to work in a job henceforth
Hi Aditya,
You can’t exit before 10 years.
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
Hi Aman,
NPS will not have any issues in your switching jobs.
However, if you gave a wrong undertaking to the new employer, that can be a problem.
Sir,
My wife is working in Vijaya Bank and will be on Sabbatical leave(child care leave) from 01-JAN-2018 till this year end. During this period her bank will not make NPS contributions.
The question is how much contribution I should make into her NPS account ?. Let me know the procedure how to make payment into her NPS account.?
Suggest you go through the following post.
https://www.personalfinanceplan.in/financial-planning/invest-nps-account-online/
Hi.. I have an NPS Tier -1 Account and i would like to take a premature exit. I have been holding the account from 2014 till date. So according to the revised policy i can exit the program after holding the account for 10years ( ie in 2024) and get the lumpsum amount without an purchase of annuity if my investment is less than 1lakh..Am i right sir?
i have posted this question because when i called the toll free number which was mentioned in the cra website , the customer care people were not aware of the revised rules.
You are right, Shweta!!!
Hello sir ,I was working in aligarh Muslim university on leave vacancy and then I resigned and I have submitted nps card and withdraw 20% amount from my nps account.now I got permanent job in state government and want to restart my nps account.kindly tell me what I have to do .please tell me the way .
Hi Alfiya,
Since the previous account is closed, you can open a new NPS account.
SIt please reply
Sir tell me the procedure.one more thing want to ask…what about remaining amount in my previous nps account(about350000)
You will have to purchase annuity plan using this amount.
Good morning sir.tell me the procedure to purchase annuity.
Hi Alfiya,
How did you close your account?
Sir I submitted my nps card in university and withdraw 20%.university had applied for it on my behalf.
You must have filled something about the annuity at the time of filing such form?
Sir will u pls elaborate this
Alfiya,
when you fill the form to exit, you specify details about annuity purchase too.
That’s why I am asking you.
Hello sir.I did not remember that what I had filled in form when I had withdrawn
Please contact NSDL CRA. They may be able to guide you better.
Annuity purchase will be as per the option filled there.
sir am working as a central govt employee from 2011 onwards.
Probably i will retire in 2050.
My question is ” Suppose if i left my service (without any permission from service). What will happen to my NPS account and money.
Dear Sunny,
Your NPS money will be completely safe in that case. The Government will not take it.
By the way, why wouldn’t you inform Govt. about leaving the service?
I want to withdraw full amount from tier 1 nps is it possible for my emergency domestic needs. Pl send solution to me and send iin below mentioned e-mail id
You can exit NPS only after 10 years of opening the account.
You can make partial withdrawal in certain cases.
sir
if reason is something othrthan the reasons specified for NPS WITHDRAWN,such as TIRTHYATRA for parrents,
can i withdraw 25%?
Dear Sir,
My Husband expired on 13Feb18 and he had nominated his parents as nominees when he was single.We got married 2 years back and he had nominated me as nominee in his bank accounts but by oversight he had not changed in NPS. He was working for central government education Institute. I am currently unemployed surviving with 2 years old daughter but i am his 1st legal heir. Can i claim his NPS accumulated wealth? Please reply.
Dear Madam,
I am sorry for your loss.
If I may ask, are you on good terms with your in-laws?
or did your husband leave a will?
Dear Sir,
My husband was not attached to his family due to some family problems. So i am not in good terms with them and during the funeral i found out their motive for his money . So i doubt they will give me the right share.He did’t leave any will.Can i claim the nps accumulated wealth?
Please help me out.
Awaiting for your reply
Winny,
A nominee is merely the trustee of money received.
Legal heirs have the right to the money (which will also include you and your kids). The succession also depends on the religion of the deceased.
Therefore, you still have a claim on that money even though your in-laws are nominees.
Sir, i m working in crpf since 2015 and if i resign from service in 2026 then will i get nps pension benefits or not. Bcs normal pension age/ voluntary retirement is 20 years of service and i m going to quit my service in 10 years.
Sir I want to know deactivated nps tier1 account means close or temporary close account in goverment sector.
You can revive the account by making pending minimum payments, along with penalty.
I was in bank Of India From 2011 TO 2018. I have left the job and started my own bussiness . How much NPS amount can i withdraw and what is the process . Pl guide
You can exit NPS only after completing 10 years.
Dear sir
You have mentioned that if a government employee takes voluntary retirement before attaining age of 60 he can withdraw 20 percent as lump sum and with remaining 80 percent he would have to purchase anuity. My question is that with purchasing of anuity will I get monthly pension starting from that period of time(voluntary retirement or after 60 years.Hope you get my point
If you purchase an immediate annuity, it will start right away.
If you purchase a deferred annuity, it will start after some time.
https://www.personalfinanceplan.in/lic-jeevan-shanti-review/
Hi Deepesh
I worked for a bank for 7 years and have resigned in 2017 and moved out of the country to settle abroad.. Is there a way I can withdraw my funds from NPS Tier 1. I had constructed house in 2017 and have a loan too. I dont mind transferring all the NPS funds to housing loan account. . i have a balance of 8 lakhs in NPS 1. can you please guide me with this regard
Regards
Sam
Sir
I handed one peculiar case kindly guide me the contributions of one employee was wrongly uploaded in some other person Pran for some period. Later the employee exit after 60 years and 60 and 40 percentage are settled. Now only it is known his contribution was wrongly uploaded in some other Pran for certain period. Now he wants to settle his case. Kindly guide me in this
Hello Sir,
In case somebody becomes NRI after contribution of few years in NPS. Does it allow NRIs to withdraw complete money (100% withdrawal) from NPS (self + employer’s contribution) ?
Thanks,
Nimesh
NRIs can invest in NPS. So, no problem on that front.
Sir l was state government teacher but I have given resign but now I again join another state government teacher but l do not keep further my old pran no. I want new pran . What can I do.
I worked with a private bank for one year and then resigned on October 2018. I have around eighty thousand in my nps. I want to close my nps account now. Is it possible?
Is there any provision to stop nps 3 months retirement age
Sir good morning I am crpf employees on 2006 and i want retirement after 20 years sir plg tell me how many nps pension after 20 years service
Hi,
I worked in central government for 12.5 years, from 2004-2016. I resigned and joined MNC job where there is no NPS facility. After resignation I am regular contributing to my existing Tier-1 NPS account. So, am I eligible for getting pension after age of 60.
Thanks.
Kind Regards
Mahesh
Hi sir,
first I am working in central bank of india jioing 30/08/2013 then i resign 12/07/2014 at that time bank has open nps account but after resigning i have join the state govt job 22/08/2014 joining date at that time state dept. has dcps scheme and then after convert to nps then state dept has open my nps account due to which i have 2 nps account but first account amount remain in this as such i want to trasnsfer that first account into my lattest account please guide how i transfer this amount
Hello Sir,
I have a very complicated case of NPS. My mother joined Rajasthan Government as a 3rd grade teacher in 2005, Her retirement was in Feb 2020 but she died in Jan 2020 just 45 days before retirement due to Cancer. Now NSDL is forcing me that I have to buy annuity with 80% fund and take 20% as cash. We have approx 14 lac in that fund. My father was died in 1998 and now I have only one younger sister which is married and I’m unmarried.
Sir I don’t want to buy any annuity because there is no profit to buy that. Companies are offering very low return and money is also getting blocked for eternal. I have to pay money to lenders which we bought for disease of my mother. If they block all my money how could I live my life?? Sir please provide me the solution. Today I’m facing these issue, but I know in future there will be lots of people who will suffer from this.
Hi Ankit,
I am sorry for your loss. I understand you are in a difficult situation.
The NPS withdrawal rules have changed many times over the last few years.
As I understand, in case of demise before superannuation, 80% of the amount must go towards annuity purchase and only the remaining 20% can be taken out lumpsum.
I understand this does not solve your problem but these are the rules.
Be strong.
Sir I have been terminated from my govt service after 7 years of service. Now what will happen to my money in NPS. Can I withdraw it?
That is the big frod to employees who forcely join the nos , although his own contributed money and the poor employees can’t use it ,big shame on that, it feels that we are salves just like before freedom…..it’s not nps it’s fullform should be Never pay to save
Hello Sir,
I have moved abroad permanently. Is there a way to withdraw my NPS contributions?
Hello,
I was working on a temporary (three year contract, renewed every year) position in CSIR, Govt of India. Then I joined on a permanent position in the same organisation without break between the two jobs. My NPS account was started by our office from the day I joined the permanent job. Now I want to know if I can get NPS benefit (contribution from our office) for the period served on temporary position
regards.
Sir my name is sandip patil
I change or update my bank account details plz give me a suggestion
Sir,
I had joined NPS 1 year back and left that company and joined new where i don’t get any NPS facility, what should i be doing in this case?
still my CBO name is my last company only, will this create any issue,
sir my brother join in government sector paramilitry defence and he has not completed training of two years ,nps account is open joining after 3 month,he has given resignation,but officer not accepted .hi join another government job ,then he want to give previous pran number , can any problem with new job ?.
if 7 years before opening pran card and 6 month continues in job in government sector, then he has not gone to again join job and not found invest corpus in my account, if joining new job any problem with previous NPS