If you wish to withdraw your accumulated wealth in NPS before you turn 60 years old or upon reaching superannuation, you can make partial withdrawal from your NPS account without closing it.
Eligibility for Partial Withdrawal
You are eligible for making a partial withdrawal request only if you have been an NPS subscriber for at least 3 years (from the date of your joining the scheme).
Frequency and Limits of Partial Withdrawal
- You can withdraw up to a maximum of 3 times during the entire tenure of your NPS account.
- You can withdraw up to 25% of the contribution in NPS at any time, excluding those made by your employer, if any.
Also, you can withdraw only 25% of the contributions made by you between two partial withdrawals.
Circ*mstances for Partial Withdrawal
The purposes for which you can make a partial withdrawal request include:
- Higher education for your children, including a legally adopted child
- Marriage of your children, including those legally adopted
- Purchase or construction of a residential house or flat in your name or a joint name with your legally wedded spouse
- Specified illnesses that involve hospitalization and treatment, either of yourself or your legally wedded spouse, your children (including those legally adopted), or dependent parents
- Meeting your medical and incidental expenses arising out of a disability or incapacitation suffered
- Meeting your expenses for skill development or re-skilling, or any other self-development activities, as permitted by PFRDA
- Establishment of your venture or start-up, as permitted under PFRDA guidelines
There are 14 specific diseases covered for partial withdrawal, including other critical illnesses of a life-threatening nature as may be mentioned in the circulars, notifications or guidelines issued by PFRDA at different points in time. These include:
- Cancer
- Primary pulmonary arterial hypertension
- Kidney failure (end-stage renal failure)
- Multiple sclerosis
- Major organ transplant
- Coronary artery bypass graft
- Aorta graft surgery
- Heart valve surgery
- Stroke
- Myocardial infarction
- Coma
- Total blindness
- Paralysis
- Accident of a serious or life-threatening nature
Withdrawal Process
You can submit a withdrawal request along with relevant documents to the POP / Nodal Office / for processing your withdrawal claim.
However, if you are suffering from any illness as specified above, the withdrawal request can be submitted by any of your family members.
For any query or assistance on Exit & Withdrawal, please contact us atdept-exit@npstrust.org.in
View Exits & Withdrawals Regulations
FAQs
Where should I submit my withdrawal claims?
You can submit your withdrawal claims to the POP or nodal office or any entity authorised by PFRDA.
If I already own a house in my name, can I still request for partial withdrawal?
No. If you already own a house, you are not allowed to make a partial withdrawal of your contribution in NPS for the purchase or construction of another house.
I own a house jointly with my wife and now I want to purchase another house. Can I ask for partial withdrawal?
NPS does not permit the withdrawal of money from NPS for the purchase or construction of a house if you already have an existing one in a joint name.
