Sunday, February 25th, 2024

Baggers of these documents will not be able to withdraw even a single penny from NPS account, know details

National Pension System: If you are investing in NPS and want to withdraw money under this account, then you must have some important documents. Without these documents, you will not be able to withdraw even a single rupee from the National Pension System account. For withdrawal from NPS, a subscriber has to submit the Withdrawal Application Form along with the required documents to the concerned POP. The documents submitted by the POP will be scrutinized and sent by CRA to M/s NSDL.

As per the NPS FAQ, the CRA will in turn register your claim and you will be required to submit the required documents along with the application form. With this, you have to complete the process of withdrawal. When the document arrives, CRA will examine the application and settle the amount to be released against your account.

These documents are needed along with the withdrawal form

  • If you are going to claim money under NPS account, then you must have a PRAN.
  • Along with this, you should have Aadhaar, passport, PAN card, driving license, voter ID card etc. as identity proof.
  • For address you have- Passport, Aadhaar Card, PAN Card, Driving License and any one of Voter ID Card
  • A canceled check containing the name, bank account number and IFS code of the NPS subscriber. In its place, you can also give a bank certificate, in which all the information has been given.

When can you withdraw money from the account

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If a subscriber has invested in NPS, then he can withdraw 60 percent of the amount after 60 years, while 40 percent of the amount is given as pension. However, if an NPS account holder withdraws money from NPS before 60 years, then he will have to keep 80 per cent of the amount for pension and can withdraw the remaining money in lump sum. If the NPS holder dies before 60 years, then in this case the accumulated money is returned to the nominee or heir. No pension amount will be given on this.

read this alsoNPS: If the NPS account gets frozen, do this work immediately, otherwise you will be deprived of benefits

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