Withdrawal From NPS

Withdrawal In Tier I account, a subscriber can withdraw from NPS on his/ her retirement, resignation or death. On retirement a subscriber would be required to invest minimum 40% of his / her accumulated savings to purchase a life annuity from any Pension Fund Regulatory and Development Authority (PFRDA) - empanelled and Insurance Regulatory and Development Authority (IRDA) - approved Annuity Service Providers (ASPs) - . Around 80% of amount has to be annuitized and remaining can be withdrawn by the subscriber on resignation. In case of death of the subscriber, entire amount will be handed over to the nominee. To withdraw from Tier II account, the subscriber needs to submit UOS-S12 form - to the associated POP-SP. If the request is entered and authorised in CRA system by the POP/POPSP before 1.30 PM, then it goes for same day's processing, or else it goes for the next business day. The redemption amount may vary due to the variation of NAV. Units are redeemed based on the NAV declared at the end of the processing day. On date of processing with addition of 3 days, the funds are transferred from the Trustee Bank - to subscriber's bank account as registered in the CRA system. Forms for Individuals - Know Your NPS Transaction Statement - FAQs