6 Things To Know About Withdrawal Rules For NPS Tier-I

National Pension System

The National Pension System (NPS) is a small savings scheme that matures at retirement or when the subscriber reaches the age of 60. 

Eligibility

Anyone between the ages of 18 and 70 can open an NPS Tier I account. 

Minimum Time For Withdrawal

Subscriber should be enrolled in NPS for a minimum of three years to be eligible for withdrawals.

Withdrawal Purpose

The member can withdraw funds for children’s higher education, marriage, house purchase or construction, treatment for diseases like cancer, and organ transplants, etc.

Partial Withdrawal

For a partial withdrawal, the subscriber must submit a withdrawal request and a self-declaration mentioning the purpose.

How To Apply?

The subscribers can apply for partial withdrawals online on the Central Record-Keeping Agency (CRA) website. 

Compiled By Himani Verma