Outlook Money
It gives its subscribers the ability to deposit and grow the corpus for their long-term financial security, usually after retirement. It also offers a withdrawal facility.
1. Complete Withdrawal At Maturity Or After: Entire corpus can be withdrawn at superannuation or after turning 60. 60 per cent withdrawal comes as a lump sum and the 40 comes as an annuity.
Premature withdrawal of the full amount can also be made in situations like permanent disability, severe illness, or death.
NPS also allows premature exit if a subscriber chooses not to continue for some reason and wants to withdraw money.
Partial withdrawal can be made only 3 years after the enrollment in the scheme for a maximum of 25 per cent of the subscriber's contribution.
For withdrawing money, one needs to log in with permanent retirement account number and password to the official portal of the concerned CRA. Then, one needs to look for the 'Transact Online' tab and click on the 'Withdrawal' option.
After this, one should select the type of withdrawal, download the NPS withdrawal form, fill in the details, attach the required documents, and submit. The process takes around 10 days to complete.
Subscribers can either download the relevant NPS withdrawal form online or can also get it from the nearby POP service provider or nodal office. The process remains the same, but submission of the form is in person to the POP-SP for processing the request.