Download NPS Withdrawal Form PDF for free using the direct download link given at the bottom of this article.
NPS Withdrawal Form
Hello, today we share with you the NPS Withdrawal Form PDF which can be used for NPS Withdrawal before premature and on maturity.
There are specific NPS (National Pension Scheme) withdrawal limits for each type of exit from the National Pension System.
Details to be Mention in NPS Withdrawal Form
- Subscriber Sector
- Applicants Name and personal details
- CKYC Number
- Contact details
- Bank Account Number
- Bank Name & IFSC Code
- Subscriber’s withdrawal Details
- And any other details
NPS Withdrawal Limit for Tier 2 Account
Under these rules of the National Pension System, there are no restrictions on NPS Tier 2 withdrawal, thus the rules of NPS withdrawal and withdrawal limits currently only apply to NPS Tier 1 withdrawals.
NPS Withdrawal Limit for Tier 1 Account
These withdrawal limits for the NPS are primarily defined by the type of withdrawal being made and also on the amount being withdrawn from the NPS Tier 1 account. The following are the key withdrawal rules in the cases of withdrawal before maturity, partial withdrawal and withdrawal after maturity.
- NPS Withdrawal Rules for Premature Withdrawal: NPS Tier 1 holders can withdraw the NPS investment after completed 3 years of NPS account or can withdraw after 60 years old. This type of NPS withdrawal is termed as “premature exit”. You can only withdraw 20% of your corpus at the time of premature exist. The remaining 80% must be used to buy an annuity. Both the 20% withdrawal and the annuity are taxable.
- NPS Withdrawal Rules for Partial Withdrawal: You can make partial withdrawals from the NPS corpus for specified purposes. Under existing NPS withdrawal rules, the maximum amount that you can withdraw is up to 25% of your total contribution (not calculated on the total NPS account balance).
Partial NPS contribution withdrawals can be requested for the following:
- Higher education of children
- Marriage of children
- For the purchase or construction of a residential house or flat either in your own name or jointly with your spouse. However if you already own or jointly own a house or flat other than ancestral property, this will not be permitted.
- For the treatment of any of the illnesses mentioned below. The patient can be the subscriber, his spouse, children or dependent parents.
- Kidney Failure
- Preliminary Pulmonary Arterial Hypertension
- Multiple Sclerosis
- Major Organ Transplant
- Coronary Artery Bypass Graft
- Aorta Graft Surgery
- Heart Valve Surgery
- Myocardial Infarction
- Total Blindness
- Accident of serious/life-threatening nature
- Any other critical illness of a life-threatening nature specified by the PFRDA from time to time
NPS Tier 1 Withdrawal Rules for Withdrawal after Maturity
The NPS Tier 1 account matures after the subscriber attains the age of 60 years, although you can delay the withdrawal of these investments till the age of 70. Under existing NPS withdrawal rules for withdrawal after maturity, you can withdraw up to 60% of your corpus tax-free.
You are mandatorily required to use the remaining 40% of your corpus to buy an annuity. The annuity provides a monthly pension to the NPS subscriber after retirement. The monthly pension received is taxable at the slab rate of the investor.
Download the NPS Withdrawal Form PDF using the link given below.