Subscribers who have joined NPS between 18-60 years
Category
Pre-mature Exit
(Exit before 60 years or age of Superannuation)
Limit for withdrawal of entire corpus as lump sum
₹ 2.50 Lakh on the date of initiation of the pre-mature exit request
Government Sector
Pre-mature Exit applicable in case of resignation, voluntary closure, dismissal or removal by the Government or employer prematurely.
- If the corpus on the date of initiation of the pre-mature exit request is equal to or less than ₹ 2.50 lakh, entire corpus can be withdrawn as lump sum.
- If the corpus on the date of initiation of the pre-mature exit request is higher than ₹ 2.5 lakh, at least 80% of the corpus has to be mandatorily utilized for purchase of Annuity providing periodical pension to the Subscriber. The balance corpus after utilization for purchase of annuity is payable as lump sum to the Subscriber.
Non-Government Sector
Pre-mature Exit applicable in case of voluntary closure of PRAN by the subscriber, subject to subscriber having been registered under NPS for 5 years.
- If the corpus on the date of initiation of the pre-mature exit request is equal to or less than ₹ 2.50 lakh, entire corpus can be withdrawn as lump sum.
- If the corpus on the date of initiation of the pre-mature exit request is higher than ₹ 2.5 lakh, at least 80% of the corpus has to be mandatorily utilized for purchase of Annuity providing periodical pension to the Subscriber. The balance corpus after utilization for purchase of annuity is payable as lump sum to the Subscriber.
Subscribers who have joined NPS after 60 years
Category
Pre-mature-Exit
(Exit before completion of 3 years under NPS)
Limit for withdrawal of entire corpus as lump sum
₹ 2.50 Lakh on the date of initiation of the pre-mature exit request
Non-Government Sector
- If the corpus on the date of initiation of the pre-mature exit request is equal to or less than ₹ 2.50 lakh, entire corpus can be withdrawn as lump sum.
- If the corpus on the date of initiation of the pre-mature exit request is higher than ₹ 2.5 lakh, at least 80% of the corpus has to be mandatorily utilized for purchase of Annuity providing periodical pension to the Subscriber. The balance corpus after utilization for purchase of annuity is payable as lump sum to the Subscriber.
For any query or assistance on Exit & Withdrawal, please contact us at dept-exit@npstrust.org.in