During Covid, if an investor wants to withdraw from his or her NPS account then no documentation shall be required. The amount that can be withdrawn by self-declaration is fixed at up to 25 percent of the NPS contribution or corpus amount.
Detailing the facility, PFRDA- Pension Fund Regulatory and Development Authority, NPS administering body’s Supratim Bandyopadhyay iterated that no documents pertaining to house, marriage or medical is required at the time of partial withdrawal and a person can withdraw the amount by self-declaration.
Also, the retirement withdrawal limit has been increased to Rs. 5 lakh from Rs. 2 lakh that is in case the pension fund amount is less than Rs 5 lakh then the subscribers are allowed to withdraw the entire amount without buying any annuity.
Partial withdrawal from NPS can be made as many as three times. Also, premature withdrawal limit has been increased from Rs 1 lakh to Rs 2.5 lakh.
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Story first published: Tuesday, July 20, 2021, 21:05 [IST]