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Tuesday, December 23, 2014

How to withdraw money from an NPS Account?

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How to withdraw money from an NPS Account

One can withdraw from the Tier II NPS account, but the Tier I account is a mandatory, no-withdrawal account

 

Do reconsider first about why you would like to exit a long-term investment. But if you have made up your mind, whether you can withdraw now would depend on whether you have a Tier I or Tier II NPS account. NPS is a voluntary pension scheme and has two parts - Tier 1 and Tier 2. Tier I account is a mandatory no-withdrawal pension account. One can exit from this account only on his / her retirement, resignation or death.

 

In case, you have a Tier 1 account then only 20 per cent of the money can be withdrawn before you reach the age of 60. If you withdraw before 60 years of age, you would be required to invest at least 80% of the pension wealth to purchase a life annuity from any IRDA - regulated life insurance company. The remaining 20% can be withdrawn as lump sum.

 

On attaining the age of 60 years, a subscriber would be required to invest minimum 40% of the fund (pension wealth) to purchase a life annuity from any IRDA - regulated life insurance company.

 

The Tier II account is a voluntary withdrawal savings account from which individuals can withdraw money anytime.


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