Home Business NPS: PFRDA relaxes withdrawal norms under NPS

NPS: PFRDA relaxes withdrawal norms under NPS


Pension Fund Regulatory and Development Authority (PFRDA) has permitted partial withdrawal under the National Pension System for purchase of residential premises, treatment of critical illness, higher education and marriage of children.

PFRDA in a circular said, National Pension System (NPS) subscribers who have contributed for three years can now withdraw up to 25 per cent of the corpus for meeting specified expenses. It said, the withdrawal will be permitted only three times during the tenure of the subscription.

The circular further said that in case the subscriber already owns either individually or in the joint name a residential house or a flat, other than ancestral property, no withdrawal will be permitted. PFRDA said, funds can also be withdrawan for treatment of illnesses like cancer, kidney failure, coronary artery bypass graft, heart valve surgery and paralysis

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