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NPS Withdrawal Forms: Know Which Form You Will Need To File Based On Your Requirements

Given the various reasons for NPS withdrawals, the government has provided specific forms for withdrawing funds from the pension account.

July 8, 2024
July 8, 2024
NPS Withdrawal Forms

NPS Withdrawal Forms

The National Pension System (NPS) subscribers must submit their Permanent Retirement Account Number (PRAN), a valid identity and address proof, and a cancelled cheque with their name, bank account number, and IFSC code, among other requisite documents for online transfers. For age proof, they can also produce their matriculation certificate.

Also Read: Govt To ‘Re-Fix’ OROP Pension: What Is The Scheme, How Does It Benefit Armed Force Retirees?

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NPS is a government-backed retirement savings scheme that allows subscribers to withdraw up to 60 per cent of the corpus at retirement in a lump sum or systematically at a predetermined frequency. However, they must invest the rest in annuities to receive monthly pensions. The scheme also allows withdrawals in case of the subscriber’s untimely death. Given the various reasons for NPS withdrawals, the government has provided specific forms for specific situations, including premature exit, superannuation, and withdrawals after death.

For instance, if a nominee or the legal makes a claim, a copy of the subscriber’s death certificate and proof of nomination, in addition to their address and identity proof, are mandatory.

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Here is a list of forms mandatory for withdrawals based on a specific requirement.

Withdrawal Forms After Retirement

Form 101GS

Government employees need this form to withdraw funds from their NPS account after retirement.

Form 301

Likewise, corporate employees must use this form to exit the fund after retirement.

Form 501

Subscribers from the unorganised sectors covered under NPS’ Swavalamban Scheme must submit this form to withdraw funds after retirement.

Also Read: T20 World Cup Victory: Virat Kohli, Rohit Sharma, Jadeja Announce Retirement: 3 Lessons To Learn From Them

Forms For Premature Withdrawal

Form 102GP

Government employees must use this form for premature withdrawals under specific conditions, such as medical treatment, weddings, house renovation or construction, etc.

Form 302

This form is required for corporate employees making premature withdrawals.

Form 502

This form is required for subscribers from the unorganised sector to make premature withdrawals in any emergency.

Also Read: Atal Pension Yojana Enrolments Cross 6.65 Crore In June; East Zone Sees Growth, Says PFRDA

Withdrawal Forms In Case of Death

Form 103GD

This form is required by the nominee or the legal heir in the case of the death of a government employee subscriber to withdraw funds from the NPS account.

Form 303

This form is required by the nominee or the legal heir in the case of the death of a corporate employee subscriber to withdraw funds from NPS.

Form 503

A legal heir or nominee must submit this form to withdraw money from NPS after the death of a subscriber who worked in an unorganised.

 

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