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.
Given the various reasons for NPS withdrawals, the government has provided specific forms for withdrawing funds from the pension account.
NPS Withdrawal Forms
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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.
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.
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
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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The Pension Fund Regulatory and Development Authority has issued a circular announcing a change to the National Pension System that will allow subscribers to choose multiple annuity schemes from the same annuity service provider at the time of exit
The National Pension System (NPS) should be considered for retirement savings and not merely for tax-saving, says Max Life Pension Fund CEO Ranbheer Singh Dhariwal.
Many government employees’ associations have been demanding the restoration of the old pension system, claiming the new pension system is against their interest.
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