New Delhi: An NPS subscriber is permitted to make a partial withdrawal for specified purpose after three years of joining. If the subscriber has applied for partial withdrawal, the completed hard copy form and documents are also required to be submitted to the concerned nodal office for verification and authorization.
Note that in absence of submission of the hard copy form and documents to the nodal office, the online partial withdrawal request will remain pending in the system and the subscriber will not receive the funds. As per advisories issued by the Pension Fund Regulatory & Development Authority (PFRDA), in case of all partial withdrawal requests captured in the system, the required forms, information and documents need to be submitted to the respective nodal offices immediately so that verification and authorization can be completed.
In order to ensure timely exit/withdrawal from NPS, CRA sends communication to the subscriber and Nodal office 6 month before the date of superannuation/attainment of 60 years to initiate the withdrawal claim in the CRA system and generates a Claim ID for each claim request.
As per the circular issued by PFRDA, the withdrawal process has been made mandatory online from April 1, 2016. Only online withdrawal requested raised on the online platform shall be accepted at CRA for processing.
Here’s how to raise online withdrawal claim under NPS:
The online withdrawal process can be initiated in either of the two ways:
1. By subscriber using user ID and IPIN: The subscriber can directly initiate withdrawal application using their user ID and IPIN in the CRA system within a period of 6 months before the age of superannuation/vesting date opted by subscriber. While initiating the request in the system, the subscriber needs to provide details such as lump sum % of withdrawal, annuity % share details, annuity service provider details, bank details, nomination details etc.
2. By Nodal Office/POP/Aggregator: In case the subscriber is not able to initiate the request directly into the system, the withdrawal application can be initiated by the concerned Nodal Office/ POP or aggregator in the CRA system using their respective logins. The subscriber is required to provide the physical withdrawal form along with the supporting documents such as identity and address proof, bank details etc. to the Nodal Office.
It is worth mentioning that the death claims shall directly be initiated by Nodal Office/POP/Aggregators through their respective logins in CRA system. The Nodal Office shall verify whether the Withdrawal Request Form has been properly filled and check whether all KYC documents have been submitted by the subscriber.
The Nodal Office will initiate and authorise the request only after such verification is carried out. Post authorisation of the request in CRA system, the Nodal Office/POP/Aggregator shall forward the withdrawal application form and supporting documents received from subscriber to CRA.
In case you face any issues with your nodal office, you can approach NPS Trust (along with your Permanent Retirement Account Number – PRAN and your own and your nodal office’s contact details) via email: firstname.lastname@example.org