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NPS New Rule Pension Fund Regulatory and Development Authority (PFRDA) has changed the rules of the National Pension System this month. The rules for partial withdrawal from NPS have changed from February. If you are also thinking of withdrawing money from NPS fund, then you should first know about the new rules. Know when and how you can withdraw money from NPS.
National Pension System Partial Withdrawal: Everyone wants the benefit of pension after retirement.
Pension not only keeps you financially secure but also you do not have to ask for help from anyone else in case of financial trouble.
For this, many people invest in the National Pension System. In this, the investor gets the benefit of pension after maturity, but if you want, you can also make partial withdrawal from this account under many special circumstances.
Yes, according to the new rules, you can do this for some reasons. Let us tell you about it.
You can withdraw after 3 years
As per the PFRDA notification, withdrawal can be done after 3 years of opening the NPS account.
But now the rules for partial withdrawal from NPS account have been changed.
According to the new rules, now more than 25 percent of the amount cannot be withdrawn from the NPS account.
Suppose you have opened an NPS account in the year 2021, then you can make partial withdrawal in the year 2025. If you have invested Rs 1 lakh in NPS, then you can withdraw only Rs 25,000.
This is how you can withdraw money from NPS
If you want to withdraw money from your NPS account, then you will have to give a request to withdraw money from your NPS account. In this, you will have to give the reason why you are withdrawing money from the account.
Apart from this, you will also have to submit documents related to it. Then after the withdrawal request is approved, the money will be returned to the bank account within a few days.
Keep these things in mind while withdrawing money
Let us tell you that if you are withdrawing money from NPS account, then your NPS account should be more than 3 years old and only 25 percent of the amount can be withdrawn from the account and partial withdrawal can be done only 3 times before maturity.
You can make a partial withdrawal from NPS for these reasons
If you want to buy a house, you can withdraw money from the NPS account. Apart from this, partial withdrawal can also be made for children's education or marriage.
Even if you are going to start a business or startup, you can withdraw money from the NPS account.
Apart from this, money can also be withdrawn from the NPS account in case of emergency like medical emergency. Money can also be withdrawn from the NPS account for expenses like skill development.
Additionally, you can make partial withdrawals if you become disabled in an accident.
Let us tell you that to save tax, you can deposit a maximum of Rs 50,000 in the NPS account and can also avail additional tax benefits of 80(C) on savings made in NPS under section 80CD (1B) of the Income Tax Act. It also charges less administrative fees and fees for fund management.
