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 you also do not have to ask for help from anyone else in case of financial trouble.
Many people invest in the National Pension System for this. In this, the investor gets the benefit of pension after maturity, but if you want, you can also make partial withdrawal from this account in many special situations.
Yes, according to the new rules, you can do this due to some reasons. Let us tell you about it.
You can withdraw after 3 years
According to the notification of PFRDA, 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According to the new rules, now more than 25 percent of the amount cannot be withdrawn from the NPS account.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 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 NPS account, then you will have to give a request to withdraw money from NPS account. In this, you have to tell the reason why you are withdrawing money from the account.
Apart from this, you will also have to submit the related documents. Then after the withdrawal request is approved, the money will be returned to the bank account in 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money from NPS account, then your NPS account should be older than 3 years and only 25 percent of the amount can be withdrawn from the account and partial withdrawal can be done only 3 times before maturity.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 withdraw money partially from NPS for these reasons
If you want to buy a house, you can withdraw money from NPS account. Apart from this, partial withdrawal can also be done for children’s education or marriage.
If you are going to start a business or startup, then also you can withdraw money from NPS account.
Apart from this, money can be withdrawn from NPS account in case of emergency like medical emergency. Money can also be withdrawn from NPS account for expenses like skill development.
Apart from this, if you become disabled in an accident, then you can make partial withdrawal.
Let us tell you that to save tax, you can deposit a maximum of Rs 50,000 in NPS account and under section 80CD (1B) of Income Tax Act, you can avail tax benefits in addition to 80 (C) on savings made in NPS. In this, administrative charges and fees for fund management are also less.
