NPS subscribers can make partial withdrawal through online facility. With this, investors are no longer required to submit a physical application form to make partial withdrawal in their NPS account.
In addition, PRRDA has done away with the requirement of submitting supporting documents in both online and physical route to make a request for partial withdrawal.
Currently, NPS subscribers who have remained invested for at least three years can make partial withdrawal of up to 25% of the total corpus. The requested amount will be credited to the subscribers’ bank amount on the fifth day.
PFRDA said, “As of now, the eligible subscribers need to submit their application for a partial withdrawal to the respective nodal officers/points of presence (POPs) along with the supporting documents to substantiate the reasons for their partial withdrawals. In order to ease the process of partial withdrawal and make it simple, online and paperless in the interest of subscribers, it has now been decided to allow the subscribers to allow partial withdrawal based on self-declaration.”
Here is the process that your clients have to follow to make a partial withdrawal:
- Login to central recordkeeping agency using login credentials
- Select partial withdrawal and key in the eligible amount of partial withdrawal
- Select the reasons for partial withdrawal in drop down option
- Your clients need to submit self-declaration as given: "I submit the request for partial withdrawal and the amount thus withdrawn shall be utilized for the purpose of declared reasons as specified by PFRDA exit regulations. I am fully responsible and accountable to spend the amount thus withdrawn for the stated reason"
- Verify bank account, mobile number using OTP
