The NPS subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under NPS, but the partial withdrawal is linked with contributions made by the subscriber. The subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal.
Earlier the subscriber under NPS was permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her after 10 years from the date of his or her joining the system, and a maximum of three times during the entire tenure of subscription under NPS.
This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha today.
This is a good news for NPS subscribers. Reduction from 10 years to 3 years eligibility is a good step by the Government. I hope some more such steps on death of subscriber is required at par with the subscribers whose superannuate for 40/60 instead of 20/80 percentage.
Source:PIB
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