CPS(NPS) Funds Partial withdraw Online Process, Guidelines, Rules, withdrawl Form – PFRDA Guidelines to Subscribers 25 percent withdraw from cps amount
Online CPS Funds partial Withdrawal from PRAN account Process- PFRDA Guidelines NPS 25 Percent Funds Withdrawal Rules
NPS/ CPS Partial Withdrawal from PRAN Account PRAN/ CPS(NPS) Funds Partial Withdrawal Process PFRDA Guidelines to Subscribers 25 percent withdraw from cps amount: National Pension System (CPS) Partial withdrawl of accumulated pension of the subscriber Procedural Procedural guidelines/ Instructions : CPS 25% Partial Withdrawals – Directly with OTP without Treasury – New CPS Withdrawal Procedure Guidelines on process to be followed by subscribers and Nodal Office/POP Aggregator for processing of partial withdrawal request. PFRDA Pension Funds Regulatory and Development Authority Regulations have been Notified Published on the website . Process to withdraw CPS partial funds for various needs of the subscriber Guidelines have been issed by PFRDA. A partial withdrawal of accumulated pension wealth of the subscriber not exceeding twenty five per cent of the contributions made by the subscriber and excluding contributions made by employer if any at any tine before exist from Natinal Pension System subject to the terms and conditions purpose requency and limits specified
NPS|CPS Partial Withdrawal from PRAN Account – Terms and Conditions to Withdrawal of CPS Funds
GUIDELINES ON PROCESS TO BE FOLLOWED BY SUBSCRIBERS AND NODAL OFFICE/POP/AGGREGATOR FOR PROCESSING OF PARTIAL WITHDRAWAL REQUEST : Pension Fund Regulatory and Development Authority (Exits and Withdrawal under the National Pension System) (First Amendment ) Regulations 2017 have been notified/published on the website (www.egazette.nic.in.) w.e.f.10.08.2017 . In light of this , Circular dated 21.03.2016 has been modified and norms for partial withdrawals have been liberalized .This circular shall be effective from the date of the notification of first amendment i.e. 10-08-2017. As per Regulation 8 of the PFRDA (Exit and withdrawal from National Pension System)(first amendment)Regulations 2017, following provisions have been notified in respect of the partial withdrawals under National Pension System (NPS).
What are the conditions for Partial Withdrawal?
Following are the conditions of Conditional Withdrawal:
- Subscriber should be in NPS atleast for 3 years
- Withdrawal amount will not exceed 25% of the contributions made by the Subscriber
- Withdrawal can happen maximum of three times during the entire tenure of subscription.
- Withdrawal is allowed only against the specified reasons, for example;
- Higher education of children
- Marriage of children
- For the purchase/construction of residential house (in specified conditions)
- For treatment of Critical illnesses
How can the Partial Withdrawal be processed?
Partial withdrawal request can be initiated online by Subscriber. Alternatively, Subscriber can submit physical partial withdrawal form (601-PW) along with documents to POP, based on which POP can initiate online request.. However, POP is required to ‘Authorize’ the Withdrawal request in CRA system.
Guidelines for processing of partial withdrawal request
A partial withdrawal of accumulated pension wealth of the subscriber, not exceeding twenty-five per cent. of the contributions made by the subscriber and excluding contributions made by employer, if any, at any time before exit from National Pension System subject to the terms and conditions, purpose, frequency and limits specified below:-
(A) Purpose: A subscriber on the date of submission of the withdrawal form, shall be permitted to withdraw not exceeding twenty-five percent. of the contributions made by such subscriber to his individual pension account, for any of the following purposes only:-(a) for Higher education of his or her children including a legally adopted child;
(b) for the marriage of his or her children, including a legally adopted child;
(c) for the purchase or construction of a residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse. In case, the subscriber already owns either individually or in the joint name a residential house or flat, other than ancestral property, no withdrawal under these regulations shall be permitted;
(d) for treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the following diseases:
(i) Cancer; (ii) Kidney Failure (End Stage Renal Failure); (iii) Primary Pulmonary Arterial Hypertension; (iv) Multiple Sclerosis; (v) Major Organ Transplant; (vi) Coronary Artery Bypass Graft; (vii) Aorta Graft Surgery; (viii) Heart Valve Surgery; (ix) Stroke; (x) Myocardial Infarction (xi) Coma; (xii) Total blindness; (xiii) Paralysis; (xiv) Accident of serious/ life threatening nature. (xv) any other critical illness of a life threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time.
Limits: the permitted withdrawal shall be allowed only if the following eligibility criteria and limit for availing the benefit are complied with by the subscriber:-
(a) the subscriber shall have been in the National Pension System at least for a period of three years from the date of his or her joining;
(b) 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;
Frequency: the subscriber shall be allowed to withdraw only a maximum of three times during the entire tenure of subscription under the National Pension System. The request for withdrawal shall be submitted by the subscriber, along with relevant documents to the central recordkeeping agency or the National Pension System Trust, as may be specified, for processing of such withdrawal claim through their nodal office. Provided that where a subscriber is suffering from any illness, specified in sub-clause (d), the request for withdrawal may be submitted, through any family member of such subscriber.
Partial Withdrawal process/documents:
Operational process/documents to be adhered to / submitted for availing partial withdrawal would be as per the norms/guidelines prescribed/specified earlier.
Decision that employee can do partial withdrawal of CPS employees by updating their bank details from their personal login independently of Treasury Department Stopped from 01.01.2023 , Now the process only by Nodal Officer
In the background of covid 19 they gave an opportunity to draw parcels with self declaration and now they are withdrawing those orders.
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Cir. Memo No. F2/3058/2013 Dated 14/09/2021 NATIONAL PENSION SYSTEM – Partial Withdrawals – New Development introduced in NSDL-CRA system – Processing of Conditional Withdrawal at NPS Subscriber Level – Information communicated.
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Sub:- NATIONAL PENSION SYSTEM – Partial Withdrawals – New Development introduced in NSDL-CRA system – Processing of Conditional Withdrawal at NPS Subscriber Level – Information communicated – Reg.
Ref:
1). Cir. Memo No. Even no, Dated: 29/10/2018 of this office.
2). Cir. Memo No. Even no, Dated:19/07/2021 of this office.
3). Mail received from NSDL-CRA , Dated: 02/09/2021.
Attention of all the Deputy Directors of District Treasuries in the State is invited to the subject cited, vide reference in 1st cited guidelines were issued regarding the processing of partial withdrawal of accumulated pension wealth of the Subscriber under National Pension System, not exceeding twenty-five percent of the contributions made by the Subscriber only, excluding contributions made by employer, if any, at any time before exit from National Pension System, subject to the terms and conditions, purpose, limits and frequency.
And vide reference 2nd cited, necessary instructions were issued to allow partial withdrawal requests through Self-Declaration of the subscribers without any supporting documents.
In addition to that, it was informed by the NSDL-CRA, that a new development was incorporated in NSDL-CRA system regarding processing of Conditional (Partial) withdrawal requests which are raised through online by the subscribers without Treasury Office authorization with effect from 01st September, 2021.
Process of conditional withdrawal request in new development was as under:
1. Subscriber will initiate a Conditional withdrawal Request from his / her CRA system login
a. This request will be OTP based or
b. AADHAAR e-Sign based.
2. Once OTP / e-Sign is successful, CRA system will check the subscriber’s bank details vis a vis the details present in CRA system (also called as penny drop verification)
3. For successful verifications, CRA system will process the Conditional withdrawal request, without further authorization from the Treasury Office and funds shall be credited to subscriber’s verified bank account.
4. If penny drop verification failed due to mismatching of the details like Name of the subscriber, Bank Account number, IFSC code, Pin code etc… in CRA system while comparing to soft copy uploaded by subscriber, then transaction is unsuccessful.
5. For un-successful verifications, CRA system will display a message to the subscriber after which he/she will have to rectify the bank details in CRA System. For rectifying the bank details in CRA system, the subscriber needs to submit physical request to concerned Nodal office.
Hence, the Deputy Directors of District Treasuries in the State are requested to take necessary action to communicate these information to all the Divisional Sub Treasuries / Sub Treasuries / Drawing and Disbursing Officers under their jurisdiction.
Note:
- The subscriber need to initiate either OTP authentication or e-Sign the request.
- In OTP authentication, two distinct OTPs will be sent to subscriber registered mobile number and E-mail id respectively.
- E-Sign will be successful only, if name as per CRA records and name as per UIDAI(Register for Aadhar)matches 100% and active mobile number is available in UIDAI records.
- Only after successful OTP authentication or e-Sign, withdrawal request will be executed in CRA.
NSDL WEB:https://cra-nsdl.com/CRA/
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