SBI PENSION FUND SCHEME - CENTRAL GOVT - 26.0253 as on 17-01-2018 || SBI PENSION FUND SCHEME - STATE GOVT - 22.3584 as on 17-01-2018 || SBI PENSION FUND SCHEME E - TIER I - 24.1625 as on 17-01-2018 || SBI PENSION FUND SCHEME C - TIER I - 24.4709 as on 17-01-2018 || SBI PENSION FUND SCHEME G - TIER I - 22.3403 as on 17-01-2018 || SBI PENSION FUND SCHEME E - TIER II - 22.2806 as on 17-01-2018 || SBI PENSION FUND SCHEME C - TIER II - 22.411 as on 17-01-2018 || SBI PENSION FUND SCHEME G - TIER II - 21.3429 as on 17-01-2018 || NPS TRUST A/C-SBI PENSION FUNDS PRIVATE LIMITED- NPS LITE SCHEME - GOVT. PATTERN - 21.1268 as on 17-01-2018 || SBI PENSION FUNDS PVT. LTD. SCHEME - CORPORATE-CG - 16.5778 as on 17-01-2018 || NPS TRUST - A/C SBI PENSION FUND SCHEME - ATAL PENSION YOJANA (APY) - 12.5377 as on 17-01-2018 || SBI PENSION FUND SCHEME A - TIER I - 10.9208 as on 17-01-2018 || SBI PENSION FUND SCHEME A - TIER II - 20 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME- CENTRAL GOVT - 25.3492 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME- STATE GOVT - 22.5727 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME E - TIER I - 28.539 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME C - TIER I - 22.1567 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME G - TIER I - 20.1641 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS SCHEME E - TIER II - 23.0989 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS SCHEME C - TIER II - 21.1624 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS SCHEME G - TIER II - 20.6746 as on 17-01-2018 || NPS TRUST A/C-UTI RETIREMENT SOLUTIONS LIMITED- NPS LITE SCHEME - GOVT. PATTERN - 21.0341 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME - CORPORATE-CG - 10 as on 17-01-2018 || NPS TRUST - A/C UTI RETIREMENT SOLUTIONS LTD. SCHEME - ATAL PENSION YOJANA (APY) - 12.9109 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME A - TIER I - 10.8276 as on 17-01-2018 || UTI RETIREMENT SOLUTIONS PENSION FUND SCHEME A - TIER II - 10 as on 17-01-2018 || LIC PENSION FUND SCHEME - CENTRAL GOVT - 25.3693 as on 17-01-2018 || LIC PENSION FUND SCHEME - STATE GOVT - 22.667 as on 17-01-2018 || NPS TRUST A/C-LIC PENSION FUND LIMITED- NPS LITE SCHEME - GOVT. PATTERN - 20.8922 as on 17-01-2018 || LIC PENSION FUND LIMITED SCHEME - CORPORATE-CG - 16.678 as on 17-01-2018 || LIC PENSION FUND SCHEME E - TIER I - 18.7799 as on 17-01-2018 || LIC PENSION FUND SCHEME C - TIER I - 15.8697 as on 17-01-2018 || LIC PENSION FUND SCHEME G - TIER I - 16.0947 as on 17-01-2018 || LIC PENSION FUND SCHEME E - TIER II - 15.7188 as on 17-01-2018 || LIC PENSION FUND SCHEME C - TIER II - 14.8732 as on 17-01-2018 || LIC PENSION FUND SCHEME G - TIER II - 16.0331 as on 17-01-2018 || NPS TRUST - A/C LIC PENSION FUND SCHEME - ATAL PENSION YOJANA (APY) - 12.8466 as on 17-01-2018 || LIC PENSION FUND SCHEME A - TIER I - 10.7864 as on 17-01-2018 || LIC PENSION FUND SCHEME A - TIER II - 10 as on 17-01-2018 || KOTAK PENSION FUND SCHEME E - TIER I - 26.5942 as on 17-01-2018 || KOTAK PENSION FUND SCHEME C - TIER I - 24.314 as on 17-01-2018 || KOTAK PENSION FUND SCHEME G - TIER I - 20.5711 as on 17-01-2018 || KOTAK PENSION FUND SCHEME E - TIER II - 23.529 as on 17-01-2018 || KOTAK PENSION FUND SCHEME C - TIER II - 20.9166 as on 17-01-2018 || KOTAK PENSION FUND SCHEME G - TIER II - 19.3231 as on 17-01-2018 || NPS TRUST A/C-KOTAK MAHINDRA PENSION FUND LIMITED- NPS LITE SCHEME - GOVT. PATTERN - 18.4587 as on 17-01-2018 || KOTAK PENSION FUND SCHEME A - TIER I - 10.8012 as on 17-01-2018 || KOTAK PENSION FUND SCHEME A - TIER II - 10 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME E - TIER I - 26.7074 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME C - TIER I - 22.0024 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME G - TIER I - 20.1194 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME E - TIER II - 22.8253 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME C - TIER II - 20.4844 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME G - TIER II - 19.5414 as on 17-01-2018 || NPS TRUST A/C-RELIANCE CAPITAL PENSION FUND LIMITED- NPS LITE SCHEME - GOVT. PATTERN - 10 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME A - TIER I - 10.7372 as on 17-01-2018 || RELIANCE PENSION FUND SCHEME A - TIER II - 10 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME E - TIER I - 28.3593 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME C - TIER I - 24.441 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME G - TIER I - 20.714 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME E - TIER II - 22.3495 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME C - TIER II - 22.7758 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME G - TIER II - 19.8587 as on 17-01-2018 || NPS TRUST A/C-ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED- NPS LITE SCHEME - GOVT. PATTERN - 10 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME A - TIER I - 10.8098 as on 17-01-2018 || ICICI PRUDENTIAL PENSION FUND SCHEME A - TIER II - 10 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME E - TIER I - 20.9088 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME C - TIER I - 15.8776 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME G - TIER I - 15.3207 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME E - TIER II - 18.112 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME C - TIER II - 14.9717 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME G - TIER II - 15.6513 as on 17-01-2018 || NPS TRUST A/C-HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME - NPS LITE SCHEME - GOVT. PATTERN - 10 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME A - TIER I - 11.0332 as on 17-01-2018 || HDFC PENSION MANAGEMENT COMPANY LIMITED SCHEME A - TIER II - 10 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME E - TIER I - 11.6435 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME C - TIER I - 10.7926 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME G - TIER I - 10.2938 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME A - TIER I - 10.4352 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME E - TIER II - 11.6201 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME C - TIER II - 10.5407 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME G - TIER II - 9.944 as on 17-01-2018 || BIRLA SUN LIFE PENSION SCHEME A - TIER II - 10 as on 17-01-2018

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Withdrawal

As per Pension Fund Regulatory & Development Authority (PFRDA) Exit Rules, following Withdrawal categories are allowed:

  1. Upon Normal Superannuation – At least 40% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of annuity providing for monthly pension of the Subscriber and the balance is paid as lump sum to the subscriber.
  2. In case the total corpus in the account is less than Rs. 2 Lakhs as on the Date of Retirement (Government sector)/attaining the age of 60 (Non-Government sector), the Subscriber (other than Swavalamban subscribers) can avail the option of complete Withdrawal.
  3. Upon Death – The entire accumulated pension wealth (100%) would be paid to the nominee/legal heir of the Subscriber and there would not be any purchase of annuity/monthly pension.
  4. Exit from NPS Before the age of Normal Superannuation – At least 80% of the accumulated pension wealth of the Subscriber should be utilized for purchase of an annuity providing the monthly pension of the Subscriber and the balance is paid as a lump sum to the Subscriber.

Based on the different types of Withdrawal request, following forms are required to be submitted to the concerned Nodal Office

Type of Withdrawal Request Central / State Government Corporate / All Citizens of India (NPS-Lite) Sector Swavalamban Sector
Superannuation 101-GS 301 501
Premature Exit 102-GP 302 502
Death 103-GD 303 503

Withdrawal forms are available on the NSDL-CRA Corporate Website (http://www.npscra.nsdl.co.in). Subscriber can also send an e-mail to npsclaimassist@nsdl.co.in orinfo.cra@nsdl.co.in to get the Withdrawal forms on their e-mails.

For any superannuating Subscriber/attaining 60 years of age, CRA generates a Claim ID six months prior to the date of retirement or attaining 60 years of age. CRA intimates the generation of Claim ID to the subscriber / Nodal Office vide e-mails, letters, SMS. Nodal Office can also view the Claim IDs generated for underlying Subscribers at ‘Welcome Page’ in CRA site.

For Pre-mature Exit and Death cases, the Claim IDs will be generated by subscribers’ mapped Nodal Office or CRA when the Withdrawal request for the same is received.

If the Claim ID is not generated for a Subscriber even if the date of retirement is less than six months away, the concerned Nodal Office should update the correct retirement date in the CRA system.

If the Subscriber is going to superannuate six months from now, the Subscriber can submit his Withdrawal Form anytime after the generation of Claim ID, however the Withdrawal request will be processed only after completion of Superannuation age/ Date of Retirement (as per the CRA records).

In order to generate Claim ID for Withdrawal of NPS funds in case of Pre-mature Exit, the Subscriber would have to contact the Nodal office for generation of Claim ID.

Subscriber can capture the online Withdrawal request six months in advance from the date of superannuation/ attaining the age of 60. Subscriber can submit the request by logging into the CRA website (www.cra-nsdl.com) under the menu "Exit Withdrawal Request".

No, the Withdrawal forms should be submitted to the associated Nodal Office for onward submission at CRA. Nodal Office should stamp and authorised the form after performing the necessary due diligence for the form and the supporting documents. The duly authorised forms and the documents can be then be forwarded to CRA for further processing.

A Non-IRA compliant Subscriber can submit the Withdrawal request at CRA. However, the Subscriber would also have to submit the Form - S1 (Subscriber Registration Form) alongwith his Withdrawal request.

In case of Pre-mature Exit, 100% is not allowed. However, in case of Superannuation, a Subscriber can claim 100% Withdrawal if the total accumulated corpus is less than Rs. 2,00,000 at the time of Superannuation/attaining age of 60 years.

Following documents are to be submitted alongwith the completely filled Withdrawal form for Superannuation & Pre-mature Exit at CRA:

  • Covering Letter from the associated Nodal Office to be submitted alongwith the Withdrawal form
  • Advanced stamped receipt needs to be duly filled and cross-signed on the Revenue stamp by the subscriber.
  • Original PRAN card OR affidavit in case of Non submission of PRAN card
  • KYC documents (address and photo-id proof) attested by mapped Nodal Office.
  • ‘Cancelled Cheque’ (having subscriber’s Name, Bank Account Number and IFS Code) or ‘Bank Certificate’ on Bank Letterhead having subscriber’s name, Bank Account Number and IFS Code required to be submitted as bank proof. ‘Copy of Bank Passbook’ can be accepted, however, it should have Subscriber’s photograph on it and should be self attested by the Subscriber.

Nominee(s) registered in the CRA system can submit the Withdrawal request to CRA through the Subscriber’s associated Nodal Office. If the Subscriber was Non – IRA (Non-Individual Retirement Account) or Nominee was not registered with CRA, legal heir(s) can submit the Withdrawal request.

Withdrawal form needs to be submitted by all the nominees registered in CRA system. In case the nominee is a minor, Withdrawal form has to be submitted by the guardian along with the birth certificate of the minor.

Following documents are to be submitted alongwith the completely filled Withdrawal forms at CRA:

  • Covering Letter from the associated Nodal Office to be submitted alongwith the Withdrawal form
  • Advanced stamped receipt need to be duly filled and cross-signed on the Revenue stamp by the Subscriber.
  • Original PRAN card OR affidavit in case of Non submission of PRAN card
  • KYC documents (address and photo-id proof) attested by mapped Nodal Office.
  • ‘Cancelled Cheque’ (having subscriber’s Name, Bank Account Number and IFS Code) or ‘Bank Certificate’ on Bank Letterhead having claimant’s name, Bank Account Number and IFS Code required to be submitted as bank proof. ‘Copy of Bank Passbook’ can be accepted, however, it should have claimant’s photograph on it and should be self attested by the claimant.
  • Original Death Certificate issued by the Local Authority.
  • In case of Nomineesdetails are not available in the CRA system, a legal heir certificate OR a certified copy of family member’s certificate issued by Executive Magistrate is required indicating the relationship of the claimant with the deceased as well as supporting documents is to be provided. If the all the legal heirs are not claiming the pension funds, Relinquishment deed to be submitted from all the legal heirs (except the Claimant) on a Stamp paper of Rs. 100/-alongwith the KYC documents (Photo ID proof and Address proof) of all the legal heirs duly attested by the mapped Nodal Office. Also an Indemnity bond needs to be obtained from the claimant stating the responsibility for claiming on behalf of all the legal heirs.
  • Nodal Office has to submit the Death IRA compliance certificate if the subscriber’s PRAN is Non-IRA compliant.

Nodal Office and Subscriber can send an e-mail to info.cra@nsdl.co.in or npsclaimassist@nsdl.co.in for any query.

The major reasons why a Withdrawal request is‘rejected’ or kept ‘on hold’:

  1. KYC documents (Photo-ID Proof and Address Proof) not attested by mapped Nodal Office.
  2. Original PRAN card OR Affidavit in case of non-submission of PRAN card not submitted along with the Withdrawal form.
  3. ‘Date of Retirement’ mentioned on the Withdrawal form does not match with date mentioned on the Nodal Office covering letter. Hence, Nodal Office confirmation is required for correct Date of Retirement.
  4. Covering letter from the associated Nodal Office not submitted along with the Withdrawal form.
  5. The associated Nodal Office has not authorized the Withdrawal form.
  6. Withdrawal fund allocation percentage not provided in the Withdrawal form.
  7. Nomination details/Witness (to nomination) details not provided in the Nomination form.
  8. Address mentioned in theWithdrawal form is different from the Address Proof provided.
  9. Name provided in the Withdrawal form is different from the name provided in the KYC documents (Photo ID and address proof).
  10. Photograph is not ‘self attested’ by the Subscriber/Claimant.
  11. In case of death, Withdrawal request not submitted by the registered nominee as per the CRA system.

The Withdrawal proceeds are credited electronically to the bank account of the Subscriber/Claimant (as per the bank details provided in the Withdrawal form).

No, Withdrawal proceeds are credited electronically to the bank account of the Subscriber/Claimant, as the case maybe. It is necessary for the Subscriber /Claimant to have a bank account.

Following communications are sent to the Subscribers during the Withdrawal process:

  • E-mail, letter and SMS alert to NPS Subscribers at the time of generation of Claim ID
  • E-mail & letter is sent to the Claimant for any discrepancy observed
  • At the time of acceptance of request, Transaction Statement is sent to the Subscriber through e-mail
  • E-mail to Subscriber intimating the Fund Transfer Details of the credit remitted to Claimant/ASP bank account.

Withdrawal status can be checked through the ‘Limited access View’ functionality which is available at CRA website (www.cra-nsdl.com). Nodal Office and Subscriber can also check the status under the menu ‘Exit Withdrawal Request’ by logging into website.

In the context of NPS, Annuity refers to the monthly sum received by the Subscriber from the Annuity Service Provider (ASP). A percentage of the pension wealth as decided by the Subscribers (minimum 40% & 80% is to be invested with ASP in case Withdrawal is due to Superannuation & Pre-mature Exit respectively) is utilized for purchase of Annuity from the ASP.

In order to withdraw from Tier II account, the Subscriber needs to submit a duly filled UOS-S12 to the associated POP-SP. On T+3 days, (T being the date of processing) the funds are transferred from the Trustee Bank to Subscriber’s bank account as registered in the CRA system and the onus of tax payment on the withdrawal lies with the Subscriber since NPS system does not deduct any tax at source.

The units available in the Tier II account of the NPS Subscriber (for Subscriber holding a Tier II account) who has submitted a Withdrawal request for Tier I at CRA (provided the request stands approved from the concerned authority) are redeemed alongwith the Tier I balance. The funds redeemed are transferred to the account provided by the Subscriber in the Withdrawal form.

Subscribers exiting NPS on account of Superannuation can opt for deferring the Withdrawal of their lumpsum share (maximum 60%) to a maximum period of 10 years or 70 years of age (whichever is earlier).

As per PFRDA Exit Rules, Subscribers exiting NPS on account of Superannuation or Pre-mature Exit can defer purchase of Annuity (minimum 40% & 80% is to be invested with ASP in case Withdrawal is due to Superannuation & Pre-mature Exit respectively) for a maximum period of 3 years.