New rules have been announced by the Pension Regulatory Commission for early partial withdrawal of the National Pension Scheme members.
What are the new rules for NPS in 2024?
‘Members may take partial withdrawal from the National Pension Scheme subject to conditions. According to a recent circular issued by the Pension Regulatory Authority, members can withdraw only one-fourth of their contribution early.
Partial exemption is possible only for reasons such as higher education of children, marriage expenses, house purchase, medical needs, skill development, self employment etc.
Also, to be eligible for this, the member must have joined the scheme for more than three years. Members can avail this facility only three times during the plan period.
After one withdrawal, another withdrawal can only be made from subsequent contributions. Application form along with Self Need Certificate must be submitted for withdrawal of money.