PFRDA Allows to Withdraw Partial Amount from NPS in Railways
The Indian Ministry of Railways released a notice in February 2021 concerning partial withdrawals from the National Pension System (NPS) with permission from the Pension Fund Regulatory and Development Authority (PFRDA). This was based on the PFRDA circular dated 14 January 2021, which was then adopted by the railways on 23 December 2022. The notification was issued by the Director of Finance (Estt.) at the Railway Board.
How can I withdraw my NPS partial amount?
When applying to the corresponding Nodal Office/POP/Aggregator for a withdrawal, the subscriber must confirm that the bank account data from the bank passbook/bank statement or check is accurate. Furthermore, the subscriber should provide a bank proof (cancelled cheque/copy of bank passbook/bank certificate) together with the Partial Withdrawal Form. The individual needs to state the intent of Partial Withdrawal and provide a proof supporting this. Additionally, the subscriber must have been in the NPS for at least 3 years.
Type of Withdrawal and Documents Required for Partial Withdraw in NPS
The type of withdrawal and documents necessary to be submitted differ depending on the purpose. For higher education, a copy of the admission letter of the institute along with the fee schedule is required. When it comes to marriage of the member’s children, a self-declaration is necessary. For purchasing or constructing a residential house or flat, in one’s own name or with a legally wedded spouse, photocopies of title documents of the property, approved plan and self-declaration or loan offer letter from a housing finance company or a bank and self-declaration must be presented. In the event of treatment of specified illnesses of the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents, a certificate from the doctor is necessary.
Railway Order on Partial Withdraw in NPS
GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAY)
RBE No. 30/2023
New Delhi, dated: 09.02.2023
The General Managers/Principal Financial Advisers,
All Zonal Railways/Production Units etc.,
DGs of RDSO and NAIR.
Subject: Partial withdrawal for NPS Subscribers-regarding.
A copy of Pension Fund Regulatory and Development Authority (PFRDA)’s Circular No. PFRDA/2022/40/ASP/EXIT/4, dated 23/12/2022 regarding partial withdrawal for NPS Subscribers is enclosed for information and compliance. The instructions contained therein shall apply mutatis mutandis on Railways also.
The Pension Fund Regulatory and Development Authority (PFRDA)’s circular dated 14.01.2021 mentioned in their circular dated 23.12.2022 was adopted on Railways vide letter of even number dated 01.02.2021.
D.A.: As above.
(G. Priya Sudarsani)
Director Finance (Estt.).
Fax No.011- 23383407.
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