New Delhi: Subscribers of National Pension System of NPS are allowed to do partial withdrawal from their NPS tier 1 account after completion of three years under circumstances. Subscribers can place the withdrawal request online.
Many NPS subscribers recently applied for partial withdrawal from their pension account but have complained that they have not received the funds yet. The National Pension System Trust in an advisory issued in leading dailies on Tuesday has advised those subscribers to submit the hard copy of the completed form along with all supporting documents to the concerned nodal office for verification and authorization.
Without submitting the hard copies, online withdrawal application will remain pending and the subscriber will not receive the funds, NPS trust said.
The PFRDA in an earlier advisory issued on December 6 and December 28, 2019 had advised subscribers that for all withdrawal requests submitted online till November 30, 2018, the required forms, information and documents need to be submitted to the respective nodal offices immediately so that verification and authorisation can be done by January 31, 2019.
What NPS subscribers need to do
For government employees, the nodal offices will be Pay & Accounts Office (PAO) or District Treasury Office (DTO) or Drawing & Disbursing Office (DDO) and for private sector employees, the nodal office will be Points of Presence (PoP).
Subscribers who have already applied for withdrawal from NPS before November 30, need to submit the hard copies of the required documents by January 31, 2019, failing which the online withdrawal request will be treated as void, The NPS Trust said in the advisory. In case subscribers face any problem with their nodal office in relation to the above they can approach NPS trust via email: email@example.com.
It may be noted that partial withdrawal is allowed in certain conditions. They are as follows:
1. Higher education of children
2. Marriage of children
3. Purchase/construction of residential house
4. For treatment of critical illnesses
5. To meet medical and incidental expenses arising out of the disability
6. Skill development
7. Establishment of own venture or any start-up