Good news for NPS subscribers! Pensioners may be allowed to withdraw their entire lifetime contribution with higher threshold

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New Delhi: In what is expected to bring relief to lakhs of Pensioners, the Pension Fund Regulatory and Development Authority (PFRDA) may allow them to withdraw their entire lifetime contribution to NPS with a higher threshold.

An IANS report, quoting sources in the government said National Pension System (NPS) may be able to withdraw their entire money at one go if pension corpus is upto Rs 5 lakh. At present, there is a threshold of Rs 2 lakh upto which a NPS subscriber can withdraw the entire money. Beyond this limit, currently only 60 per cent of pension corpus could be withdrawn while 40 per cent of the contributions has to be mandatorily parked in government approved annuities.

Who can open National Pension System (NPS) Account?

Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on the date of submission of NPS application) can join NPS. Although, opening multiple NPS accounts for an individual is not allowed under NPS, an Individual can have one account in NPS and another account in Atal Pension Yojna.

Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on the date of submission of NPS application) can join NPS. But, don’t be confused with joint account.

National Pension System account can be opened only in individual capacity and cannot be opened or operated jointly or for and on behalf of HUF. 

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