New rules for NPS withdrawal come into effect from today: All you need to know

New rules for withdrawal from NPS Will make annuity payment faster and simpler for subscribers exiting NPS.

“In the interest of subscribers and to benefit them with timely payment of annuity income, uploading of documents will be mandatory from April 1, 2023,” PFRDA, a regulatory body for overall supervision and regulation of pensions in India, had said earlier. Said.

The documents include –

– NPS Exit / Withdrawal Form

Proof of identity and residence as specified in the withdrawal request

– Bank Account Proof

Copy of Permanent Retirement Account Number (PRAN) card

The pension body said that in the interest of subscribers and to benefit them with early disbursement of annuity income, the uploading of documents would be mandatory from April 1, 2023.

Currently there are 567,116 beneficiaries of NPS

Currently there are 567,116 beneficiaries above the age of 60 years under NPS. The minister cited PFRDA figures.

Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is generally half of the last drawn pay of the individual.

Under the new pension scheme, employees deposit a part of their salary in a pension fund. Based on this, they are entitled to get a lump sum amount on superannuation.

For the record, the old pension scheme was discontinued in December 2003 and the new pension scheme came into force on April 1, 2004.