Friday, November 15, 2019
News

Govt. eases norms for partial withdrawal under pension scheme

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi [India] | March 6, 2018 12:01:13 AM IST
The Pension Fund Regulatory Development Authority (PFRDA) relaxed the norms for partial withdrawal under the National Pension Scheme (NPS).

The same was clarified by Minister of State (MoS) for Finance Shiv Pratap Shukla in a written reply to a question in Rajya Sabha earlier on Tuesday.

In accordance with the PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations 2017, the subscriber must be subscribed to the NPS for at least a period of three years from the date of his or her joining, to be eligible to make partial withdrawals, under specific circumstances as specified in such regulations.

The subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under the NPS, but the partial withdrawal is linked with the contributions made by the subscriber.

The subscriber shall be permitted to withdraw accumulations not exceeding 25 percent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal.

Earlier, subscribers under the pension scheme were permitted to withdraw accumulations not exceeding 25 percent of the contributions made by him or her after 10 years from the date of his or her joining the system and a maximum of three times during the entire tenure of subscription under the scheme. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Not shifting away from Act East Policy: ...
Govt to set up North East Industrial Cor...
GoAir grounds flight crew for overshooti...
ED arrests Malvinder Singh, Sunil Godhwa...
Airtel slips into Rs 23,045 cr Q2 net lo...
Oct wholesale price inflation eases to 0...
More...
 
INDIA WORLD ASIA
JNU students to intensify protest on Fri...
On Children's Day, Sonowal launches app ...
AGR fallout: Vodafone Idea posts Rs 50,9...
IT raids at 37 premises of BMC contracto...
SC cites US anti-race law for women entr...
Delhi Bar provides fresh oxygenated air ...
More...    
 
 Top Stories
After BRICS summit, Modi leaves for... 
Kuwait's government resigns amid pa... 
BRICS nations to deny safe haven to... 
Jordan, Russia sign deal to boost c... 
Modi bats for boosting intra-BRICS ... 
'Chal Jeet Le Ye Jahan' to feature ... 
Manushi Chillar to star opposite Ak... 
US officials to travel to India nex...