PFRDA proposes up to 25% withdrawal from NPS after 10 yrs

India Infoline News Service | Mumbai |

PFRDA has invited feedback by 15 February 2014.

In order to attract retail participation in National Pension System (NPS), PFRDA has proposed to allow partial withdrawal of up to 25% from the accumulated corpus of NPS account.
However, NPS subscribers can only withdraw for higher education or marriage of their children, construction or purchase of first house and treatment of specific ailments like cancer, kidney failure, paralysis etc.
The current exit / withdrawal guidelines under NPS are framed in such a manner that the subscriber has a long period of accumulation of corpus for providing him with a decent accumulated pension wealth when he retires or he moves out of the regular work routine due to age, PFRDA said in a circular on 15 January.
Also, it lets the subscriber have the freedom to move out of the scheme at any point of time, irrespective of cause or reason which determines the complete exit from the scheme.
PFRDA has invited feedback by 15 February 2014.
 

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