You might scuffle to find out what the actual process that takes up to finally claim the pension. So that we are here to help you out with all your questions. This blog provides all the particulars regarding the NPS withdrawal process for government employees. Just have your attention throughout this blog.
NPS for Government Employees:
Generally, NPS refers to the National Pension Scheme. It is a voluntary savings pension scheme that allows one to make contributions and subscriptions for one’s own sake. Moreover, it can be claimed by each and every citizen of India. Admittedly, also for government employees who are serviced under state and national government. It works upon a systematic process. Like just collecting the contributions made by a subscriber and providing a pension later after the retirement period. As the interest upon the contributions tends to accumulate up. Then the total amount will be provided to the subscriber after the completion of the period.
NPS withdrawal process for Government Employees:
If a government employee made contributions to NPS. Then he must go through a process for the purpose of the withdrawal. This entire procedure will take place online. The withdrawal process starts 6 months prior to the retirement date. Before that, the CRA (Central Recordkeeping Agency) system generates the claim ID. This claim ID can be received through postal or email. A subscriber can move forward with the process only with the provided claim ID. Only after this duration, one can attain the actual process. Meanwhile, the subscriber needs to check the updates of his/her details :
Address details- If one changes to a new address.
Bank details - If changes to a new bank account.
One cannot be able to change their details after selecting ‘initiation of request’. Just have a look at the below well-defined systematic procedure.
Step 1 - Go to NPS account login. Enter your user ID and password and then click submit.
Step 2 - It directs to the website dashboard where you need to click on ‘Exit Withdrawal Request’.
Step 3- Then select ‘Initiate Withdrawal Request' in the drop-down menu.
Step 4 - withdrawal request initiation screen will be displayed. You need to provide the details like -
PRAN
Name
Total valuation
The total valuation of tier-2
Date of birth
At last, Select ‘Exit at 60’ in the withdrawal column.
Step 5- The subscriber should enter the required percentage of the amount under Total withdrawal and Total annuity.
Step 6 - After that, the entire details will be displayed and the subscriber should verify them
Contact :
Subscriber details
ASP (Annuity service provider) withdrawal details
Subscriber correspondence address.
Bank account :
Subscriber details
Subscriber bank account details.
Nominee:
Subscriber details
Nominee tier-1 details
Nominee tier-2 details.
Step 7 - Select an annuity service provider in the drop-down menu along with a pension plan. Then click ‘submit’.
Step 8 - After submitting the request for withdrawal, one must carry the printout of the withdrawal form. One has to submit it to the nodal office along with the KYC document.
Step 9- The request will be authorized from the nodal office
Step 10- The lumpsum amount will be credited to the bank account after 4 days from the date of approval.
NPS eligibility and interest rate:
There are primary aspects that need to be considered to get eligible for NPS. Like -
The age should be around 18 - 60 years.
Must be working in a government-recognized organization.
Must obey the KYC norms.
When it comes to the interest rate, As we already know that NPS is interlinked with the current market growth. Subscribers tend to avail a range of 9 - 12% PA as per the 2022 calendar year. The subscriber is entitled to obtain a lump sum along with the charged interest based on the market inflation.
NPS withdrawal process duration:
Once the subscriber requests for withdrawal or is done with the exit process. The officials in the nodal office will authorize the request. Within 4 working days from the date of authorization. The lump sum amount or selected amount will be credited to the subscriber’s bank account.
You might scuffle to find out what the actual process that takes up to finally claim the pension. So that we are here to help you out with all your questions. This blog provides all the particulars regarding the NPS withdrawal process for government employees. Just have your attention throughout this blog.
NPS for Government Employees:
Generally, NPS refers to the National Pension Scheme. It is a voluntary savings pension scheme that allows one to make contributions and subscriptions for one’s own sake. Moreover, it can be claimed by each and every citizen of India. Admittedly, also for government employees who are serviced under state and national government. It works upon a systematic process. Like just collecting the contributions made by a subscriber and providing a pension later after the retirement period. As the interest upon the contributions tends to accumulate up. Then the total amount will be provided to the subscriber after the completion of the period.
NPS withdrawal process for Government Employees:
If a government employee made contributions to NPS. Then he must go through a process for the purpose of the withdrawal. This entire procedure will take place online. The withdrawal process starts 6 months prior to the retirement date. Before that, the CRA (Central Recordkeeping Agency) system generates the claim ID. This claim ID can be received through postal or email. A subscriber can move forward with the process only with the provided claim ID. Only after this duration, one can attain the actual process. Meanwhile, the subscriber needs to check the updates of his/her details :
Address details- If one changes to a new address.
Bank details - If changes to a new bank account.
One cannot be able to change their details after selecting ‘initiation of request’. Just have a look at the below well-defined systematic procedure.
Step 1 - Go to NPS account login. Enter your user ID and password and then click submit.
Step 2 - It directs to the website dashboard where you need to click on ‘Exit Withdrawal Request’.
Step 3- Then select ‘Initiate Withdrawal Request' in the drop-down menu.
Step 4 - withdrawal request initiation screen will be displayed. You need to provide the details like -
PRAN
Name
Total valuation
The total valuation of tier-2
Date of birth
At last, Select ‘Exit at 60’ in the withdrawal column.
Step 5 - The subscriber should enter the required percentage of the amount under Total withdrawal and Total annuity.
Step 6 - After that, the entire details will be displayed and the subscriber should verify them
Contact :
Subscriber details
ASP (Annuity service provider) withdrawal details
Subscriber correspondence address.
Bank account :
Subscriber details
Subscriber bank account details.
Nominee:
Subscriber details
Nominee tier-1 details
Nominee tier-2 details.
Step 7 - Select an annuity service provider in the drop-down menu along with a pension plan. Then click ‘submit’.
Step 8 - After submitting the request for withdrawal, one must carry the printout of the withdrawal form. One has to submit it to the nodal office along with the KYC document.
Step 9 - The request will be authorized from the nodal office
Step 10- The lumpsum amount will be credited to the bank account after 4 days from the date of approval.
NPS eligibility and interest rate:
There are primary aspects that need to be considered to get eligible for NPS. Like -
The age should be around 18 - 60 years.
Must be working in a government-recognized organization.
Must obey the KYC norms.
When it comes to the interest rate, As we already know that NPS is interlinked with the current market growth. Subscribers tend to avail a range of 9 - 12% PA as per the 2022 calendar year. The subscriber is entitled to obtain a lump sum along with the charged interest based on the market inflation.
NPS withdrawal process duration:
Once the subscriber requests for withdrawal or is done with the exit process. The officials in the nodal office will authorize the request. Within 4 working days from the date of authorization. The lump sum amount or selected amount will be credited to the subscriber’s bank account.