Enhancement of Lump sum Withdrawal limit on Exit.
The exit/withdrawal norms of the Subscribers are defined by PFRDA (Exits and Withdrawals under NPS) Regulations, 2015 and its amendments. As per regulatory mandate, there are certain predefined conditions which fulfill the norms of exit viz premature exit, normal exit and exit due to unfortunate death of the Subscriber.
2. The provisions of exit regulations require the Subscribers during exit, to utilize a certain percentage upto which their corpus can be withdrawn as lump sum and the balance is to be utilized to buy annuity from the Annuity Service Providers (ASP) empaneled by PFRDA. There are certain instances wherein the corpus in the PRAN paid to the Subscriber or the beneficiary by way of lump sum without mandating them to buy annuity. However, there is no restriction for any Subscriber to buy annuity from the corpus partly or fully.
3. The annuity calculator is being provided for the benefit of Subscribers in the respective websites of CRAs and the links are https://enps.kfintech.com/annuity & https://cransdl.com/CRAOnline/aspQuote.html. 4. As per PFRDA (Exit and Withdrawal) (Amendment) Regulations, 2021 dt 14th June 2021, the provisions related to lump sum withdrawal have been modified for the benefit of Subscribers as provided below.
