Good news for government employees, now online exit can be done through NPS, know how

Maharanee Kumari
05/10/2021 16:01 IST
Follow Us on
Google news
government employees, government job, NPS

The facility of online exit will be available for those central employees who are included in the National Pension Scheme.

National Pension Scheme New Rules: Pension Fund Regulatory and Development Authority (PFRDA) has given the facility of online and paperless exit from the National Pension Scheme, giving a big relief to the government employees. Now they will not have to make rounds of offices to come out of the pension scheme. For this, now they can adopt the method of online and paperless exit. Earlier only private-sector employees had this facility.PFRDA has expanded the scope of online exit to include government employees as well.

According to PFRDA, in view of the convenience of the employees, it has been decided to expand the online exit facility. The online exit will be linked with instant bank account verification.

Till now this work was done physically. For this, the employee had to prepare many types of documents and many times had to make rounds of the office. Now employees can submit their documents online through electronic signature or OTP to withdraw money from NPS and can withdraw money online.

The facility of online exit will be available for those central employees who are included in the National Pension Scheme.

If any employee is facing a problem in the online exit process, then the nodal officer of the government sector will guide them about it.

PFRDA says that with the online exit facility, where employees will get rid of the hassle like collecting and submitting paper documents, time and money will be saved.

To withdraw money online, the employee has to apply for withdrawal to the Central Record Keeping Agency ie CRA. This application can also be done online.

For this entire process, the employee will have to pay a fee ranging from Rs 125 to Rs 500.

Explain that after a certain time of investing in the National Pension Scheme (NPS), you can withdraw your investment for very important needs. These include needs like any serious illness, marriage, children's marriage, children's education, building a house, or starting a new business. You can withdraw up to 25% of your investment for this type of requirement.

You can withdraw money from your NPS account thrice in a period of 25 per cent.There should be a gap of 5-5 years in this three-time withdrawal.

If you retire, then you have to buy an annuity of 40 percent of the maturity amount, against which you will be given pension.You can withdraw the remaining amount in a lump sum.

Category: India