(a)Who can open:-
(i) Any individual citizen of India (both resident and Non-resident) in the age group of 18-70 years (as on the date of submission of NPS application) can join NPS.
(i) Tier :- I ( Minimum Contribution Rs.500 and tax benefits are available)
(ii) Tier:- II ( Minimum Contribution Rs.1000)
(i) After completion of 10 years or before completion of 03 years (if subscriber has joined NPS after 60 years of age), subscriber can withdraw maximum 20% of the corpus as lumpsum and minimum 80% of the corpus has to be utilized for purchasing an annuity plan for receiving the pension. If the accumulated corpus is less than Rs 2.5 lakh, the entire corpus is paid as lumpsum to the subscriber.
(i) On completion of 60 years of age (if subscriber has joined NPS before 60 years of age) or after completion of 03 years (if subscriber has joined NPS after 60 years of age), subscriber can withdraw maximum 60% of the corpus as lumpsum and minimum 40% of the corpus has to be utilized for purchasing an annuity plan for receiving the pension. If the accumulated corpus is less than Rs 5 lakhs, the entire corpus is paid as lumpsum to the subscriber.
(*)Subscriber also has the option to:
(a) Continue in NPS till the age of 75 years or exit any time after such continuance before 75 years.
(b) While exiting from NPS, subscriber can;
▪ defer receiving the lumpsum (60% corpus) till the age of 75 years or withdraw the same in instalments till 75 years
▪ defer Annuity purchase (40% corpus) for a maximum period of 3 years.
In case of unfortunate event of death of a subscriber, the nominee/legal heir can withdraw the entire accumulated
corpus. The nominee / family members of the deceased subscriber can also purchase annuity, if they so desire.
Note:-Withdrawal/Exit from NPS Tier-II Account is unrestricted and will be compulsorily closed upon closure of Tier-I Account.
Note:- As this is a Government of India Scheme, Customer are advised to visit RBI/Govt. website for latest
instructions/ modification in the scheme.