Exit guidelines under National Pension System
Option for Complete withdrawal of accumulated pension wealth by subscriber
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
2nd April, 2014
PFRDA/2013/17 /PDEX/10
Subject: Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber
In partial modification to circular no. PFRDA/2013/17 /PDEX/10 issued on 23rd October, the ‘request form’ is being replaced with ‘request cum undertaking’ form, as attached along with.
The subscribers wishing to exercise this option shall have to fill the attached ‘request cum undertaking form’ along with the NPS Withdrawal form while submitting the same to their DDO/PAO/DTO/POP. The subscribers who have sent the requests earlier also need to send a fresh request on the amended form for processing of their claims.
Sd/
Venkateswarlu Peri
General Manager
REQUEST CUM UNDER TAKING FORM FOR WITHDRAWAL OF TOTAL PENSION WEALTH UPON SUPERANNUATION / UPON ATTAINMENT OF 60 YEARS OF AGE AND WHERE THE TOTAL PENSION WEALTH IS EQUAL TO OR LESS THAN RS. 200, 000/-
I, …………………………………………….S/D/W/O……………………………………, aged about ……….years, residingat……………………………………………………………………, do hereby solemnly affirm and declare as under:
1. That I am a subscriber of National Pension System, holding PRAN ………………..
2. That since the total amount receivable by me as the benefit receivable upon exit from NPS is Rs. …………………., which is less than/equal to the limit of Rs. 2,00,000/-, I understand that I am eligible to opt for withdrawal of the total pension wealth under NPS rules/guidelines, Basing on the above, I hereby opt to withdraw my complete pension wealth lying to my credit in my aforesaid PRAN account being the full and final benefits receivable by me.
I also understand that with the aforesaid withdrawal, I or my family members shall not be entitled to receive any other or further benefits under the National Pension System (NPS) including the benefits as provided under Government of India notification dt. 22nd Dec, 2003.
Date:
Place:
Signature of the Subscriber
Attested by:
Signature of the PAO/DDO/DTO/POP : …………………………………………………
Name of the designated Official: ……………………………………………………………
PAO/DDO/DTO/POP Registration Number …………………………………………..
Rubber Stamp of the
PAO/DDO/DTO/POP …………………………………………………………………………
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NPS is so complicated and cumbersome and I won’t recommend to any one of my acquaintance . The experience goes like this. I am surprised if some one in the department really reads this and try to improve upon . We opened NPS account in the month of November 2017 . The SBI accountant made a mistake in typing tha name of the subscriber. Now this is the responsibility of the bank to get it corrected through proper channel. But in the absence of proper training and guidelines bank staff are not cooperating. Each one is pushing the blame on others. In addition to this in the specific bank accountant is transferred in every 1 or 2 months and they don’t have proper transfer of responsibility system. Because the manager is also getting transferred often. All are free and no accountability as for the general public. Even after 10 months the name is not corrected and we are not able to claime the tax benefits. What an unfortunate government scheme…….?.. Everyone is sticking on to their electronic formate and not accepting physical papers as an alternative. Govt is expecting each and every citizen to be computer savvy and at the same time not training their staff in all the hierarchy level. Complete disappointment up till we get the money back. Don’t know whether we get or not in this situation.
Thanking so much if at all some one reads this and guides not again the old story.
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