contributory Provident Fund Withdrawl

POSTED BY Sukanta Roy ON December 15, 2012 1:17 am ONE COMMENT

On the day of my resignation from government service, I had applied to CRA-NSDL through the PAO to withdraw my savings from Tier 1 NPS account.

However I have not heard anything from them yet.

Can anyone tell me what is the procedure to withdraw the money as there is no standard form and a recent MOF circular in the NPS website mentions that withdrawl is not possible upon resignation as the account can be transferred to the subsequent company. But I am pursuing my higher studies and not employed!!

One reply on this article “contributory Provident Fund Withdrawl”

  1. They have no forms because they did not anticipate case such as yours so soon after launch!

    The rule is 80% of your corpus will be annuitised and rest can be withdrawn. However annuity providers have not been identified. Annuity rate has not been fixed!
    Which is why there is no standard procedure!

    Your corpus should be quite small. you could just leave it there and let it grow until you are 60 by which time something should be in place!

    If you need the money contact the nodal office and find out what to do. But as I said if a policy is not in place no one can do anything.

    In any case you are in for a long wait. So dont worry about it.

    You can file an RTI but that is just right to information (no policy is in place!) not right to action!

    -NPS acc. holder!

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