Subscribers who have joined NPS between 18-60 years
Category
Normal exit on attaining 60 years of age, or completion of 15 years of subscription or any higher period stipulated under a scheme (whichever is earlier), or on Superannuation as may be applicable on the subscriber.
Limit for withdrawal of entire APW as lump sum ₹ 8 Lakh on the date of initiation of the normal exit request.
Government Sector
Normal Exit applicable in case of:-
• Attaining the age of superannuation as prescribed by the service rules applicable to the subscriber
• If the employer certifies that the subscriber has been discharged from the services of the concerned office on account of invalidation or disability or pre-mature retirement as per the applicable service rules
• Further in case of a Central Government employee, if the subscriber is discharged from service on specified grounds as prescribed under CCS NPS Rules 2021
Rules for Normal Exit - Government Sector
• If APW ≤ ₹8 Lakh: Entire APW can be withdrawn as lump sum or the subscriber can avail periodic payouts in the form of SLW or SUR.
• If ₹8 Lakh < APW ≤ ₹12 Lakh: The subscriber will have an option to withdraw up to ₹6 lakh in lump sum or avail periodic payouts in the form of SLW or SUR. The balance APW shall be utilized for purchase of Annuity or for availing periodic payouts in the form of SUR for at least 6 years.
•If APW > ₹12 Lakh: At least 40% of the APW has to be mandatorily utilized for purchase of Annuity providing periodical pension to the Subscriber. The balance APW shall be paid to the subscriber in lump sum or through periodic payouts in the form of SLW or SUR.
Non-Government Sector
Applicability:
•For All Citizen / Unorganized Sector Subscribers:
Eligible for Normal Exit upon completion of 15 years of subscription OR attaining 60 years of age, whichever is earlier.
•For Corporate Sector Subscribers:
Eligible for Normal Exit upon attaining the age of retirement or superannuation as prescribed by the specific service rules or employment terms.
Rules for Normal Exit - Non-Government Sector
• If APW ≤ ₹8 Lakh: Entire APW can be withdrawn as lump sum or the subscriber can avail periodic payouts in the form of SLW or SUR.
• If ₹8 Lakh < APW ≤ ₹12 Lakh: The subscriber will have an option to withdraw up to ₹6 lakh in lump sum or avail periodic payouts in the form of SLW or SUR. The balance APW shall be utilized for purchase of Annuity or for availing periodic payouts in the form of SUR for at least 6 years.
• If APW > ₹12 Lakh: At least 20% of the APW shall be mandatorily utilized for purchase of Annuity providing periodical pension to the Subscriber. The balance APW of the account being closed shall be paid to the subscriber in lump sum or through periodic payouts in form of SLW or SUR.
Subscribers who have joined NPS after 60 years
Category
The subscribers joining at or after the age of 60 years can exercise the option of Normal exit anytime.
Rules for Exit
• If APW ≤ ₹12 Lakh: Entire APW can be withdrawn in lump sum or the subscriber can avail periodic payouts in the form of SLW or SUR.
• If APW > ₹12 Lakh: At least 20% of the APW has to be mandatorily utilized for purchase of Annuity providing periodical pension to the Subscriber. The balance APW shall be paid to the subscriber in lump sum or through periodic payouts in the form of SLW or SUR.