Subscribers who have joined NPS between 18-60 years
Category
Premature Exit (Exit before 60 years or having completed less than 15 years of subscription or any higher period stipulated under a scheme, or before Superannuation whichever is earlier as may be applicable on the subscriber.)
Limit for withdrawal of entire APW as lump sum₹ 5 Lakh on the date of initiation of the premature exit request.
Government Sector
Premature Exit applicable in case of resignation, voluntary closure, dismissal or removal by the Government or employer prematurely.
- If the APW ≤ ₹5 lakh: Entire APW can be withdrawn as lump sum or the subscriber can avail periodic payouts in the form of SLW or SUR.
- If the APW > ₹5 lakh: At least 80% 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
Premature Exit is applicable where the subscriber opts for voluntary exit before completing 15 years of subscription or any higher period stipulated under a scheme or before attaining 60 years of age or before Superannuation (whichever is earlier).
If the APW ≤ ₹5 lakh: Entire APW can be withdrawn as lump sum or the subscriber can avail periodic payouts in the form of SLW or SUR.
If the APW > ₹5 lakh: At least 80% 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.
Subscribers who have joined NPS after 60 years
Category
For subscribers joining NPS at age 60 years or above, provisions of Premature exit are not applicable.