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  • National Pension Scheme Withdrawal Forms

    It is often observed that withdrawing money from an account can be a hassle, in most cases, testing our patience and pushing us to our limit. Understanding the withdrawal process can be complicated, which is why most schemes, including the National Pension Scheme have a set of forms designated for specific purposes. These forms are designed to simplify the withdrawal process, providing all necessary information to a subscriber.

    The NPS has segregated withdrawal forms based on their purpose, with three different forms available to subscribers. As this scheme is open to people from all backgrounds of life, there is a possibility for confusion to creep in, which is why the government has segregated the withdrawal forms based on the category of employees. This essentially means that different forms are available for government employees, corporate subscribers and Swavalamban subscribers.

    Withdrawal forms on Superannuation

    These forms can be used when a subscriber reaches retirement age.

    • Form 101 GSNPS withdrawal form can be used by government employees who wish to withdraw their accumulated pension post retirement.
    • Form 301 – This form can be used by corporate employees and other citizens who wish to withdraw their accumulated pension on superannuation.
    • Form 501 – This form can be used by subscribers who are part of the Swavalamban sector to withdraw their accumulated pension on superannuation.

    Withdrawal forms before Superannuation (Premature Exit)

    The following forms can be used by subscribers who wish to withdraw their amount prematurely.

    • Form 102 GPNPS withdrawal form can be used by government employees who wish to withdraw their accumulated pension before retirement.
    • Form 302 – This form can be used by corporate employees and other citizens who wish to withdraw their accumulated pension before retirement.
    • Form 502 – This form can be used by subscribers under the Swavalamban Sector who wish to withdraw their accumulated pension before retirement.

    Withdrawal forms for Claimants on death of Subscriber

    There are separate forms which a nominee/legal heir is expected to submit in the event of death of subscriber. The following forms can be used for this purpose.

    • Form 103 GDNPS withdrawl form can be used by a nominee/legal heir of a government employee who is covered under the National Pension Scheme. The nominee can fill this form to claim the amount in the account of a subscriber.
    • Form 303 - This form can be used by a nominee/legal heir of a corporate employee/regular citizen enrolled under the National Pension Scheme. The nominee can fill this form to claim the amount in the account of a subscriber.
    • Form 503 - This form can be used by a nominee/legal heir of an individual covered under the Swavalamban Sector. The nominee can fill this form to claim the amount in the account of a subscriber.

    Documents to be submitted with forms

    A subscriber/nominee who wishes to withdraw money from his/her account needs to submit the following documents with the relevant form.

    • Original PRAN card. In the event of the original PRAN card being lost/stolen, an individual should submit a notarized affidavit stating reasons for non-availability of this card.
    • Valid address and ID proof of subscriber.
    • A cancelled cheque with the name, bank account number and IFSC code of subscriber. In the subscriber/nominee wishes to do an online transfer then he/she should give a bank certificate containing relevant details.
    • Age proof of subscriber – this could be a valid government ID card or matriculation certificate.
    • Death certificate is required if a nominee is claiming the amount on account of death of a subscriber.
    • A nominee/legal heir should submit proof of their nomination if they are claiming the amount on account of death of a subscriber.Use NPS calculator to get an estimate of nominee scheme amount.
    • Address and ID proof of nominee – A nominee/legal heir should provide their address and ID proof before they can claim the amount on behalf of a dead subscriber.
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