NPS Partial Withdrawal Rule Changed From 1st January

Several people experienced financial difficulties during the COVID period; as a result, members of the national pension scheme (NPS) sought to withdraw a portion of their funds from the scheme; however, the pension regulatory body amended some rules regarding the withdrawal of funds from the scheme.
According to a new order issued by the Pension Fund Regulatory and Development Authority (PFRDA) regarding these NPS withdrawals, customers of all government sector customers (Centre, State, and Central Autonomous Body) can now submit their application for partial withdrawal (NPS Partial Withdrawal), which must be submitted only to the nodal officer.
Previously, the (PFRDA) allowed NPS subscribers to submit online applications for partial withdrawals using self-declaration in January 2021. Subscribers' online applications were processed directly through the Central Recordkeeping Agency (CRA) system, followed by instant bank account verification.

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