Importance of Claim ID For Making NPS Withdrawal After 60 Years of Age

When a subscriber of the National Pension System (NPS) reaches the age of 60, he or she is authorised to withdraw funds from the NPS corpus. An annuity worth at least 40% of the accrued pension must be purchased by the subscriber. The remaining payment is paid to the subscriber in one lump sum. A covering letter from the related POP Advance stamped receipt filled out by the subscriber and cross-signed on the revenue stamp, as well as authentic PRAN card KYC documents certified by POP are required for withdrawal. It's necessary to have a cancelled cheque or a bank certificate for the same. Six months before the retirement age, an exit claim ID is established. This number serves as a point of reference for processing withdrawal requests. Now let's know why claim ID is important for making NPS withdrawals.

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