National Pension Scheme Withdrawal Forms 2025
The National Pension Scheme has a set of forms to make the withdrawal process easier. These forms are segregated on the basis of the purpose of NPS withdrawal. There are 3 different forms for different category of employees.
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.
NPS Withdrawal forms on Superannuation
These forms can be used when a subscriber reaches retirement age.
- Form 101 GS – NPS 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.
NPS Withdrawal forms before Superannuation (Premature Exit)
The following forms can be used by subscribers who wish to withdraw their amount prematurely.
- Form 102GP – NPS 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.
NPS 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 103GD – NPS 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 NPS 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.
NPS Other Pages
- HDFC National Pension Scheme
- ICICI Bank National Pension System
- NPS Withdrawal Rules
- PFRDA
- POP and CRA Charges under NPS
- Axis Bank National Pension System
- Bank of Baroda National Pension System
- Bank of Maharashtra New Pension Scheme
- Central bank of India New Pension Scheme
- South Indian Bank New Pension Scheme
- Canara Bank New Pension System
- Federal Bank New Pension Scheme
- IDBI New Pension Scheme
FAQs on National Pension Scheme Withdrawal Forms
- Can we take the NPS money out at any time?
In order to be eligible for an NPS withdrawal prior to retirement, an individual must maintain an NPS account for ten years. However, under the new NPS premature withdrawal guidelines, a subscriber can withdraw the full amount if the corpus is less than or equivalent to Rs.2.5 lakh.
- After three years, may I take money from NPS?
Withdrawals prior to NPS Tier 1 maturity are permitted following the expiration of three years from the NPS account opening date.
- Which documentations are needed in order to leave the NPS?
KYC paperwork (proof of address and photo ID) The needed documentation for submission as bank evidence is a "cancelled cheque" with the subscriber's name, bank account number and IFS code, or a "bank certificate" on bank letterhead with the same information.
- Can I take a 100% NPS withdrawal?
When a person reaches superannuation age, or 75 years old, they are eligible to take out up to 60% of the NPS corpus all at once. The regulations state that the remaining 40% must be utilised to buy annuities.
- Could I open two NPS accounts?
No, an individual is not permitted to open more than one NPS account. Nonetheless, a person may have two accounts—one with NPS and the other with Atal Pension Yojna.
- What new guidelines apply to the NPS withdrawal in 2023?
The updated guidelines allow subscribers to withdraw up to 60% of their NPS maturity amount in installments until they reach the age of 75. NPS payments are made on a monthly, quarterly, half-yearly, or annual basis.
- Can I leave NPS after ten years of service?
You are only able to prematurely close your NPS account once the full ten years have passed. Furthermore, an annuity that pays the subscriber a monthly pension must be purchased with at least 80% of the total NPS amount. The subscriber receives payment of the remaining amount in one single sum.
- To what extent is NPS tax-free?
Within the overall Rs.1.5 lakh ceiling under Sec.80 CCE, tax deductions up to 10% of pay (Basic + DA) are allowed under section 80 CCD(1). In addition to the overall cap of Rs.1.5 lakh under Sec.80 CCE, there is a tax deduction of up to Rs.50,000 under section 80 CCD(1B).
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