Section 8 in The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015
8. [ The following withdrawals shall be permitted under National Pension System. [Substituted by Notification No. PFRDA/12/RGL/139/8, dated 10.8.2017 (w.e.f. 11.5.2015)]
(1)A partial withdrawal of accumulated pension wealth of the subscriber not exceeding twenty five percent of the contributions made by the subscriber and excluding contributions made by employer if any at any time before exit from National Pension System subject to the terms and conditions purpose frequency and limits specified below:-(A)Purpose: A subscriber on the date of submission of the withdrawal form shall be permitted to withdraw not exceeding twenty-five percent of the contributions made by such subscriber to his individual pension account for any of the following purposes only:-(a)for Higher education of his or her children including a legally adopted child(b)for the marriage of his or her children, including a legally adopted child;(c)for the purchase or construction of a residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse. In case the subscriber already owns either individually or in the joint name a residential house or flat other than ancestral property no withdrawal under these regulation shall be permitted;(d)for treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the following diseases:(i)Cancer;(ii)Kidney Failure (End Stage Renal Failure);(iii)Primary Pulmonary Arterial Hypertension;(iv)Multiple Sclerosis;(v)Major Organ Transplant;(vi)Coronary Artery Bypass Graft;(vii)Aorta Graft Surgery;(viii)Heart Valve Surgery;(ix)Stroke;(x)Myocardial Infarction(xi)Coma;(xii)Total blindness;(xiii)Paralysis;(xiv)Accident of serious/ life threatening nature.(xv)any other critical illness of a life threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time.(e)[ to meet medical and incidental expenses arising out of the disability or incapacitation suffered by the subscriber](f)[ Towards meeting the expenses by subscriber for skill development/re-skilling or for any other self development activities, as may be permitted by the Authority by issuance of appropriate guidelines, in that behalf. [Added by Notification No. PFRDA/12/RGL/139/8, dated 18.5.2018 (w.e.f. 11.5.2015).](g)Towards meeting the expenses by subscriber for establishment of own venture or any start-ups, as may be permitted by the Authority by issuance of appropriate guidelines, in that behalf.](B)Limits: the permitted withdrawal shall be allowed only if the following eligibility criteria and limit for availing the benefit are complied with by the subscriber:-(a)the subscriber shall have been in the National Pension System at least for a period of three years from the date of his or her joining;(b)the subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal;(C)Frequency: the subscriber shall be allowed to withdraw only a maximum of three times during the entire tenure of subscription under the National Pension System. The request for withdrawal shall be substituted by the subscriber along with relevant documents to the central record keeping agency or the National Pension System Trust, as may be specified for processing of such withdrawal claim through their nodal office. Provided that where a subscriber is suffering from any illness, specified in sub-clause (d), the request for withdrawal may be submitted through any family member of such subscriber.(2)A subscriber having a valid and active Tier-II account of the Permanent Retirement Account can withdraw the accumulated wealth either in fill or part, at any time by applying for such withdrawal, on such application form and in such mode and manner as may be specified by the Authority in this behalf. There shall be no limit on such withdrawals till the account has sufficient amount of accumulated pension wealth to take care of the applicable charges and the withdrawal amount:Provided that the Tier-II account shall stand automatically closed at the time of exit of the subscriber from the National Pension System, even if an application so specified for the purpose has not been received from the subscriber and the accumulated wealth in such account shall be transferred to the bank account provided by the subscriber while submitting his application for exit from the National Pension System].
