New Delhi, 16/6:(Ao Bureau):Big news is coming for pensioners. The Pension Fund Regulatory and Development Authority (PFRDA) has allowed the subscribers of the National Pension System to withdraw their entire money. That is, now NPS subscribers will be able to withdraw the entire amount from the pension account. According to PFRDA, subscribers whose total pension corpus is Rs 5 lakh or less can withdraw their entire money without buying an annuity.
What are the rules now? Let us tell you that at present, in case of more than two lakh rupees in the pension fund, the fund holder can withdraw a maximum of 60 percent in lump sum after retirement or attaining the age of 60 years. PFRDA said that holders can withdraw the entire amount if the amount in the fund is less than Rs 5 lakh, they do not need to buy an insurance plan, i.e. more than Rs 2 lakh at the time of retirement or attaining the age of 60 years. NPS account holders with higher amount are required to buy annuity offered by insurance companies on a mandatory basis.