Relaxing the norms, PFRDA has permitted partial withdrawal of funds under the National Pension System (NPS) for specified purposes i.e. for purchase of residential premises, treatment of critical illness (like cancer, kidney failure, coronary artery bypass graft, heart valve surgery and paralysis), higher education and marriage of children.
NPS subscribers who have contributed for three years can now withdraw up to 25 percent of the corpus for meeting specified expenses. The withdrawal will be also permitted for purchase/ construction of residential house or flat. Whilst, in case the subscriber already owns either individually or in the joint name a residential house or a flat, other than ancestral property, no withdrawal will be permitted.
Note: NPS is government’s flagship social security programme.
[Source: The Business Standard]