Under NPS, partial withdrawal before that is allowed in specific cases. On the other hand, the Tier II NPS account is just like a savings account and subscribers are free to withdraw the money as and whenever they require.
NPS – Five Things You Need To Know
1) Those who want to open an NPS account now have more choices. Post offices are now offering the facility. This was communicated by the Department of Post in a post on microblogging site Twitter. “Now all eligible citizens can open their National Pension System Account with India Post and avail the benefits and services,” it said.the maximum age of joining under NPS-Private Sector (i.e. All Citizen and Corporate Model) has been increased from 60 years to 65 years. Now, any Indian Citizen, resident or non-resident, between the age of 60 and 65 years can also join NPS and continue up to the age of 70 years in NPS.
3) In Budget 2017, the government had announced changes in NPS rules to make the scheme more attractive. For self-employed professionals, investment up to 20 per cent of gross annual income is deductible from taxable income, subject to a limit of Rs 1.5 lakh. (Read: Income Tax Benefits On NPS)
5) NPS Account Opening Online: To make the NPS account opening process convenient, the National Pension System Trust has introduced a online facility called 'eNPS'. The eNPS facility of National Pension System Trust allows opening of individual pension accounts under NPS and making initial and subsequent contribution to Tier I and Tier II accounts. (Read: How To Open NPS Account Online)
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