Under the PFRDA (Exit and Withdrawal under NPS) Regulations, which of the following is mandatory upon attaining the age of 60 years if the corpus is more than ₹10 lakh?
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Under the PFRDA (Exit and Withdrawal under NPS) Regulations, if the accumulated corpus in the National Pension System (NPS) account exceeds ₹10 lakh upon attaining the age of 60 years or upon superannuation, it is mandatory for the subscriber to purchase an annuity with at least 40% of the corpus from a registered Annuity Service Provider (ASP). The remaining 60% of the corpus can be withdrawn as a lump sum and is tax-exempt under current laws. This regulation ensures that a portion of the retirement savings is used to provide a regular pension or monthly income for the subscriber’s post-retirement life, thereby promoting financial security during old age.
Stay updated with C4S Courses.