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Last Updated : Apr 13, 2020 10:54 PM IST | Source:

Coronavirus impact | NPS subscribers can now make partial withdrawals for COVID-19 treatment

PFRDA has allowed subscribers under the NPS to make partial withdrawals for the treatment of COVID-19.

The Pension Fund Regulatory and Development Authority (PFRDA) has permitted subscribers under the National Pension System (NPS) to make partial withdrawals for the treatment of COVID-19.

In a circular dated April 9, 2020, and addressed to stakeholders and subscribers under NPS, the PFRDA said, "In view of the decision of Government of India, which has declared COVID-19 as a pandemic, It has been decided to declare 'COVID-19' as a critical illness which is life-threatening in nature."

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Following this, the regulatory body has allowed partial withdrawals in order "to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards the treatment of illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents".

The subscriber would be required to produce a medical certificate as well as a formal request for the partial withdrawal.

Also Read | Why the 30s are the best time to lay a solid foundation to securing your finances

NPS is a flagship pension scheme run by the PFRDA for employees in the central, state governments, autonomous bodies and corporates, along with individual taxpayers.

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First Published on Apr 10, 2020 03:35 pm
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