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PFRDA Allows These Subscribers To Rejoin The NPS Scheme
In its circular released Wednesday, the PFRDA has allowed early leavers from the NPS scheme to again join the scheme. As per the current schema, subscribers can pre-exit the scheme before the account matures when they attain 60 years of age, nonetheless in this situation 80% corpus is converted into an annuity for receiving regular pension and the remaining can be withdrawn as lump-sum.
But under the new provision, NPS subscribers who had opted for early exit from the scheme have been given a second opportunity to rejoin the scheme.
How subscribers of NPS who exit prematurely can rejoin as per the latest ruling?
This can be done in two ways:
1. By re-depositing the withdrawn amount: Withdrawn 20% NPS corpus has to be deposited back under the existing PRAN in a single installment. The facility can be used once in a lifetime.
2. By opening a fresh Permanent Retirement Account Number (PRAN): In the second option the subscribers who have opted for pre-mature exit can opt for an annuity and complete the withdrawal process. And then they can open a new NPS account with a fresh PRAN.
The flexibility has been offered after the regulator received lot many request from subscribers who have withdrawn the lump sum (i.e. their 20% NPS balance) but have not availed the annuity yet to be able to rejoin the NPS again.
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