How to Check, Transfer and Withdraw your NPS Fund Online?

fixed deposit

Investing in NPS is a choice that is exercised by many due to the lucrative returns and stability it provides to your life post-retirement. A partial withdrawal of up to 25% of your NPS contribution can be made in times of need and medical emergencies. For that, you just will have to follow a process that is listed below:

  • Step 1: Login into your NPS account with your Permanent Retirement Account Number and password. Now, click on the partial withdrawal option. You will be directed to a page where you will need to confirm your PRAN once again and fill an online form with the required details. 
  • Step 2: After that, you will see the details of your NPS contribution and you will also be able to select the percentage of NPS amount (not more than 25%) that you want to withdraw. A system-generated form will appear which you will need to submit along with the necessary documents to your respective nodal office. 
  • Step 3: Upon successful verification, you will need to submit your medical certificate or any other document that verifies your reason for withdrawal along with a form (system-generated) to the nodal office again. After that, you will receive the amount in your account directly. 

You can also transfer your PRAN from one location to another with the help of the ISS1 form that can be downloaded from the official website of NSDL. This form needs to be submitted to the nodal office to process the transfer successfully. 

If you want to avoid the stringent and complicated withdrawal policy associated with NPS, you can also choose an alternate investment plan that can provide easy liquidity procedures during difficult times. Also, NPS is ideal only if you are interested in long term investment plans. To keep your short-term fund requirements in check while steering your corpus towards your future goals, you can choose the fixed deposit plans from Bajaj Finance FD. The reasons for doing so are explained in the below sections:

Flexible investment options 

A flexible tenor range from 12 to 60 months enables you to plan your finances with utmost precision. Also, the FD calculator provided on its portal will let you know the corpus that you require and the tenor that you need to achieve your financial objectives. 

These flexible options enable you to strategize both short-term and long-term investment plans conveniently. 

Simple withdrawal policies 

You can withdraw your deposits easily upon completion of the minimum tenor which is 3 months. Also, you can apply for up to 75% of your FD value as a loan to mitigate your fund requirements. This is much higher than the 25% partial withdrawal that is permitted by the National Pension Scheme. Moreover, it means that your deposits will continue to gain interest without a break. 

Cumulative & Non-cumulative FDs 

The option of cumulative and non-cumulative FDs is offered by many financiers. However, not many will provide the freedom of choosing between monthly, quarterly, six-monthly, and yearly interest payouts as per your financial needs. 

Moreover, the FD auto-renewal option will help you amass a huge corpus especially with the cumulative FDs that compound your returns by adding your interest gains to the principal amount during every subsequent interest calculation cycle. 

The 0.10% higher FD interest rate that you will get on using the online FD form for investment will improve your returns slightly. If you are a senior citizen then the returns will be even higher as you will get a 0.25% additional interest rate than others. These lucrative options coupled with the stability of the invested capital ensured by Bajaj Finance make it one of the best investment options for you.

NPS is a wonderful retirement scheme that will safeguard your future. However, whether it is a good enough investment option to support any crisis that you might suffer midway is questionable. To avoid the complicated withdrawal procedure offered by NPS, you can invest in a reliable and high-paying FD scheme like the one offered by Bajaj Finance. With sufficient liquidity options and features like loan against FD, this FD scheme will help you to cover your short-term needs easily. Also, the option of reinvesting returns upon maturity will ensure that you amass a sufficient corpus till retirement.


Leave a Reply