Government allowed partial withdrawal to NPS account holders | Atal Pension Yojna Scheme will not get benefit

The Pension Fund Regulatory and Development Authority (PFRDA) said on Friday that NPS account holders would be allowed partial withdrawals for treatment-related expenses of COVID19. PFRDA said in a letter addressed to all shareholders and account holders under the National Pension Scheme (NPS) that in view of the decision of the Government of India, under which COVID19 has been declared an epidemic, COVID19's decision to declare critical illness Has been done, which is mortal.

The PFRDA has stated in the letter that the account holders will be allowed partial withdrawal for the treatment of the disease. This permission will be given for the treatment of account holders, their spouse, children, dependent parents if needed. PFRDA has clarified that partial withdrawal facility will not be available to the account holders of Atal Pension Yojana Scheme (APY Pension). PFRDA said that we would like to clarify that at present there is no provision for partial withdrawal of account holders of APY Pension Scheme.

NPS and APY are the two major pension schemes of PFRDA. The total number of account holders under NPS and APY was 3.46 crore as on 31 March. Of this, APY had 2.11 crore account holders, according to PFRDA data. NPS and APY are two flagship schemes operated by PFRDA. The NPS scheme is for the central government, state governments, autonomous institutions and corporates, while the APY scheme is for meeting the pension needs of unorganized sector employees.