Friday, February 23, 2018
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Indian Real Estate News
Investors may want to use the money to meet other financial goals as well.
The rigid rules for withdrawals reduce the attractiveness of the NPS. During the productive years of a person, there are multiple occasions where she might need money. At this stage, inaccessibility to one's own funds curbs a person's financial freedom.
Of course, NPS does give an investor the option to exit before 60. But 80% of the accumulated corpus will have to be put in an annuity and only 20% will be available. The investor can also choose to make partial withdrawals of up to 25% of the contributed amount. But there are restrictions here as well. Partial withdrawals can be made only thrice and only for specified reasons. There should also be a gap of at least five years between two partial withdrawals.
This is very restrictive. A person will not be able to withdraw money for her daughter's marriage if she had made a withdrawal less than five years ago for her education. The withdrawal rules should be aligned with real-life situations to make them more meaningful.
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