Dear Sir, I have approx Rs 2.5 lacs in NPS which was contributes over approx 4 Years. Now I have moved to Germany for the last 2 years. Can I withdraw the whole amount and how?
Thanks!
Ans: You can close your NPS account prematurely only after 10 years of opening the account. And if you do, you have to utilise 80 per cent of the corpus for buying an annuity plan. Here again, you can be exempted if your total corpus does not exceed Rs 5 lakhs. In such cases, you don't have to buy an annuity plan.
You must get your regular savings bank account converted into an NRE or an NRO account. That is mandatory.
Once your bank account is converted, you need to get your status changed in the NPS records from a resident Indian to an NRI.
