What happens to NPS if employee leave job?

If you exit before reaching the retirement age then you have to buy a pension product for the minimum of 80\% of such accumulated corpus. The balance of the accumulated pension wealth (20\%), after such utilization, shall be paid to the subscriber in a lump sum.

Can I convert my Tier 1 NPS account to Tier 2?

This facility is called ‘One Way Switch’. Under the functionality of one way switch, the subscriber has an option to transfer funds from Tier II to Tier I account, however the vice-versa is not allowed i.e., transfer of funds from Tier I to Tier II account is not allowed.

Can I open NPS Tier 2 later?

Offline: Any person (subscriber), who has an active Tier I account can apply for a Tier II account. The person has to follow the following steps to apply offline: The Tier II account has to be opened through the “Subscriber’s POP-SP”.

How can I leave NPS after resignation?

Exit from NPS

1. If you do not wish to continue your NPS account or defer your Withdrawal, you can exit from NPS anytime.
2. Log in to CRA system (www.cra-nsdl.com) using your User ID (PRAN) and Password.
3. Click on “Exit from NPS” menu and click on “Initiate Withdrawal request” option.

Is Tier 1 or NPS 2 better?

While Tier 1 of the NPS is a rigid retirement plan, Tier 2 gives you more flexibility for withdrawals, if needed. The idea is to promote a government-backed product, which offers equity exposure, helps you to plan for retirement (Tier 1), and also provides an option to invest for other life goals (Tier 2).

How can I withdraw my Tier 1 after resignation?

Nodal Office can initiate the request by logging using I Pin provided into the CRA website (www.cra-nsdl.com) under the menu ‘Exit Withdrawal Request’. Nodal Office can refer Demo for capturing online Withdrawal request which is available on CRA website (www.npscra.nsdl.co.in).