A NPS subscriber who joined NPS after 60 years,

Solution

Exit rules for subcribers who join NPS after 60 years of age:   In case of Non Govt Sector  

1. Normal exit is allowed after completion of 3 years. The Subscriber will be required to utilize at least 40% of the corpus for purchase of annuity and the remaining amount can be withdrawn in lump sum. Complete (100%) withdrawal allowed as lump sum if the corpus is less than or equal to ₹ 5 Lakh.  

2. In case of exit before completion of 3 years ( i.e. pre-mature exit), the Subscriber will have to utilize at-least 80% of the corpus for purchase of annuity and the remaining corpus can be withdrawn in lump sum. Complete (100%) withdrawal allowed as lump sum if the corpus is less than or equal to ₹ 2.5 Lakh.  

3. In case of unfortunate death of the Subscriber, the entire corpus will be paid to the nominee of the Subscriber as lump sum or nominee can opt for annuity.