What is the purpose of the 'Systematic Lump sum Withdrawal (SLW)' process under the NPS allowed in accordance with Regulations 3 (a) (ii) and 4 of PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 

Solution

 In accordance with Regulations 3 (a) (ii) and 4 of PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 and amendments therein and to ease the process of lump sum withdrawal, now the subscribers are allowed to withdraw through a ‘Systematic Lump sum Withdrawal (SLW)’ process on a periodical basis viz. monthly, quarterly, half-yearly or annually for a period till 75 years as per the choice of the Subscriber at the time of their exit postretirement/ superannuation or upon reaching 60 years as the case may be.   As per the circular, the SLW facility will be available for both Tier-I and Tier-II NPS accounts. Further, this SLW will be allowed only in case of normal exit and not in case of premature exit. Exit due to the death of an NPS subscriber will also not have the SLW option.