New NPS partial withdrawal rule: Effective date, eligibility, process, other details you should know

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(NPS) for specific purposes. The PFRDA circular dated January 12, 2024, states that subscribers can make partial withdrawals for purposes such as higher education, marriage, residential house purchase, and medical expenses. According to the circular issued by the authority dated January 12, 2024, "This Master Circular shall take effect from 01 February 2024 but shall be without prejudice to their (earlier issued circulars) operation and effect, for the period when they were in force, until them being subsumed under the Master Circular." -Higher education of the subscriber's children, including a legally adopted child.

-Marriage of the subscriber's children, including a legally adopted child. -Purchase or construction of a residential house or flat in the subscriber's name or in joint name with their legally wedded spouse. However, if the subscriber already owns a residential house or flat (other than ancestral property), no withdrawal shall be permitted.

-Treatment of specified illnesses, including hospitalization and treatment expenses for diseases such as cancer, kidney failure (End Stage Renal Failure), primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, coronary artery bypass graft, aorta graft surgery, heart valve surgery, stroke, myocardial infarction, coma, total blindness, paralysis, accidents of serious/life-threatening nature and Covid-19. -Medical and incidental expenses arising from the disability or incapacitation suffered by the subscriber. -Expenses incurred by the subscriber for skill development/re-skilling or any other self-development activities.