Nps rules and regulations

This query is : Resolved

ntc pioneer (Querist)
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24 July 2023 Nps tier 1 account opened in feb 2021
Contribution- FY 20-21Rs 50000-deduction claimed under 80 ccd(1b)
Contribution- FY 21-22Rs 50000-deduction claimed under 80 ccd(1b)
Contribution- FY 22-23Rs 1000
Contribution- FY 23-24Rs 1000

With respect to the above information please clarify the following points

1) what is the minimum contribution per financial year required to keep the account active ?

2) can this account be prematurely closed or amount partially/fully withdrawn ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 July 2023 1 It's Rs 1000.
2 In case the pension corpus is less than Rs. 2,00,000, it can be withdrawn 100% as lumpsum.

ntc pioneer

ntc pioneer (Querist)
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25 July 2023 Thank you sir.I would like to know if there is a minimum lock in period before 100% withdrawl of the amount in the above case, as additional deduction under section 80ccd(1b) was claimed in 2 financial years.