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Page A-741
What is an NPS Refund?
On retirement (60 years): You can withdraw up to 60% of your corpus as a lump sum, with the remaining 40% used to purchase an annuity for regular pension income
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What are the Types of Accounts in the National Pension System?
There is no cap on the maximum investment you can make in your Tier I account. The money you invest in this account is locked until you turn 60. On turning 60, you can withdraw 60% of the corpus as a lump sum. You must use the balance of 40% of the corpus to buy an annuity plan from an insurance company that will pay you a monthly pension.