a. For the purpose of education of subscriber, treatment of specified illnesses, disability more
than 75%, or the reasons as may be specified by PFRDA in the interest of the minor subscriber under
the regulations, the guardian shall be allowed to partially withdraw up to 25% of subscribers’
contribution excluding returns thereon after minimum 3 years from the date of opening of account,
for maximum two withdrawals till the subscriber attains 18 years of age and two additional
withdrawals between 18 - 21 years of age. Such a facility shall be made
available on a declaration basis.
b. In the case of the death of the minor subscriber, the entire accumulated pension wealth is to be
paid to the guardian.
c. In case of the death of the guardian registered under the account, another guardian is to be
registered on behalf of the minor subscriber by submitting the KYC documents as specified by the
PFRDA from time to time.
d. In case of the death of both parents, the legally appointed guardian may continue the account
with or without making contributions to the account, and upon attainment of 18 years of age by the
subscriber, the subscriber shall have an option to continue or exit from the scheme.
e. The subscriber shall be allowed to exit only upon attainment of age of 18 years. On such exit,
full withdrawal is allowed, if total accumulated corpus is < ₹8 lakh and if total accumulated corpus
is ≥ ₹8 lakh, Withdraw up to 80% of corpus as lump sum and at least 20% as annuity.
f. The exits and withdrawals under the scheme shall be governed by the provisions of the Pension
Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pensions
System)
Regulations, 2015 and amendments thereof.
If no option is exercised till 21 years of age - the account auto-shifts to a higher-equity
scheme under MSF. The account shall thereafter be governed by the PFRDA (Exits and Withdrawals
under the NPS) Regulations, 2015.
