How to reactivate NPS account
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Minimum contribution to NPS
In a fiscal year, a National Pension Scheme (NPS) subscriber must provide a minimum yearly contribution of Rs.6000/- to his Tier I account; otherwise, the account would be frozen.
The account will stay active for the first year, but the account will be frozen if the minimal contribution is not made in the second year.
The account will stay active for the first year, but the account will be frozen if the minimal contribution is not made in the second year.
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How to unfreeze?
To unfreeze the account, the customer must pay the total of minimum payments for the time of freeze, the minimum contribution for the year in which the account is reactivated, and a Rs.100/- penalty. To unfreeze an account, the subscriber must go to the Point of Presence (POP) and deposit the necessary funds.
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Form to be submitted
NPS has designated Form UOS-S10-A for the purpose of unfreezing PRAN. The form is available from the bank or post office where the NPS account is held.
In the Annexure UOS-S10-A form, which is the required form for unfreezing PRAN, check the boxes labelled "Tier I," "Tier II," and "Both (Tier I and Tier II)" accounts.
In the Annexure UOS-S10-A form, which is the required form for unfreezing PRAN, check the boxes labelled "Tier I," "Tier II," and "Both (Tier I and Tier II)" accounts.
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Minimum contribution
The minimum contribution when opening an account is Rs 500 for Tier I and Rs 1000 for Tier II. The minimum contribution amount for Tier I is Rs 500 and Rs 250 for Tier II. The minimal annual contribution for Tier I is Rs. 6000 and Rs. 2000 for Tier II.
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Withdrawal of NPS when PRAN is in frozen or inactive state
According to the NPS FAQ page, “ The withdrawal will be processed like a normal withdrawal but in addition deduct the penalty that is applicable for unfreezing of such an account without seeking to reactivate the account by the subscriber or payment of amounts necessary to activate the account. In essence, the CRA will unfreeze the account by charging the penalty applicable and process the withdrawal claim.”