National Pension System

The process of registration under NPS(Tier-I) for Central Government employees is as follows:

• Submit form S1 to the Drawing and Disbursing Officer (DDO) or equivalent offices.
• The employment details shall be provided and certified by the DDO..
• Subsequently, the DDO shall forward the form to the respective Pay and Accounts Office (PAO) / District Treasury officer (DTO).
• The form should be submitted to Central Recordkeeping Agency (CRA) for registration

•  the applicants can withdraw from NPS on his/ her retirement, resignation or death.
• An applicant is required to invest minimum 40% of his / her accumulated savings to purchase a life annuity from Pension Fund Regulatory & Development Authority (PFRDA) empanelled and Insurance Regulatory and Development Authority (IRDA) approved Annuity Service Providers (ASPs) on retirement.
• On resignation Around 80% of amount has to be annuitized and remaining can be withdrawn by the subscriber . 
• Entire amount will be handed over to the nominee in case of death of the applicant.

The process of registration under NPS(Tier-I) for State Government employees is as follows:

• Submit form S1 to the Drawing and Disbursing Officer (DDO) or equivalent offices.
• The employment details shall be provided and certified by the DDO..
• Subsequently, the DDO shall forward the form to the respective Pay and Accounts Office (PAO) / District Treasury officer (DTO).
• The form should be submitted to Central Recordkeeping Agency (CRA) for registration

•  the applicants can withdraw from NPS on his/ her retirement, resignation or death.
• An applicant is required to invest minimum 40% of his / her accumulated savings to purchase a life annuity from Pension Fund Regulatory & Development Authority (PFRDA) empanelled and Insurance Regulatory and Development Authority (IRDA) approved Annuity Service Providers (ASPs) on retirement.
• On resignation Around 80% of amount has to be annuitized and remaining can be withdrawn by the subscriber . 
• Entire amount will be handed over to the nominee in case of death of the applicant.

• The corporate can save expenses incurred on self-administration of pension functions like
  • setting up separate trust,
  • recordkeeping,
  • fund management,
  • providing annuity, etc. 

• Tax exemption benefit to employees with a ceiling of Rs.1.00 lacs.

• Submit CHO-I form along with the details of corporate Branch offices to the designated PoP.
• Designated PoP would ensure necessary due diligence on the status of corporate as required for Know Your Customer (KYC) verification as per AML/CFT guidelines issued by Government of India and submit the form to Central Recordkeeping Agency (CRA) duly certified.
• CRA would register the corporate in the CRA system and allot entity registration number, which would be reflected in each subscriber registration form.
   

•  the applicants can withdraw from NPS on his/ her retirement, resignation or death.
• An applicant is required to invest minimum 40% of his / her accumulated savings to purchase a life annuity from Pension Fund Regulatory & Development Authority (PFRDA) empanelled and Insurance Regulatory and Development Authority (IRDA) approved Annuity Service Providers (ASPs) on retirement.
• On resignation Around 80% of amount has to be annuitized and remaining can be withdrawn by the subscriber . 
• Entire amount will be handed over to the nominee in case of death of the applicant.

The procedure of registration for an individual under NPS is as follows:

• Submit duly filled UOS S1 form to open a Permanent Retirement Account (PRA) (Tier I and/or Tier II) in NPS with other supporting KYC documents to POP-SP.
• For only Tier II account, an individual with an active Tier I account needs to approach the associated POP-SP and submit a copy of the PRAN Card along with UOS-S10 form (Tier II activation form).
• POP-SP will validate the form and provide a receipt number to the subscriber.

To contribute in Tier I and Tier II account, a subscriber is required to make his / her first contribution at the time of applying for registration (minimum contribution Rs.500 for Tier I and Rs.1000 for Tier II) at any POP-SP with NCIS (NPS Contribution Instruction Slip) form.

The NPS subscriber is required to make contributions subject to the following conditions:

• Minimum amount at the time of Account opening - Rs.500
• Minimum amount per contribution - Rs.500
• Minimum contribution per year - Rs.6,000
• Minimum number of contributions in a year - one
  A subscriber can decide on the frequency of the contributions across the year as per his / her convenience. No maximum limit has been mandated.
• For Tier II, minimum contribution requirements are:
• Minimum contribution at the time of account opening - Rs.1000
• Minimum amount per contribution - Rs.250
• Minimum number of contributions in a year - one
• Maintain minimum balance of Rs.2000 at the end of each financial year

In Tier I account, a subscriber can withdraw from NPS on his/ her retirement, resignation or death.

To withdraw from Tier II account, the subscriber needs to submit UOS-S12 form- to the associated POP-SP.On date of processing with addition of 3 days, the funds are transferred from the Trustee Bank to subscriber's bank account as registered in the CRA system.

Mr. Chandrashekhar Warange Grievance Redressal Officer (GRO)