NPS Account Reactivation: If you want to get regular income for home expenses at the time of your retirement, for which you are planning to invest. In such a situation, many types of schemes are being run by the government. In this mainly you can invest in the National Pension System. However, there is no limit to investment in this. You can invest as much as you want. If you invest in this, then many times you have to face such a situation when your account becomes inactive, in such a situation, you want to activate it again? So this news can prove to be useful for you. We are going to tell you the easiest way.
NPS account ‘freeze’
If you are having trouble logging into your NPS account online, your account has been ‘freezed’, then your NPS account and PRAN (Permanent Retirement Account Number) are treated as ‘inactive’ or ‘frozen’. The reason behind this is that you are not able to deposit the minimum amount annually in your account. To reactivate or unfreeze such an account, you will have to do some important work.
Will have to pay subscription charge
You have to make a minimum initial contribution of Rs 500 for Tier I and Rs 1000 for Tier II at the time of registration in NPS. After this, annual contribution has to be done to keep the account active. Your NPS account is closed due to non-deposit of money. Therefore it is important for you to know how your account can be reactivated.
this is offline method
The customer has to deposit a minimum of Rs 6,000 in a year in his Tier I account. If you do not do this, your account will be locked. To unfreeze the account, the customer has to pay the minimum contribution in full during the freeze period. Also, a fine of Rs 100 will have to be paid. To unfreeze the account, you need to visit the Point of Presence (POP) and pay the required fee. After this your account will be activated.
this is the online method
Contribution for eNPS accounts can be made online. When you can make a minimum payment of Rs 500 in a year. Then NPS will become active again. You can deposit the contribution amount to unfreeze the account online using any POP-SP (Point of Purchase Service Provider) or from ENPS.
have to pay fine
You will have to pay a penalty of Rs 100 for unfreezing Tier 1 / Tier 2 or both accounts. A fine of Rs 500 will have to be paid for the current financial year and Rs 100 for the freezing year. If the contribution amount is less than the minimum required amount, the CRA system will reject the contribution during the upload process.
how to withdraw
According to the NPS website, the NPS Trust is a special division of the Pension Fund Regulatory and Development Authority, which functions under the Ministry of Finance, Government of India. NPS is a voluntary pension system in India. The customer will have to pay the penalty for re-activation of the account. The account can be unfreezed by levying CRA applicable penalty.
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