How To Unfreeze NPS Account? –

NPS or the National Pension Scheme is a government pension scheme and is one of the best retirement plans in India. It promotes people to put their money into an account regularly during the time of employment. This money can be used after retiring from the job. A pensioner can take out percentages of that money every month after their retirement.

Why NPS Accounts gets Freeze? 

unfreez nps account

Tier 1: It is a mandatory account and you need to pay the set contribution amount regularly. One cannot withdraw the entire amount before or even after retirement. It has various restrictions.

Tier 2: It is a voluntary account. Unlike Tier 1, you can withdraw any amount deposited at any time.

There are multiple reasons for your NPS account frozen and what needs to be done to unfreeze it.

  • The minimum amount is unpaid: You need to pay the pension scheme at least 500 rupees once and 1000 rupees once if you selected the tier 1 scheme. To unfreeze it, use the mobile application to login into your National Pension Scheme account and make a payment of 1000 rupees. By doing this it will be unfrozen instantly. Or you can visit the bank or point of presence you choose for the scheme and pay them through demand draft or check. There is no set limit in the case of tier 2. You will also need to submit an NPS form s2 and a penalty of 100 rupees for the years of non-payment.
  • Rejection of Know your customer or KYC documents: Your NPS account might be frozen for rejection of KYC documents due to wrong submission or incomplete documents. It also might be due to non-verification of the same KYC documents because of the same reason. In this case, reach out to the bank or point of presence and make a complaint as it could be due to professional error too, and re-submit those documents again. Sometimes it could take months so be patient. Enquire its status with them from time to time. It could take anywhere between three days to a month.
  • Non submission of National Pension Scheme form to Central Record Keeping Agency: National Pension Scheme can be opened through the point of presence who can be mediators of banks like State Bank of India and stockbrokers. If you chose Point of Presence, you will need to submit forms with the Central Record Keeping Agency. If it’s a computerized form, sign after printing the complete form and send it to be processed. It takes weeks to months to get it unfrozen through this process.

How to Unfreez NPS Account via eNPS Portal?

  • Unfreezing with the help of the eNPS portal: Visit the eNPS portal and choose National Pension Scheme and then choose the contribution option. Enter the Permanent Retirement Account Number, your date of birth, National Pension Scheme subscription type, tier 1 or tier 2. Enter the one-time password and verify the captcha and click and verify PRAN. Doing this will unfreeze the account instantly. This can only be done if an account is opened online or point of presence.

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