Reactivate NPS Account: A Beginner”s Guide to Revive Your Pension Savings

A big news waiting for NPS investors’. Are you also an NPS investor? Then this article is for you. In current time, the government is running all such schemes so that elderly people can be financially empowered.

One of these schemes is NPS (National Pension System). Through this government scheme, you can arrange both a lump sum amount for yourself on old age and income every month.

NPS

Money is invested in NPS in two ways. The first tier-1 is a retirement account, and the second tier-2 is a voluntary account. You can take 60 percent of the total amount invested in NPS after 60 years of age, while 40 percent is used as an annuity.

Although this scheme is market-based, its returns are also market-based. If you are also an NPS investor but your account has been frozen due to some reason, is there any way to activate it again? Find out here.

Why did the NPS account freeze?

Opening a Tier 1 account is a must for NPS membership. After this, the member can also open a Tier 2 account if he wishes. At the time of opening an account, you have to invest Rs 500 in Tier 1 and Rs 1000 in Tier 2.

After this, it is necessary to deposit a minimum amount in both accounts every financial year to keep the account running. If you do not deposit the minimum fixed amount in a year, then your NPS account may be frozen or inactive.

How do I reactivate the account?

To reactivate a NPS frozen account, you need to fill out the UOS-S10-A form. You get this form from the post office. Or you can take this form from where your NPS is running.

You can also download the form online. For this, you have to click on a link. Link is: https://npscra.nsdl.co.in/download/non-government-sector/all-citizens-of-india/forms/UoS-S10A-Unfreezing%20of%20PRAN.pdf

A copy of the subscriber’s PAN card is also to be attached with the form. Also, the subscriber has to deposit the outstanding amount of annual contribution in the account and also have to pay a penalty of Rs 100.

4. After submitting the application, your account is verified by the office officials. After this, your application is processed and PRAN is activated.