The National Pension System (NPS) is a new voluntary contributory pension scheme introduced by the Central Government through Pension Fund Regulatory and Development Authority (PFRDA) to promote old age income security.

It is a defined contribution pension system which is being offered on a voluntary basis to all citizens of India other than government employees covered by NPS. PFRDA has also introduced Corporate National Pension System model (under existing All Citizen of India Model (i.e. commonly known as “UOS NPS model”)) where-in the Corporate can get itself register under the System with CRA through the recognized POP. As per the Corporate NPS model the Corporate is free to offer the NPS system to all or select employees (i.e. based on certain criteria - above a certain grade). Under the Corporate NPS model, the Corporate can transfer Employee’s contribution (i.e. deduction from employee’s salary) to Employee’s NPS Tier I account and it also has an option to contribute over and above the employee’s NPS contribution amount.

Under the NPS, individuals can open a personal retirement account with the government through PFRDA and can set aside and save a pension corpus during their work life to meet financial needs after retirement. These contributions earn returns depending on the investment option selected by the individual. NPS account is a unique account. One cannot have more than 1 NPS account.

At the time of withdrawal, the subscribers have to invest a portion of their accumulated pension wealth under the NPS to purchase a life annuity from an IRDA regulated life insurance company and the balance may be withdrawn in lumpsum. The amount and the time period after which withdrawals can be made are subject to certain conditions (as explained in FAQs).

To view the NPS offer document visit
https://www.npscra.nsdl.co.in/offer-documents.php

Following are the Intermediaries in the NPS system:
ü Pension Fund Regulatory and Development Authority(PFRDA)
ü Central Record-keeping Agency (CRA)
ü National Securities Depository Limited (NSDL) has been appointed as the CRA for NPS by PFRDA.
ü Pension Funds (PFs)/Pension Fund Managers (PFM)
ü Annuity Service Provider (ASP)
ü Trust & Trustee Bank (TB)
ü Point of Presence (PoP)
ü Custodian
· Description of the above entities :
· Pension Fund Regulatory and Development Authority (PFRDA)
PFRDA is the regulator for the NPS. PFRDA is responsible for registration of various intermediaries in the system such as Central Record Keeping Agency (CRA), Pension Funds, Custodians, NPS Trustee Bank, etc. PFRDA shall also monitor the performance of the various intermediaries and ensure that all stakeholders comply with the guidelines/regulations issued by PFRDA from time to time.
· Central Record-keeping Agency (CRA)
The record-keeping, administration and customer service functions for all subscribers of the National Pension System will be centralized and performed by the CRA. The CRA shall, on the basis of instructions received from subscribers, transmit such instructions to the appointed Pension Funds on a regular basis. The CRA will also provide periodic, consolidated PRAN statements to each subscriber. Currently National Securities Depository Ltd (NSDL) is CRA.
· Pension Funds (PFs)/Pension Fund Managers (PFMs)
Appointed PFs are responsible for managing the retirement savings of subscribers under the NPS. The PFRDA has appointed a limited number of leading professional firms to act as PFMs. Subscribers contribution is given to these PFMs for further investment.
The PFMs are required to invest strictly in accordance with the guidelines issued by the government / PFRDA. PFMs would communicate the NAV of each scheme to CRA on a regular basis.
NPS allows you to choose from any one of the following 8 entities as PF to manage your pension fund: 1. ICICI Prudential Pension Funds Management Co. Limited 2. HDFC Pension Management Company Limited 3. Kotak Mahindra Pension Fund Limited 4. LIC Pension Fund Ltd 5. Reliance Capital Pension Fund Limited 6. SBI Pension Fund Pvt. Limited 7. UTI Retirement Solutions Limited 8. Birla Sun life Pension Management Limited
· Annuity Service Provider (ASP)
ASPs are responsible for delivering a regular monthly pension to the subscriber if subscriber has purchased annuity scheme either before attending age of 60 years (subject to lock-in period of 10 years) or attending the normal retirement age of 60 years or on attending superannuation after attaining the normal retirement age of 60 years. PFRDA has empanelled the following seven IRDA approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS).
1. Life Insurance Corporation of India
2. SBI Life Insurance Co. Ltd.
3. ICICI Prudential Life Insurance Co. Ltd.
4. Star Union Dai-ichi Life Insurance Co. Ltd.
5. HDFC Standard Life Insurance Co. Ltd.
PFRDA / CRA is in process of finalizing the operational guidelines for annuity,. NPS subscriber can then annuitize the withdrawal amount through Annuity Service Provider as selected by subscriber either on attaining the 60 years of age or before attaining the age of 60 years subject to 10 years of lock-in.
· Trust & Trustee Bank (TB)
The Trust established under the NPS, is responsible for taking care of the funds under the NPS and is the registered owner of all NPS assets. The trust holds an account with as the NPS Trustee Bank, i.e Axis Bank. NPS Trustee Bank facilitates fund transfers across various entities of NPS system viz. PFM, Annuity Service Providers, subscriber, etc. The NPS Trust is being administered by the Board of Trustees, as constituted by the PFRDA.
· Point of Presence (PoP)
PoP is the first point of interaction between the voluntary subscriber and the NPS architecture. The PoP is responsible for performing functions relating to registration of subscribers, undertaking Know Your Customer (KYC) verification, receiving contributions and instructions from subscribers and transmission of the same to designated NPS intermediaries.
· Custodian
The Custodian is responsible for the custody of underlying assets. Custodian is a SEBI registered Custodial Services providing fulfilling condition on foreign holdings and cross holdings as Government may prescribe. Current custodian is Stock Holding Corporation of India (SHCIL)
Please note that the addition or deletion of intermediaries like PFM, POP and ASP is a continuous process. The latest list of PFMs, POPs and ASPs are available on PFRDA website - www.pfrda.org.in.

Any Indian citizen between the age of 18 to 60 years can invest in NPS. However, persons having an existing NPS account and government employees who are already covered under NPS cannot again open an additional account under NPS.
Note : As per regulatory guidelines HUF, PIO and OCI cannot invest in NPS.

Yes. An NRI can open an NPS account if the NRI has a bank account with a bank based in India and his communication address is an Indian address. Contributions made by NRI are subject to regulatory requirements as prescribed by RBI and FEMA from time to time.
Note:
1) Presently, I- Sec is not offering the NPS product to Non Resident Indians.
2) RBI vide its circular No. RBI/2015-16/216 A.P. (DIR Series) Circular No.24 dated the October 29, 2015 has stated that eligible NRI customer may open / subscribe to NPS account (under PFRDA regulations) by making contributions through normal banking channel. The subscription amounts shall be paid by the NRIs either by inward remittance through normal banking channels or out of funds held in their NRE/FCNR/NRO account. RBI has further stated in the said circular that there shall be no restriction on repatriation of the annuity/ accumulated savings.

NPS is available only to citizens of India. If the subscriber's citizenship status changes, his/her NPS account would be closed.
In case your status changes from RI to NRI then NPS account has to be shifted to NPS-UOS offline model by submitting duly filled Sector shifting form: ISS-1.
Documents to be submitted along with form
1. Self-attested PRAN card copy
2. Cancelled cheque of his NRO account
3. Self-attested copy of 1st & last page of passport –Original and signature to be verified by I-Sec official. Request you to visit our nearest I-Sec branch for the same
For further investment in NPS, client will have to submit NCIS form, self-attested PRAN card copy, and cheque of NRO account (Third party cheque not accepted) for contribution. Cheque should be in name of “ICICI Securities Limited NPS Pool”
Duly filled form & documents to be sent at below mentioned address
ICICI Securities Ltd,
NPS Operations Dept,
Shree Sawan Knowledge Park,
Plot No. D-507, T.Ts Ind Area,
M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705
You can avail the form by following below mentioned path
(i) www.icicidirect.com —Customer service —Overview---Important Information---Download forms —NPS
Or
(ii) Login in I-Direct account— Trade & Invest---NPS---Holding & Services---Forms

To invest in NPS, you will be required to open an account with a Point of Presence (POP) and obtain a Permanent Retirement Account Number (PRAN). This is the unique identification number given to your NPS account. ICICI Securities Limited (I-Sec) is registered as a Point of Presence (POP) with the PFRDA for offering services pertaining to opening and operation of NPS accounts.
Once opened NPS account with ICICIdirect.com, you can invest in NPS either through lump sum contribution or Systematic Investment Plan (SIP)
Path : Login in I-direct account---Trade & invest –NPS—Transact—Place contribution/SIP

You may benefit from investing in NPS in the following manner:
1. It is voluntary: You can choose the amount (subject to the minimum annual contribution amount from second financial year after opening of the NPS account) you want to set aside and save every year
2. It is simple: All you have to do is to open an account with any one of the
POP and get a PRAN
3. It is flexible: You can choose your own investment option and Pension fund Manager and see your money grow
4. It is portable: You can operate your account from anywhere in the country, even if you change your city, job or pension fund manager
5. It is regulated: NPS is regulated by PFRDA, with transparent investment norms and regular monitoring and performance review of fund managers by NPS trust

NPS accounts are of two types:
Tier I account: It is a mandatory account for those who have opted for NPS. Under this account you could start investing with amount as low as Rs. 500 as first contribution with minimum of Rs. 1000 in a financial year.. You could avail tax benefits on your own investment up to Rs. 2,00,000 under section 80C & 80 CCD(1B). Normal withdrawal is on attainment of 60 yrs of age. Though, partial withdrawal after 10 yrs of investment is allowed as per the existing guidelines.
To withdraw from your Tier I account before 60 years of age, you would be required to invest at least 80% of your pension wealth to purchase a life annuity (subject to eligibility age criteria (if any) for buying an annuity policy from annuity service providers) from any IRDA - regulated life insurance company. You may withdraw the remaining 20% of your pension wealth as a lump sum. (It is allowed to subscriber who have been in NPS for at least 10 years).

Note: The Exit & Withdrawal from NPS Tier I account is governed by PFRDA (Exit & Withdrawals under National Pension System) Regulations, 2015. Please refer to the FAQ section below on exit and withdrawal procedure from National Pension System.

Tax Benefits :
Below mentioned table will give you clear understanding of tax benefits associated with investment in NPS

- Also, 40% of pension wealth withdrawn as lump sum from NPS –tier 1 account on attaining 60 yrs of age is tax-exempt.
- Partial withdrawal (not exceeding 25% of own contribution for subscriber who has been in NPS for at least 10 yrs) made in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act and regulations is tax-exempt
*Tax structure is subject to change as per Income tax laws.

Tier II account: To open this account, you should have an active Tier I account. This is a voluntary savings facility. There are no restrictions on withdrawal from tier 2 account. However there are no tax benefits available on investments in Tier II account.

Note: Government employees are allowed to open standalone NPS Tier II account with any registered POP. Currently, ICICI Securities is not offering it.

Yes. Investment in NPS is independent of your contribution to any Provident Fund.

Yes. Investment in NPS is independent of your subscription to any other pension fund.

Yes. ICICI Securities Limited (I-Sec) is registered as a Point of Presence (POP) with the PFRDA for offering services pertaining to opening and operation of NPS accounts.

You can open an online Tier I and Tier II account by logging in into your www.icicidirect.com trading / investment account and visiting the "Subscribe NPS" link on the NPS page.
Path : Login—Trade & Invest—NPS—Transact—Subscribe NPS
There is a facility available on the www.icicidirect.com for register either for Tier I, Tier II (provided Tier I is active) and opening of Consolidated Tier I and Tier II account at the time of opening NPS account.
While registering for the NPS, the minimum subscription amount criteria should be met for the each type of NPS Tier account.

After your NPS / Permanent Retirement Account (PRA) is opened, CRA shall intimate you about your PRAN. I-Sec would also email you the PRAN allotment letter. You will also receive a Telephone Password (TPIN) and Internet Password (IPIN) directly from CRA. The TPIN can be used to access your NPS account on the call centre number of CRA (1800222080). While your IPIN can be used to access your account on CRA website (www.npscra.nsdl.co.in) on a 24 x 7 basis.

No. If you are opening an NPS account by making an online application on www.icicidirect.com, you will be provided PRAN allotment letter by I-Sec and not the PRAN Card.

You will have to apply for the PRAN card by submitting Subscriber registration form & necessary KYC documents in hard copy/ physical form by next month else CRA shall marked your NPS account as “Dormant” (i.e. deactivate) as obtaining of the PRAN card from CRA is the mandatory condition imposed by PFRDA. In case, your NPS account is marked dormant by CRA in that scenario you shall submit the physical Subscriber Registration Form along with requisite KYC documents to ICICI Securities Limited for onward submitting the same to CRA for issuance of PRAN card.

Based on the recent guidelines issued by PFRDA, PRAN Card has been made mandatory. If you have not applied for the PRAN Card by the end of the next month of the PRAN generation, then CRA shall deactivate such accounts. In such an event you will not be able to place any contribution in your NPS accounts or place any service request (other than applying for PRAN card), till the accounts are reactivated (through submission of PRAN Card application)

Currently CRA is not charging any fee on reactivation of NPS accounts on issuance of the PRAN card.

For applying for the PRAN card you will have to visit the NPS section and click on " Place Service Request" under services section and take the print out of pre-filled form, affix recent colour photograph and have to sign wherever applicable within the highlighted box (in BLACK ink).
Path: Login— Trade & Invest — NPS — Holdings & Services — Place Service Request —Request for PRAN card
The duly filled form has to be forwarded to the following address:
ICICI Securities Ltd
Sales Operations Dept
Shree Sawan Knowledge Park,
First Floor, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai - 400705

The status of the PRAN Card can be checked from the CRA site. You may check “My Message” on ICICIdirect account to know the status if the form was rejected due to any discrepancies or successfully sent to CRA for further process.
Path : Login—Customer Service ---My Message

In case the form was rejected due to any discrepancy, you are requested to re-send the form.

You can track the status of your application by logging in to your www.icicidirect.com account and visiting the "Subscribe NPS" link on the NPS page.

In case your application has been successfully processed, your PRAN will be displayed under the above link.

In case your application form is rejected by CRA for any reason, the status will be updated on “My Message”. Further, I-Sec shall also refund to you, your
contribution money together with processing fees and taxes deducted upfront.

To make a contribution to your NPS account, you need to follow below mentioned path :
Login to ICICIdirect.com--- Trade & Invest–- NPS—Transact--- Place Contribution or Systematic Investment Plan.

In case you are required to allocate funds then you can allocate funds by following below mentioned path

Login to ICICIdirect.com--- Trade & Invest–-Allocate Funds --- Add amount under “Mutual Fund, Corporate Bonds, ICICIdirect Centre for Financial Learning, IPO, Tax, Insurance, Credit Score, NPS & Others” section

You will receive NPS tax receipt from ICICIdirect.com in your registered email-id within T+3 working days on contribution. You can also download tax statement by following below mentioned path
Login to ICICIdirect.com –Trade & Invest – NPS – Holding & Services – Tax Statement

Yes. PFRDA has specified the minimum annual contribution amount that is to be made in a financial year (applicable from second financial year of subscription of NPS) for each type of NPS account. Further, you are required to make your first contribution at the time of applying for registration with a Point of Presence (POP). Additionally, the following conditions apply for each of the below accounts.
Tier I:
· Minimum amount per contribution - Rs. 500/-
· Minimum contribution per financial year - Rs. 1,000/
· Minimum number of contributions – 1 per year
Tier II:
· Minimum amount at the time of account opening - Rs. 1,000/-
· Minimum Amount per contribution - Rs. 250/-
Note: The minimum annual contribution amount and minimum number of contribution towards NPS Tier I and NPS Tier II account at the end of financial year is made applicable by PFRDA from second financial year.
You may decide on the frequency of your payments during the year as per your convenience. Further, you may also contribute the entire minimum contribution amount as detailed above at the time of registration itself.

Yes. You can place contribution through Payment gateway from your registered bank account other than ICICI bank. Path : Login—Trade & Invest—Mutual Fund—Add bank account

No. The Government will not be making any contribution to your NPS account.

It is advisable that you make the stipulated contribution on a regular basis in your NPS account. In case of a default, your account will be deactivated. To activate your account you would need to start the contribution again.

Yes. You can make contribution in your NPS accounts till you have not completed the age of 60 years. In case you wish to contribute up to attainment of 70 yrs of age, then you need to initiate the process on CRA’s website. Printout of the duly filled form on CRA’s website/ Screenshot copy of acknowledgement no., request letter, & self-attested PRAN card copy to be sent at below mentioned address
ICICI Securities Ltd
NPS Operations Dept
Shree Sawan Knowledge Park,
First Floor, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

Note : After attainment of 60 yrs of age further contribution on request is possible through offline mode.

You are requested to send duly filled NCIS form, cheque in favour of “ICICI Securities Ltd. NPS Pool” & self-attested PRAN card copy at the above mentioned address. (Third party cheque is not accepted)

Path to avail form : ICICIdirect website—Customer Service---Download forms---NPS—NPS Contribution Instruction Slip

Yes, you can transfer funds from Tier II to Tier 1 account. There are 2 ways

1. By submitting duly filled UOS-S13 form & self-attested PRAN card copy at below mentioned address
   ICICI Securities Ltd
   NPS Operations Dept
   Shree Sawan Knowledge Park,
   First Floor, Plot No. D-507, T.Ts Ind Area, M.I.D.C,
   Turbhe, Opp. Juinagar Railway Station,
   Navi Mumbai – 400705
   Path to avail form : ICICIdirect website—Customer service—Download forms—NPS—Subscriber request for one way switch from Tier II to Tier 1
2. Redeem funds from Tier II account. On receipt of the funds in linked ICICI bank account, place contribution or SIP in Tier I account.
   Path to redeem Tier II funds : Login—Trade & Invest—NPS—Holdings—Unit holdings—Tier 2---Redeem

Yes. PFRDA has prescribed charges for various services related to the NPS account. The same are listed as follows:

The charges applicable on your NPS transactions and GST amount payable thereon shall be deducted from your allocated amount and the balance amount will be invested in your NPS account.

Please login to your www.icicidirect.com trading / investment account and refer NPS Service Charges link for further details.

You are required to specify your Pension Fund Manager (PFM) at the time of applying for NPS registration.

You will be required to indicate your preferred PFM out of the 7 PFM identified by PFRDA.

No. You can select only one PFM.

Note : You can select same or different PFM for Tier I and Tier II accounts

Investment Choice refers to the feature by which the subscriber specifies the manner in which his contribution is to be invested. The contributions made by you towards the NPS account shall be invested by the Pension Fund Manager based on the asset class allocation given by you, and the value of the pension corpus shall be totally based on the NAV of the schemes. The NAV of each scheme of the Pension Fund Manager shall be available on the CRA website, and the link for the same shall be available on www.icicidirect.com too

(I) Active Choice - Individual Funds (Asset class E, Asset class C, Asset class G & Asset class A)
(II) Auto Choice – Life Cycle fund (Aggressive, Moderate (Default) & Conservative)

In Active choice, you have the option to actively decide as to how your NPS contribution is to be invested in the following asset classes:

The overall asset class allocation under the 'Active Choice' option should be equal to 100%.
In Auto choice, you have choice to select any 1 of the below mentioned option for your NPS investment.

Asset class wise distribution at different ages for different Life Cycle fund

A) Aggressive Life Cycle fund

B) Moderate Life Cycle fund (Default scheme under Auto option)

C) Conservative Life Cycle fund

Please refer PFRDA circular for further details

No, you can select either Active Choice or Auto Choice as your option when making investments under NPS. You may select same or different investment choice for Tier 1 & Tier 2 account.

Yes, you can change your Investment Option [Active or Auto] any time subject to maximum twice in a financial year.

Note : Scheme preference change can be exercised once in a FY. i.e.
(Investment Choice and/or PFM and/or allocation can be changed all in 1 go or any combination just once in FY)

Your contributions will not earn any specified rate of return.

The PFM will invest your savings in a scheme of your choice. Remember that your investment allocation is one of the most important factors affecting the growth of your pension wealth. The rate of return earned by your contribution depends on the return provided by the asset classes you choose to invest in viz equity instruments, fixed income instruments, government securities.

Kindly refer the NPS offer document for details on the risks associated with your investments.

You can also visit below mentioned site to view performance of various PFM for different schemes
http://www.npstrust.org.in/index.php/navreturns/returns

No. You will not be able to register for NPS, unless you have indicated your Investment choice. Further, incase you have selected the Active choice option but if you have not indicated the percentage allocation of your pension wealth across the 3 asset classes or it does not aggregate to a total of 100%, you will not be able to submit your online NPS registration application

NPS offers an easy investment option, called "Auto Choice", to assist those customers who do not have the required knowledge to manage their NPS investments.

Under this Option, the investments will be made in a life cycle fund whereby the allocation across various assets will be defined as per your age and will be readjusted as you grow older. Please refer the offer document for details refer "Auto choice - life cycle fund section".

If you have opted for Auto Choice, the reallocation of your pension money among the different asset classes shall take place on your date of birth. All subsequent investments in your NPS account shall be made as per such revised asset class allocation as stated in the Lifecycle Fund grid (as defined by PFRDA).

Yes, you can change your Pension Fund Manager any time subject to once in a financial year.

Note : Scheme preference change can be exercised once in a FY. i.e.
(Investment Choice and/or PFM and/or allocation can be changed all in 1 go or any combination just once in FY)

Yes. You may select different PFMs and Investment Options for your NPS Tier I and Tier II accounts.

You can view your unit holdings by logging on https://cra-nsdl.com/CRA/ (CRA site) using the IPIN provided by CRA. You can also view the details of the "Unit Holdings" on NPS page (SOT) of your www.icicidirect.com trading / investment account.

Yes. An annual statement containing details of your unit holdings will be issued by CRA to your registered address within 3 months of the end of every financial year.

NPS account holders will have to comply with the regulations stated in PFRDA (exit & Withdrawals under the National Pension system) Regulations, 2015.

As per the said Regulations, the NPS account holder has an option to exit & withdraw from National Pension System under the following scenarios viz. i) On attending 60 years of age or on attending superannuation age and ii) at any time before attending the age of 60 years.

Following are the conditions stipulated by PFRDA for withdrawing funds from the NPS Tier Account :

To withdraw from your Tier I account before 60 years of age, you would be required to invest at least 80% of your pension wealth to purchase a life annuity (subject to fulfillment of eligibility age criteria (if any) from any IRDA - regulated life insurance company. You may withdraw the remaining 20% of your pension wealth as a lump sum.
(Note: Premature withdrawal only if subscriber has been in NPS for at least 10 yrs)

Partial Withdrawal : Up to 25% of own contribution for Marriage or Higher education of children or purchase of house/flat or for prescribed illness (subject to certain conditions) if subscriber has been in NPS for at least 10 yrs)

Pension Fund Regulatory and Development Authority (PFRDA) has empanelled the following 5 IRDAI approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS).

1. Life Insurance Corporation of India
2. SBI Life Insurance Co. Ltd.
3. ICICI Prudential Life Insurance Co. Ltd.
4. Star Union Dai-ichi Life Insurance Co. Ltd.
5. HDFC Standard Life Insurance Co. Ltd.

Please click on below link to know more about respective ASP contact person, address, email-id and contact details
http://www.npstrust.org.in/content/list-annuity-service-providers-asps-empanelled-pfrda

NPS subscribers have a choice of selecting the Annuity Service Providers, from whom they can choose their annuity schemes on their exit from NPS on attainment of 60 years of age (where-in at least 40% of the accumulate amount of NPS Tier I account should be annuitised) or they can opt for the same before attaining 60 years of age (where-in at least 80% of the accumulate amount of NPS Tier I account should be annuitised).

Annuity Service Providers are in process of floating the annuity schemes and
CRA shall be issuing the operational guidelines for the same.

Yes. I-Sec offers you a facility to place a SIP request for making periodical investment in your NPS account on www.icicidirect.com.

To place a SIP request, you will have to login to your www.icicidirect.com trading/ investment account and select the SIP option displayed on the NPS page under Transact section

Here you will be required to specify the following details:

a. Start Date: This is the date on which you want your SIP to start and your contribution to be given to CRA. (Remember - Your SIP Start Date cannot be the date prior to the date of your NPS registration)

b. Amount: The amount you wish to invest in each SIP (The minimum amount to register an NPS SIP in Tier 1 account is Rs. 500/- & Tier 2 is Rs. 250/-)

c. Frequency: The frequency at which you want the SIP investments to be made in your NPS account (Choose between options - Monthly/Bi-Monthly( once in two months)/Quarterly

If you choose the Bi-Monthly option, after your first investment on the start date, no investment will be made in the subsequent month. The next SIP date will be in the month following such subsequent month. Hence, there will always be a gap of a month between the SIP dates. In Bi-Monthly option, your order is triggered 6 times in a year.

For instance: If you have selected the SIP (Bi-Monthly) option and your start date is January 5, 2011, your first order will be triggered on the selected date viz January 5, 2011 and your next SIP order will be triggered in March (not February) on the calculated date.

d. Period: Indicate the period during which you would want the periodical NPS contributions to be placed. The maximum period you can select is 300 months.

Once you have clicked on the final confirmation, the details of the SIP request would be displayed on the SIP Book page.

Please note that if a SIP trigger is on the 31st and the month has only of 30 days, the contribution request will be processed on the next business day after the 30th.

Yes. You can cancel the SIP request anytime. To cancel your SIP request, you will have to visit the "SIP order book" page and select cancel option.

You will not be able to modify a registered SIP request. However, you can cancel the said SIP request and place a new SIP request as per the modified parameters.

It is advisable that you allocate sufficient funds under the "MF, IPO, Insurance, NPS and others" section in your trading account towards your NPS SIP orders.

In case you have not allocated the required amount, I-Sec will place the order only after checking that sufficient clear funds are available in your linked bank
account. In case clear funds in your linked bank account are not sufficient to place your NPS SIP order, the entire NPS SIP order would fail.

Please note that NPS SIP order will not be placed for partial amount/quantity. In case sufficient balance is not available in your account, your entire order will fail.

Yes. You have to appoint minimum 1 and maximum up to 3 nominees for your NPS Tier I & II account.

You are required to specify the percentage of your saving that you wish to allocate to each nominee. The share percentage across all nominees should collectively aggregate to 100%.

Note :

1. Please refer PFRDA guidelines on whom you can nominate to your NPS accounts and when the subscribers are required to register fresh nominee ( click here - to know more).

2. Same or Different Nominee(s) with same or different share% for NPS Tier I & NPS Tier II allowed.

3. NPS account Holders can change nominee(s) at any time by submitting duly filled UOS-S2 form-Subscriber detail change form along with self-attested PRAN card
Form is made available by following below mentioned

path Trade & Invest---NPS---Services--Place service request---
select Tier I/Tier II account- Change Nominee request

The process of nomination has been included in the registration process on www.icicidirect.com. At the time of applying for registration on www.icicidirect.com, the system will ask you to choose the option for making a nomination.

The online NPS registration process on www.icicidirect.com comprises of 4 steps. In the first step, you will be asked whether you wish to make a nomination. If you select the option "Yes", you will be required to provide the details of your nominee such as Name, Date of Birth, your relationship with the nominee and the percentage allocation of your accumulated pension savings that you wish the nominee should acquire.

In case you are appointing a minor as your nominee, you will be required to specify the details of the guardian also.

If you have not made the nomination to your NPS account at the time of registration, you can do the same after the allotment of PRAN. You will have to visit the "Place Service Request" link on the NPS page under Services section of your account & download the physical form UOS-S2 (Request for Change / Correction in Subscriber Master Details and / or Re-issue of IPIN/TPIN/PRAN Card) and submit the same to ICICI Securities Limited at the under mentioned address:

ICICI Securities Ltd.
NPS Operations Department
Shree Sawan Knowledge Park
Plot No. D-507,T.T.C.Ind.Area
MIDC, Navi Mumbai -400705

Yes. You can change the nominees in your NPS Tier I account at any time after you have received your PRAN.

To change your nomination, visit the 'Place service requests' link on NPS page of your www.icicidirect.com trading / investment account.

If you are making the nomination at the time of registering for PRAN, no charges will be levied to you.

However, a subsequent request for nomination updation would be considered as a service request and you will be charged an amount of Rs. 20/- plus applicable GST for each request.

In case of the death of the NPS account holder, the nominee(s) may opt to receive 100% of the NPS pension wealth of the deceased NPS account holder in lump sum or they may opt for buying annuity from the Annuity Service Provider.

In case the NPS account holder has not register nominees in his NPS account in that scenario the legal heirs of the NPS account holder will have to obtain legal heir certificate and they shall also have an option to receive 100% of the NPS pension wealth of the deceased NPS account holder in lump sum or they may opt for buying annuity from the Annuity Service Provider.
The nominee(s) or legal heir(s), as the case may be, will have to fill-in Form 303 (in BLACK INK) and has to submit along with the under mentioned documents to POP:
1. Original Death certificate of NPS account holder (Subscriber).

2. ORIGINAL copy of PRAN card and if the same is not available then the subscriber has to submit the notarised Affidavit for non submission of PRAN card by the claimant (format as stated by CRA-Nsdl)

3. Incase of No Nominee: Certified photocopy of family member's certificate issued by Executive Magistrate.

4. Legal Heir Certificate (if applicable).

5. Cancelled Cheque or Bank Certificate of the claimant/s and Nominee(s).

6. Pre-signed receipt (signature across on Re.1 Revenue stamp) acknowledging the receipt of proceed. Kindly note each nominee/legal heir has to pre-sign the receipt.

7. Self certified photo copy of additional Proof of Identity document (PAN card, Aadhaar, Passport etc) and Proof of Address (PAN card, Aadhaar, Passport etc). (Refer instruction 4 of the said form).
The nominee(s) / Legal heirs have to visit the nearest office of ICICI Securities Limited and will have to sign in front of the official and will also have to show the original documents to the official for verification.

Note: If the subscriber belongs to Corporate NPS Model then the subscriber shall also have to obtain signature of the Authorised Signatory and affixation of Corporate Rubber stamp.

It is advisable that the NPS subscribers register their nominee(s) in their NPS accounts.

PFRDA has came out exit and withdrawal regulations which shall govern the exit and withdrawal options from National Pension System. The legal heir(s)/nominee(s) has an an option to receive 100% of the NPS pension wealth of the deceased NPS account holder in lump sum or they may opt for buying annuity from the Annuity Service Provider.

The nominee(s) or legal heir(s), as the case may be, will have to fill-in Form 303 (in BLACK INK) and has to submit along with the under mentioned documents to POP:
1. Original Death certificate of NPS account holder (Subscriber).
2. ORIGINAL copy of PRAN card and if the same is not available then the subscriber has to submit the notarised Affidavit for non submission of PRAN card by the claimant (format as stated by CRA-Nsdl)
3. Incase of No Nominee: Certified photocopy of family member's certificate issued by Executive Magistrate.
4. Legal Heir Certificate (if applicable).
5. Cancelled Cheque or Bank Certificate of the claimant/s and Nominee(s).
6. Pre-signed receipt (signature across on Re.1 Revenue stamp) acknowledging the receipt of proceed. Kindly note each nominee/legal heir has to pre-sign the receipt.
7. Self certified photo copy of additional Proof of Identity document (PAN card, Aadhaar, Passport etc) and Proof of Address (PAN card, Aadhaar, Passport etc). (Refer instruction 4 of the said form).

You can place a service request by visiting the "Place Service Request" option on the NPS page under Services section of your www.icicidirect.com trading / investment account.

To change your address in the NPS account, you will have to first update the new address in your www.icicidirect.com trading /Investment Account. Once the same is done, you need to send the physical form (UOS-S2 subscriber details change form) available on www.npscra.nsdl.co.in ,with the attachments (self certified photo copy of the address proof (as mandated by PFRDA), cancelled cheque, bank account statements. etc.) & self-attested PRAN card copy to the below address:

(Note : Original & signature to be verified by I-Sec official. Please carry originals for verification)

Note : In case of any other details change in NPS account same process has to be followed with relevant self-attested supporting documents, original & signature verification by I-Sec official.

ICICI Securities Ltd,
NPS Operations Dept,
Shree Sawan Knowledge Park,
Ground Floor, Plot No. D-507, T.Ts Ind Area, M.I.D.C,
Turbhe, Opp. Juinagar Railway Station,
Navi Mumbai 400705

In case of any queries for matters relating to your NPS account(s), please feel free to contact us at our Customer Care Number which are stated on www.icicidirect.com or you can mail your query to us on npshelpdesk@icicisecurities.com

For complaints, we request you to refer process as mentioned in our Grievance Redressal Policy. https://www.icicidirect.com/mailimages/Grievance_redressal_policy.pdf

You may also walk in to your nearest ICICIDirect centre to seek clarifications/
express your grievances.
Please ensure that you have mentioned your PRAN in your grievance letter.

Yes. The NPS also has a multi layered Grievance Redressal Mechanism which is easily accessible, simple, quick, fair, responsive & effective. You can register your grievance / compliant by calling at the CRA call centre at toll free telephone number 1-800-222080 or by registering the grievance on https://cra-nsdl.com.

You will have to authenticate yourself through the use of T-PIN (in case of call centre) /I-PIN (while registering on the site) allotted to you.

On successful registration of your grievance, a token number will be allotted to you for all future references.

You can check the resolution status of your grievance by logging in to the CRA website www.npscra.nsdl.co.in

If you have raised your grievance through CRA, you may contact the CRA Call Center and enquire about the resolution of your grievance by mentioning the token number. You can also raise reminder through any one of the modes mentioned above by specifying the original token number issued.

If you do not receive any response within 30 days or are not satisfied with the resolution provided by CRA, you can apply to the Grievance Redressal Cell (GRC) of PFRDA.

Grievance received by the GRC, directly from the subscribers only shall be entertained. GRC shall not entertain any complaints written on behalf of the subscribers by advocates, agents or third parties unless formally authorized by the subscriber.

Complete address of the GRC of PFRDA as under: Grievance Redressal Cell
Pension Fund Regulatory and Development Authority
1st Floor, ICADR Building, Plot No. 6, Vasant Kunj, Institutional Area, Phase - II, New Delhi - 110070, Tel: 011-26897948-49, FAX: 011-26892417,
Email: grcpfrda@gmail.com

Swavalamban scheme has been launched by the Government of India to provide a pension scheme to persons employed in the unorganised sector.

Accordingly, any Indian citizen between the age of 18 to 60 years, working in the unorganised sector, who have opened National Pension System (NPS) accounts in the year 2010-11 and who fulfills the eligibility criteria laid down by the Government of India can opt for the Swavalamban scheme also called as "Swavalamban Yojana”.

As per PFRDA circular PFRDA/ 2013/15/POP/1 dated 17th September 2013 no new NPS- Swavalamban subscriber registration would be allowed through POP’s on the all citizen model (UOS) on or after 01/10/2013. Hence, we will not be able to provide the same under NPS Lite.

Currently, there are few NPS account holders who have opened the NPS accounts under the NPS Swavalambam option with us are required to migrate their NPS accounts to POP who are registered under NPS Lite in case they want to continue to hold the NPS accounts with Swavalambam option.

In case you want to opt out of the Swavalamban scheme, then follow the below mentioned steps:
1. Log in to your online ICICIDirect.com trading account and visit the "Place
Service Request" page under NPS product.
2. Click on the link "Opt out of Swavalambhan"
3. Select the "Confirm" to switch out from Swavalamban to non-swavalamban by accepting the declaration for opting out from Swavalamban Scheme.

Subsequent to the above, the benefit of government contribution will not accrue to your NPS account after the date on which you become ineligible.

The timelines for processing of the NPS Contributions and the credit of the units in your NPS account are dependent on successful funds settlement and processing of the transaction by the Trustee Bank (currently - Axis Bank) and Central Record Keeping Agency( NSDL).

You can place following service request online by visiting the www.icicidirect.com and logging in to your account:

Change of PFM
Change of Investment option(Active/Auto) and allocation
Opt out of Swavalamban Scheme
NPS Tier II withdrawals

Other service requests are available in the offline mode:
Registration / Change of Nominee (form No.UOS-S2)
Issuance of IPIN/TPIN Issuance and Re-issue of PRAN Card (Form No. UOS-S2)
Photo signature modification (Form No. UOS-S7)
Address updation (Form No. UOS-S2)
Bank account updation (Form No. UOS-S2)

The TAT of the processing of the NPS Contributions and the credit of the units in your NPS account are dependent, post the funds settlement and processing of the transaction has been successfully processed by the Trustee Bank (Axis Bank) and Central Record Keeping Agency (NSDL).

Your NPS account would not be closed on account of closure of ICICIdirect account. In this scenario, you need to shift your existing NPS account to offline NPS-UOS(Unorganized sector)/Individual model.
You shall have to shift to NPS-UOS offline model by submitting duly filled Sector shifting form: ISS-1 and self-attested PRAN card copy at below mentioned address

For further investment in NPS, you will have to submit NCIS form, self-attested PRAN card copy, and cheque (Third party cheque not accepted) for contribution. Cheque should be in name of “ICICI Securities Limited NPS Pool”

Duly filled form & documents to be sent at below mentioned address

ICICI Securities Ltd,
NPS Operations Dept,
Shree Sawan Knowledge Park,
Plot No. D-507, T.Ts Ind Area,
M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

You can avail the form by following below mentioned path
(i) www.icicidirect.com —Customer service —Overview---Important Information---Download forms —NPS
Or
(ii) Login in I-Direct account— Trade & Invest---NPS---Holding & Services---Forms

Below mentioned are few variants of annuity. The variants may vary for different ASPs.
1. Pension (Annuity) payable for life at a uniform rate to the annuitant only
2. Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive
3. Pension (Annuity) for life with return of purchase price on death of the annuitant (Policy holder)
4. Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
5. Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant
6. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant
7. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant and with return of purchase price on death of the spouse. If the spouse predeceases the annuitant, payment of annuity will cease after the death of the annuitant and purchase price is paid to the nominee