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Who shall be responsible for protecting my interests as a NPS subscriber? |
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PFRDA is the regulator for the NPS & will endeavour to protect the interests of the subscribers through prudential norms of investments etc.
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2. |
What will happen if I relocate to another city or country? |
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The PRAN shall remain the same & you shall be able to access your PRAN from anywhere in India, based on the I-Pin allotted to you by CRA.
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3. |
Under what circumstances can my account be closed before attaining NRA? |
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. Death
. Account value reduces to zero
. Citizenship status changes
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4. |
Can I be a part of the system after attaining the age of 70 years? |
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No, you have to compulsorily withdraw from the system on or before attaining the age of 70 years.
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5. |
What if I don't exit the system at or before 70 years? |
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Then on attaining the age of 70 years, your account would be automatically closed with the benefits transferred to you.
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6. |
Can I exit the system in phases over the age band 60 to 70 years? |
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Yes, you can exit.
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7. |
Can I make contributions of less than INR 500 at a time? |
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In case of Tier II Account, contribution can be made of INR 250 but it is mandatory to contribute INR 500 in Tier I Account.
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8. |
Can someone else make contribution on my behalf? |
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Yes, it is acceptable.
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9. |
Are there any investment return guarantees? |
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There are no guarantees; returns depend upon the amount contributed & the investment growth.
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10. |
Will I be permitted to change my Pension Fund Preference? |
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Yes, you shall have the first opportunity to switch from one Pension Fund to another Pension Fund commencing form May 2010.
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11. |
What if I do not select any Investment option? |
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All your contributions will be channeled into Auto Choice Investment.
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12. |
I am 30 years old & would like to retire at 60, I want pension of INR 2000 per month at today's prices when I retire. How much do I need to contribute? |
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You would need a pension wealth of INR 3,19,000 (at today's prices) at age 60 to get a pension of INR 2,000 p.m.(at today's prices). To release this pension wealth, you would need to contribute approx INR 16,600 every year.
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13. |
On my death, can my nominee continue to operate the account in my name? |
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No, the balance standing to the subscriber's account may be transferred into the nominees account after following regular KYC procedure.
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14. |
What if I contribute less than Rs. 6000 in a year in Tier I Account? |
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Your Account would become dormant.
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15. |
How can I reactivate my dormant account? |
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You would have to bear the default penalty of Rs. 100/year along with minimum contributions due for the period of dormancy in order to reactivate the account.
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16. |
Is it possible to get PRAN CARD in Hindi? |
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Yes , you can get PRAN CARD in Hindi ,for that you have to checked the option that PRAN is required in Hindi and the annexure to form UOS-SH1 on page 8 should be properly filled up. |
