Subscribers of the National Pension System (NPS) are required to make a minimum contribution of Rs.500 for up to 10 years in order to make a partial withdrawal. The account and PRAN (Permanent Retirement Account Number) are classified as 'freezed' if the subscriber fails to render the required contribution towards his / her NPS account. But no need to worry about, by following the below-covered process you can reactivate your 'frozen' NPS account.
For the intent of unfreezing PRAN the form specified by NPS is Form UOS-S10-A. You can access the form by visiting the NSDL website or else you can also obtain the same by visiting bank branch or post office where your NPS account is generated. You need to attach your PRAN Card along with the form while submitting it. If you are a regular NPS account holder Rs.500 plus Rs.100 (penalty) for the current financial year of freeze will be charged.
On the other hand, if you are Swavalamban account holder you need to pay Rs.500 plus Rs.25 penalty charge. After the submission of your application, the officials confirm if the approved contribution is more than the minimum amount required to maintain the account operational. Hence, the request will be processed and the PRAN is activated if the contribution is found in order.
Points to keep in mind
- Keep the acknowledgment slip, after submission of the application, signed by the approving authority.
- The bank or post office may impose marginal transaction charges along with a service charge incurred by the CRA (Central Record keeping Authority) as adequate for a contribution made by the subscriber.