Business News Desk, It is said that the stick of old age is money. If you have plenty of money at that stage of age, then you do not need to depend on anyone else. This is the reason why in today’s time the government is also running many such schemes so that the elderly people can be made financially empowered. One of these schemes is NPS. Through this government scheme, you can arrange for both a lump sum amount and monthly income in old age. Money is invested in NPS in two ways. First Tier-1 which is a retirement account and second Tier-2 which is a voluntary account. You can take 60 percent of the total amount invested in NPS in lump sum after turning 60, while 40 percent is used as annuity. Although this scheme is market based, hence its returns are also market based. If you are also an NPS investor but for some reason your account has been frozen, is there any way to reactivate it? Know here.
Understand the reason for account freezing
To subscribe to NPS, it is necessary to open a Tier 1 account. After this, if the member wishes, he can also open a Tier 2 account. While opening an account, an investment of Rs 500 has to be made in Tier 1 and Rs 1000 has to be invested in Tier 2. After this, to keep the account active, it is necessary to deposit a minimum amount in both the accounts every financial year. If you do not deposit the minimum prescribed amount in any year, your NPS account may be frozen or deactivated.
How will the account be reactivated?
To reactivate a frozen account, you have to fill 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 will have to click on a link. The 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 PRAN card also has to be attached with the form. Besides, the subscriber has to deposit the outstanding amount of annual contribution in the account and also has to pay a penalty of Rs 100.
– After submitting the application, your account is verified by the office officials. After this your application is processed and PRAN is activated.