How to transfer money from Tier II to Tier I account of NPS

Posted by: Girija Gadre on Jul 17, 2017, 06.30 AM IST

It is possible to switch money from a Tier II account of NPS to a Tier I account of NPS. This one-way switch is considered a contribution to the Tier I account of NPS.

If a NPS subscriber is unable to fulfill the minimum contribution requirements of Tier I in a particular year, he is able to use this one-way switch to comply with this requirement.

Who can switch?
Only those NPS subscribers who fall under the All Citizens of India or Corporate sector category can use the one-way switch facility.

Form
Form UOS – S13 must be used to carry out a one-way switch. The form can be obtained from the POP-SP or can be downloaded from the NPSCRA website at the following link: https://npscra.nsdl.co.in

Details
PRAN number of the subscriber, name of the subscriber, amount that is to be switched must be entered on the form. The form must be signed by the NPS subscriber.

Submission
The fully filled out form must be submitted at the POP-SP with which the subscriber is currently associated for the Tier II account. Upon submission of the form, the POP-SP gives an acknowledgement receipt. The receipt number must be preserved for future correspondence, if any.

Points to note
1. There can be a difference in the amount invested under Tier I after the execution of the switch request from the requested amount to the extent of difference in NAV of two different days.

2. All fields marked with (*) must be mandatorily filled.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.) This article appeared in Economic Times dated Jul 17, 2017, 06.30 AM IST