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Monday, October 27, 2014

Revision in guidelines for Unfreezing of frozen NPS accounts - PFRDA

Pension Fund Regulatory and Development Authority 

CIRCULAR

PFRDA/CIR/2014/7/PDEX/13

27th Oct’2014

Subject: Revision in guidelines for Unfreezing of frozen NPS accounts

PFRDA had issued freezing/unfreezing guidelines for the NPS accounts vide its letter no. 8/21/2010/PFRDA dt. 07/12/2011.

As per these guidelines an account is frozen if, an NPS subscriber fails to contribute at least the minimum contributions required (i.e. Rs. 6000/-) in a financial year. As per these guidelines an account could be revived/ unfrozen only by depositing:

a) The minimum contributions of the last financial years when the account was frozen
b) Rs. 100/- as penalty for each year of frozen account
c) Rs. 500/- as contribution towards current year.

Based on the feedback received from various stakeholders regarding the difficulties being faced by the subscribers in unfreezing/reactivating the frozen accounts due to the entire overdue amount to be deposited, PFRDA has re-examined the matter and with a view to facilitate subscriber convenience, it has been decided to revise the above existing Unfreezing Guidelines (a, b & c ) for NPS accounts as hereunder:

To reactivate the frozen account, the subscriber need to pay a minimum contribution of Rs. 500/- together with a penalty of Rs. 100/- along with the unfreeze request.

The rest of the terms & conditions shall remain unchanged.

 Sd/
Venkateswarlu Peri
General Manager

Source: http://www.pfrda.org.in/

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