NPS : National Pension System

NPS is a voluntary contributory pension scheme introduced by the Central Government through Pension Fund Regulatory and Development Authority (PFRDA) to promote old age income security. NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account.

A .citizen of India, whether resident or non – resident can join the NPS subject to following conditions:

• Subscriber should be between 18 – 70* years of age as on the date of submission of her application
• Subscriber should comply with the prescribed Know Your Customer (KYC) norms as detailed in the NPS -Subscriber Registration Form

  NPS is a unique account. Existing NPS subscriber cannot open another NPS account. In case of duplication of NPS account, CRA shall reject subscriber request.

*Note: Currently, ICICI Securities Ltd. is not offering NPS to NRI

HUF, PIO, & OCI are not allowed to subscribe for NPS as per regulatory guidelines.

Yes, NRI can open NPS account. Contributions made by NRI are subject to regulatory requirements as prescribed by RBI and FEMA from time to time. Currently, ICICI Securities Ltd. is not offering NPS to NRI.

NPS architecture involves below mentioned entities:

PFRDA : PFRDA is regulator for NPS. It is responsible for registration of various intermediaries in the system such as CRA, Pension Fund Managers, etc. It shall also monitor the performance of various intermediaries and ensure that all stakeholders comply with the guidelines/regulations issued by PFRDA from time to time.

CRA: Record keeping, administration and customer service functions for all NPS subscribers will be centralized and performed by CRA Protean eGov Technologies Limited (formerly known as NSDL e-Governance Infrastructure Limited) & KFintech CRA. On basis of instructions received from subscribers, CRA shall transmit such instructions to the appointed Pension Funds on regular basis. CRA will also provide periodic & consolidated NPS statements to each subscriber.

Pension Fund/Pension Fund Managers: Pension Fund Managers are responsible for managing investments of NPS subscribers. Pension fund managers invest strictly as per PFRDA investment guidelines. They also communicate NAV of each scheme to CRA on regular basis. NPS allows you to choose from any 1 of below mentioned Pension Fund Managers:

• ICICI Prudential Pension Funds Management Company Limited
• HDFC Pension Management Company Limited
• Kotak Mahindra Pension Fund Limited
• LIC Pension Fund Limited
• SBI Pension Fund Private Limited
• UTI Retirement Solutions Limited
• Birla Sun life Pension Management Limited
• Tata Pension Management Limited
• Max Life Pension Fund Management Limited
• Axis Pension Fund Management Limited

Annuity Service Providers: Annuity Service Providers are responsible for delivering pension/annuity to NPS subscriber as per chosen annuity plan. You have choice to select any 1 of annuity service providers upon exit from NPS as per guidelines.

To view Annuity Service Providers empaneled with PFRDA you may click on below

mentioned link http://www.npstrust.org.in/content/list-annuity-service-providers-asps-empanelled-pfrda

Trust & Trustee Bank: NPS trust is responsible for taking care of the funds under NPS and is registered owner of all NPS assets. Trust holds an account as NPS Trustee Bank (Axis Bank). NPS Trustee Bank facilitates fund transfers across various entities of NPS system viz. Pension Fund Managers, Annuity Service Providers, subscriber, etc. NPS Trust is being administered by the Board of Trustees, as constituted by PFRDA.

Point of Presence (POP): POP is first point of interaction between subscriber and NPS architecture. POP is responsible for performing functions relating to registration of subscribers, undertaking Know Your Customer (KYC) verification, receiving contributions and instructions from subscribers and transmission of the same to designated NPS intermediaries like CRA etc.

Custodian: Custodian is responsible for the custody of underlying assets. Custodian is SEBI registered custodial service. Stock Holding Corporation of India (SHCIL) is currently Custodian under NPS.

• It allows you the flexibility to choose your own investment option based on your risk appetite
• It offers diversification by giving you option to invest in equities, corporate bonds and government securities either through active option or auto option
• You can also select pension fund manager as per your choice.
• It helps you earn market based returns over long term.
• It is one of the most cost-effective investment option available
• You can also avail tax benefits on your NPS investment.

Benefits of investing in NPS through www.icicidirect.com :

• Subscribe and invest online in NPS through ICICIdirect.com
• Ease to invest in NPS as per your convenience
• -Option to invest in NPS either through Systematic Investment Plan (SIP) or Lump sum amount
• View contribution book, statement of transaction, NAV of pension fund on ICICIdirect.com
• Dedicated email id : npshelpdesk@icicisecurities.com to address customer’s

There are 2 types of NPS account: Tier 1 and Tier 2.

Tier 1

• It is a mandatory account for those subscribing for NPS.
• You can avail tax benefits on investment in NPS Tier 1 accoun
• It is non-withdrawable retirement account. Withdrawal is allowed upon meeting the withdrawal conditions prescribed under NPS as per regulation. Partial withdrawal is allowed up to 25% of his own contribution (excluding employer contribution) for Marriage or Higher education of children or purchase of house/flat or for prescribed illness (subject to certain conditions) if subscriber has been in NPS for at least 3 years).

Tier 2

It is voluntary saving facility as an add-on to any NPS Tier 1 account holder.

You can withdraw from NPS Tier 2 account whenever you wish

You have choice to invest in various asset classes like equity, corporate bonds, and government securities either through Active choice or Auto choice.

Active Choice - Individual Funds (Asset class E, Asset class C, Asset class G & Asset class A)

Auto Choice – Life Cycle fund (Aggressive, Moderate (Default) & Conservative)

In Active choice, you have the option to actively decide as to how your NPS contribution is to be invested in the following asset classes:

Please note:

• Upto 50 years of age, the maximum permitted Equity Investment is 75% of the total asset allocation.
• From 51 years and above, maximum permitted Equity Investment will be as per the equity allocation matrix provided above. The tapering off of equity allocation will be carried out as per the matrix on date of birth.
• The overall asset class allocation under the 'Active Choice' option should be equal to 100%.

In Auto choice, you have choice to select any 1 of the below mentioned option for your

NPS investment.

Tax Benefit (For F.Y. 2022-23)

Entire 100% of pension wealth from NPS –tier 1 account on attaining 60 years of age is tax- exempt.

Partial withdrawal (not exceeding 25% of own contribution for subscriber who has been in NPS for at least 3 years) made in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act and regulations is tax-exempt

Charges associated with NPS investment

Your NPS account would not be closed on account of closure of ICICI direct account. In this scenario, you need to shift your existing NPS account to offline NPS-UOS (Unorganized sector)/Individual model.

You shall have to shift to NPS-UOS offline model by submitting duly filled Sector shifting form: ISS-1 and self-attested PRAN card copy at below mentioned address

For further investment in NPS, you will have to submit NCIS form, self-attested PRAN card copy, and cheque (Third party cheque not accepted) for contribution. Cheque should be in name of;

• NSDL Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – NUOS”
• KARVY Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – KUOS”

Duly filled form & documents to be sent at below mentioned address ICICI Securities Ltd, NPS Operations Dept,Shree Sawan Knowledge Park, Plot No. D-507, T.Ts Ind Area,M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

You can avail the form by following below mentioned path

• www.icicidirect.com —Customer service---Important Links---Download forms —NPS
• Login in I-Direct account— Trade & Invest---NPS---Holding & Services---Forms

Login to www.icicidirect.com account — Click on NPS — Click on Transact — Click on Subscriber NPS. You have option to open either Integrated NPS Tier 1 & Tier 2 or only

NPS Tier 1 account.

• Login to ICICI direct>>>Trade & Invest>>>NPS
• Click on Subscribe

• NPS Step 1 : Personal
• Information Step 2 : Nomination Details
• Step 3 : Scheme Preference
• Step 4 : Declaration and Authorization
• Step 5 : Photo-Signature upload & Esign

On successful online NPS registration, your immediate Permanent Retirement Account Number (PRAN)would be generated.

In case of unsuccessful eSign process - You are requested to apply for PRAN card within 30 days of online registration days of online registration which is mandatory as per guidelines, failing which CRA (Protean/ KFintech) shall deactivate your NPS account.

For applying for PRAN card, you may download pre-filled form generated after online NPS registration and submit the same as per instructions mentioned in the checklist.

To download form at later stage, you may visit below mentioned path

Login to www.icicidirect.com account — Click on NPS — Click on Holding & Services — Click on Place Service request — Click on Request for PRAN card

In case of duplication i.e. PRAN already generated for said PAN then, your online NPS registration request would be rejected by CRA and contribution would be refunded in your linked bank account.

Yes, as per PFRDA guidelines it is mandatory to have a PRAN card. You are requested to apply for PRAN card immediately after successful NPS online registration. On final confirmation, you shall be able to download and print the pre-populated NPS subscriber registration form (NPS-CSRF). You are requested to paste recent colour photograph within the box and signature in black ink wherever applicable within the box & submit the application –NPS: CSRF form at below mentioned address:

ICICI Securities Ltd. Sales Operations Department (NPS) Shree Sawan Knowledge Park Plot No. D-507, T.T.C.Ind.Area MIDC, Navi Mumbai -400705

To make contribution to your NPS account, you need to follow below mentioned path : Login to www.icicidirect.com account —

Click on Trade & Invest — Click on NPS — Click on Transact — Click on Place Contribution or Systematic Investment Plan

In case you are required to allocate funds then you can allocate funds by following below mentioned path

Login to www.icicidirect.com account — Click on Trade & Invest — Click on Allocate Funds — Click on Add amount under “Mutual Fund, Corporate Bonds, ICICI direct Centre for Financial Learning, IPO, Tax, Insurance, Credit Score, NPS & Others” section

• You will receive NPS tax receipt from ICICIdirect.com in your registered email-id within T+3 working days of contribution done through www.icicidirect.com
• You can also download tax statement by following below mentioned path Login to www.icicidirect.com account — Click on Trade & Invest — Click on NPS — Click on Holding & Services — Click on Tax Statement
• You may also be able to download Statement of Transaction from CRA’s website by following below mentioned path: Login to https://cra-nsdl.com/CRA/ — Click on Transaction statement — Click on Statement of transaction — Click on Generate statement

You can view Statement of transaction on CRA-KFintech website by following below mentioned path Path: Login to https://nps.kfintech.com/ — Transaction Statement

Yes, I-Sec offers you a facility to place a SIP request for making periodical investment in your NPS account on www.icicidirect.com after T+3 working days of online NPS subscription.

You can register for SIP by following below mentioned path: Login to www.icicidirect.com account — Click on NPS — Click on Transact — Click on Systematic Investment Plan Please note that if a SIP trigger is on the 31st and the month has only of 30 days, the contribution request will be processed on the next business day after the 30th.

Yes, you can cancel the SIP request anytime as desired. To cancel your SIP request, you need follow below mentioned path Login to www.icicidirect.com account — Click on NPS — Click on Transact — Click on SIP order book — Click on cancel

Yes, you can modify your existing SIP. You may follow below mentioned path to modify SIP. Login to www.icicidirect.com account — Click on NPS — Click on Transact —SIP book — Modify SIP

You can make Lump sum contribution by following below mentioned path: Login to www.icicidirect.com account — Click on NPS — Click on Transact — Click on Place contribution

Step up SIP is a process that will increase your NPS SIP amount periodically by an amount at a set interval as defined by you. Minimum interval at which you can increase the SIP Installment is 6 months and minimum amount by which you can increase the SIP Installment amount is ₹ 100.00

You can place contribution through Payment gateway from your registered bank account other than ICICI bank. You need to add bank account first. Path: Login—Trade & Invest—Mutual Fund—Add bank account

Ensure, that you have required funds in registered bank account while placing order.

You can place contribution through One Time Mandate from your registered bank account other than ICICI bank. You need to add bank account first. Path: Login—Trade & Invest—Mutual Fund—Add bank account

Ensure, that you have required funds in registered bank account while placing order.

Yes, you can transfer funds from Tier II to Tier 1 account as mentioned below.

• Online process: Redeem funds from Tier II account. On receipt of the funds in linked ICICI bank account, place contribution or SIP in Tier I account. Path to redeem Tier II funds: Login to www.icicidirect.com —Trade & Invest—NPS—Holdings— Unit holdings—Tier 2—Redeem

• Offline Process: By submitting duly filled UOS-S13 form & self-attested PRAN card copy at below mentioned address

  ICICI Securities Ltd NPS Operations Dept Shree Sawan Knowledge Park, First Floor, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

  Path to avail form : www.icicidirect.com—Customer service—Download forms—NPS— Subscriber request for one way switch from Tier II to Tier 1

Scheme preference change option can be exercised only twice in FY which includes:

• Pension Fund Manager can be changed only once in FY.
• Investment Option & Asset Allocation can be changed four times in FY

You may follow below mentioned online path to change Pension Fund Manager and/or Investment choice.

Path: Login to www.icicidirect.com — Trade & Invest — NPS — Holding & Services — Place Service Request — Select Account Type — Click on CHANGE OF PFM / INVESTOR CHOICE / ASSET ALLOCATION FOR TIER 1

You may follow below mentioned path to view your NPS unit holdings Path: Login to www.icicidirect.com — Trade & Invest — NPS — Holding & Services —Unit Holdings

You are requested to follow below mentioned steps

• Login to www.icicidirect.com — Click on NPS — Click on Holdings & Services — Click on Place Service Request — Select Account Type : Tier 1 or Tier 2 — Click on Change Nominee Request
• Fill in the required details, select payment mode and submit — Proceed to print the application
• NPS subscriber is required to sign the pre-populated form in black ink and submit the form along-with self-attested PRAN card copy at below mentioned address:

ICICI Securities Ltd,

NPS Operations Dept, Shree Sawan Knowledge Park, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

Note: In case you wish to register nominee/s for both NPS Tier 1 & Tier 2 accounts, two separate requests need to be submitted. Further, you may change nominee/s for NPS account following the same process any time in future.

You can place following service request online by login to www.icicidirect.com — NPS— Holding & Services — Place Service Request

• Change of PFM
• Change of Investment option(Active/Auto) and allocation
• Opt out of Swavalamban Scheme
• NPS Tier II withdrawal

Other service requests are available in the offline/semi offline mode:

• Registration / Change of Nominee (form No.UOS-S2)
• ssuance of IPIN/TPIN Issuance and Re-issue of PRAN Card (Form No. UOS-S2)
• Photo signature modification (Form No. UOS-S7)
• Address updation (Form No. UOS-S2)
• Bank account updation (Form No. UOS-S2)

Duly filled subscriber details change form –UOS-S2, self-attested PRAN card copy, & self-attestation & Original & Signature Verification by I-Sec official on necessary documents supporting the change eg: address change proof for change in address, cancelled cheque in case of bank details change, identity proof in case of name change etc. to be sent at below mentioned address: In case customer wants to re-issue PRAN card then he needs to tick the box as mentioned in the form. PRAN and details to be changed should only be filled in the form with signature wherever applicable.

ICICI Securities Ltd. NPS Operations Department Shree Sawan Knowledge Park Plot No. D-507, T.T.C.Ind.Area MIDC, Navi Mumbai -400705

(Incase client does not have PRAN card, he needs to submit PRAN allotment letter received from I- Direct in his registered email-id)

Path to avail subscriber details change form is

• Non-login sectionCustomer service---Important Links---Download forms--- Request For Change/Correction in Subscriber Master details And/Or Reissue of I-Pin/T-Pin/PRAN Card
• Login section Trade & Invest---NPS—Services—Forms-- Subscriber Request For Change/Correction in Subscriber Master details And/Or Reissue of I-Pin/T-Pin/PRAN Card

In case your status changes from RI to NRI then NPS account has to be shifted to NPS-UOS offline model by submitting duly filled Sector shifting form: ISS-1.

Documents to be submitted along with form

• Cancelled cheque (Mentioned bank account in the form)
• Proof of Identity (Self attestation & OSV by RM)
• Proof of address (Self attestation & OSV by RM)
• Photocopy of PRAN card. (Self-attestation & OSV by RM)

Request you to visit our nearest I-Sec branch for the same

For further investment in NPS, client will have to submit NCIS form, self-attested PRAN card copy, and cheque of NRO account (Third party cheque not accepted) for contribution. Cheque should be in name of;

• NSDL Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – NUOS”
• KARVY Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – KUOS”

Duly filled form & documents to be sent at below mentioned address

ICICI Securities Ltd, NPS Operations Dept, Shree Sawan Knowledge Park, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

You can avail the form by following below mentioned path (i)www.icicidirect.com —Customer service ---Important Links---Download forms —NPS Or Login in I-Direct account— Trade & Invest---NPS---Holding & Services---Forms

You would have to shift to NPS-UOS offline model by submitting duly filled Sector shifting form: ISS-1 and self-attested PRAN card copy at below mentioned address. For Target POP name is ICICI Securities Ltd. & POP no. is 6036004

For further investment in NPS, client will have to submit NCIS form, self-attested PRAN card copy, and cheque (Third party cheque not accepted) for contribution. Cheque should be in name of;

• NSDL Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – NUOS”
• KARVY Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – KUOS”

Duly filled form & documents to be sent at below mentioned address ICICI Securities Ltd, NPS Operations Dept, Shree Sawan Knowledge Park, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

You can avail the form by following below mentioned path

(ii)www.icicidirect.com —Customer service —Important Links---Download forms —NPS Or (iii)Login in I-Direct account— Trade & Invest---NPS---Holding & Services---Forms

Duly filled Inter Subscriber shifting (ICSS) form needs to be sent along with copy of PRAN card to below mentioned address;

NPS Operations Dept, Shree Sawan Knowledge Park, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

POP-SP's are network of branches empanelled to assist subscribers in opening NPS Tier 1 and 2 a/c's and other service related requests under NPS. Please click the below link to check details of POP-SP's.

http://content.icicidirect.com/mailimages/POP_SP_List.pdf

Process for withdrawal: (At least 30 days before attainment of 60 yrs of age)

• Login in Protean CRA site https://cra-nsdl.com/CRA/ KFintech CRA https://nps.kfintech.com/ and fill up online withdrawal form.
• Take the printout.
• Affix latest color photograph and sign across the photograph
• Signature needs to be done in front of I-Sec official. I-Sec official needs to declare it on the form by putting stamp & signing on the withdrawal form as stated in the form
• Subscriber also have to obtain signature of the Authorized Signatory and affixation of Corporate Rubber stamp on the withdrawal form (if applicable)
• Witness signature as mentioned in the form is also

6.required. (Use of black ink only on the form)

Documents to be submitted along with the form are mentioned below:

• Original PRAN card
• Cancelled cheque (as per the bank details filled up in withdrawal form)
• Self-attested age proof (as per details in withdrawal form)- Original & Signature Verification by ICICI Securities official is required
• Self-attested address proof (as per details in withdrawal form)- Original & Signature Verification by ICICI Securities official is required
• Self-attested identity proof (as per details in withdrawal form)- Original & Signature Verification by ICICI Securities official is required

Duly filled form & documents to be sent at below mentioned

address ICICI Securities Ltd, NPS Operations Dept, Shree Sawan Knowledge Park, Plot No. D-507, T.Ts Ind Area, M.I.D.C, Turbhe, Opp. Juinagar Railway Station, Navi Mumbai – 400705

Note : In case the total corpus is up to ₹ 5 lakh then complete withdrawal has to be selected

Yes, partial withdrawal is allowed after lock-in of 3 years as specified by PFRDA.

Following documents are required to be submitted from the nominee/claimant along with the completely filled Withdrawal forms:

• Original PRAN card
• Advanced stamped receipt to be duly filled and cross-signed on the Revenue stamp by the Claimant.
• KYC documents (address and photo-id proof)
• ‘Cancelled Cheque’ (having claimant’s Name, Bank Account Number and IFS Code) or ‘Bank Certificate’ on Bank Letterhead having claimant’s name, Bank Account Number and IFS Code required to be submitted as bank proof. ‘Copy of Bank Passbook’ can be accepted, however, it should have claimant’s photograph, Name and Bank IFS Code on it and should be self-attested by the claimant.
• Original Death Certificate issued by the Registrar of birth and death

After obtaining required documents, POP needs to capture the online Withdrawal request. Once authorized by the checker ID, POP will send the Withdrawal form & supporting documents with covering letter to CRA for storage purpose.

It is advisable that the NPS subscribers register their nominee(s) in their NPS accounts.

PFRDA has come out with exit and withdrawal regulations which shall govern the exit and withdrawal options from National Pension System. The legal heir(s)/nominee(s) has an option to receive 100% of the NPS pension wealth of the deceased NPS account holder in lump sum or they may opt for buying annuity from the Annuity Service Provider.

The nominee(s) or legal heir(s), as the case may be, will have to fill-in Form 303 (in BLACK INK) and has to submit along with the under mentioned documents to POP:

• Original Death certificate of NPS account holder (Subscriber).
• ORIGINAL copy of PRAN card and if the same is not available then the subscriber has to submit the notarized Affidavit for non-submission of PRAN card by the claimant (format as stated by CRA- NSDL)
• In case of No Nominee: Certified photocopy of family member's certificate issued by Executive Magistrate.
• Legal Heir Certificate (if applicable).
• Cancelled Cheque or Bank Certificate of the claimant/s and Nominee(s).
• Pre-signed receipt (signature across on Re.1 Revenue stamp) acknowledging the receipt of proceed. Kindly note each nominee/legal heir has to pre-sign the receipt.
• Self-certified photo copy of additional Proof of Identity document (PAN card, Aadhaar, Passport etc) and Proof of Address (PAN card, Aadhaar, Passport etc). (Refer instruction 4 of the said form).

An annuity is a financial instrument which provides a regular payment of a certain amount of money on monthly/quarterly/annual basis for the chosen period for a given purchase price or pension wealth. In simple terms it is a financial instrument which offers monthly/quarterly/annual pension at a specified rate for the period chosen by you.

Indian Life Insurance companies which are licensed by Insurance Regulatory and Development Authority of India (IRDAI) are empanelled by PFRDA to act as Annuity Service Provider’s to provide annuity services to the subscribers of NPS. To view Annuity Service Providers empanelled with PFRDA you may click on below mentioned link

http://www.npstrust.org.in/content/list-annuity-service-providers-asps-empanelled-pfrda

ASP empanelment is ongoing process and list may be updated accordingly

The following are the generic annuities that are offered by Annuity Service Providers to the subscribers of NPS. However, some of the ASP’s may offer some variants which have slightly different or combination type of annuities.

• Pension (Annuity) payable for life at a uniform rate to the annuitant only.
• Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
• Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
• Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
• Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant and with return of purchase price on death of the spouse. If the spouse predeceases the annuitant, payment of annuity will cease after the death of the annuitant 7.and purchase price is paid to the nominee.

The factors that determine annuity income are

• Pension wealth/retirement corpus invested in annuity (Higher investment in annuity will result in higher pension)
• Type of annuity variant chosen

Annuity Service provide would transfer funds to Subscriber’s bank account registered under NPS.

In case of any queries for matters relating to your NPS account, please feel free to contact us at our Customer Care Numbers which are stated on www.icicidirect.com or you can mail your query to us on npshelpdesk@icicisecurities.com

For complaints, we request you to refer process as mentioned in our Grievance Redressal Policy.

https://www.icicidirect.com/mailimages/Grievance_redressal_policy.pdf

You may also walk in to your nearest ICICI Direct Centre to seek clarifications/ express your grievances.

Please ensure that you have mentioned your PRAN in your grievance letter.

You can expect a TAT of 7-10 working days for service request considering straight through forms without rejection received by NPS Ops team-Turbhe office. In case of PRAN card generation and delivery at registered address, TAT by CRA-NSDL is 21 working days.

Subscriber needs to approach recognized provident fund/Superannuation fund by giving request for transfer of funds to NPS. It must be communicated that cheque should be issued in name of below;

• NSDL Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – NUOS”
• KARVY Subscriber – “ICICI Securities Ltd – Collection Account – National Pension System Trust – KUOS”

Form & documents required (On receipt of form, documents & cheque; funds would be transferred to Trustee bank for credit in subscriber’s NPS tier 1 account)

An exit is defined as the closure of the individual pension account of the subscriber under the National Pension System. In the following scenarios:

• (i) Upon attaining the age of 60 years.
• (ii) Before attaining the age of 60 years.
• (iii) Any time after attaining the age of 60 years till 75 years.
• (iv) Due to physical incapacitation or upon suffering bodily disability before the age of 60 years.
• (v) Due to death or subscriber being declared missing.

A subscriber shall submit the exit or withdrawal application for the purpose of withdrawing the benefits upon exit as provided in the regulations, on or before the expected date of exit from the National Pension System (NPS) to the associated point of presence. In case of death or subscriber being declared missing, the nominee(s), family member(s) as specified under the service rules or legal heir(s) shall submit the claim settlement application along with the required documents to the associated point of presence of the deceased subscriber.

Annuitization – Minimum of 40% of accumulated pension wealth will be utilized for monthly annuity or pension.

However, subscriber has the option to utilise more than 40% of accumulated pension wealth for purchase of annuity.

Lumpsum – Remaining 60% of accumulated pension wealth shall be paid to the subscriber.

Yes, if your accumulated pension wealth is equal to or less than a sum of five lakh rupees.

No, the right of the subscriber to receive any pension or other amount under the NPS will extinguish.

You will continue to remain subscribed to the NPS upto the age of 75 (seventy-five) years.

Yes, the subscriber may exit at any point of time from NPS, by submitting a request to the associated point of presence or NPS Trust.

The entire accumulated pension wealth of the subscriber will be paid to the nominee(s) or legal heir(s) of the subscriber.

Yes, the nominee(s) or legal heir(s) of the subscriber have the option to purchase any of the annuities being offered upon exit.

Yes, you can defer the withdrawal of the lump sum amount. Such deferment can be upto the age of seventy-five years.

In case of death of subscriber during the period of deferment, such deferred amount of the subscriber will be paid to nominee(s) or legal heir(s).

Yes, you can defer the purchase of annuity. Such deferment can be upto the age of seventy- five years.

Yes, the subscriber has an option to purchase an annuity at any point of time during the deferment period by submitting a request to NPS Trust or any intermediary or entity authorized by the Authority for this purpose.

If death of the subscriber occurs before the due date of extended period of purchase of annuity, the entire accumulated pension wealth of the subscriber shall be paid to the nominee(s) or legal heir(s), of the subscriber.

Yes, both lump sum and purchase of annuity can be deferred but the subscriber agrees to bear the maintenance charges of the PRA, including the charges payable to the Central Recordkeeping Agency (CRA), Pension Fund (PF), Trustee Bank or any other intermediary, as may be applicable from time to time.

The subscriber shall submit his/her written request for deferment of the lump sum and/or purchase of annuity, fifteen days prior to attaining the age of 60 years, to any intermediary or NPS Trust.

Yes, the subscriber can exit from the NPS at any point of time during the deferment period.

No, upon exercising the option of continuation after attaining the age of 60 years, the options of deferment of benefits (lump sum and/or annuity) shall not be available.

No, the option of deferment of defer the lump sum withdrawal and/or purchase of annuity, shall not be available.

Yes, you are eligible for exit from NPS in case of physical incapacitation or suffering bodily disability leading to incapability to continue under NPS.

A disability certificate from a Government surgeon or doctor (treating such disability or invalidation of subscriber) stating the nature and extent of disability and also certifying that:

(a) The affected subscriber shall not be in a position to perform his regular duties and there is a real possibility of the affected subscriber, being not able to work for the remaining period of his life.

(b) Percentage of disability is more than seventy-five percent in the opinion of such Government surgeon or doctor (treating such disability or invalidation of subscriber).

Same as exiting from NPS upon attaining age of 60 years (refer Q3 to Q5).

You can voluntarily exit from NPS before attaining the age of 60 years if you are having subscribed to NPS for at least a minimum period of five years.

Annuitization – Minimum of 80% of accumulated pension wealth will be utilized for monthly annuity or pension.

Lumpsum – Remaining 20% of accumulated pension wealth will be paid to the subscriber.

Yes, if your accumulated pension wealth is equal to or less than a sum of two lakh fifty thousand rupees.

No, the right of the subscriber to receive any pension or other amount under the NPS will extinguish.

You will remain in NPS, until you attain the age of eligibility for purchase of any annuity. After attaining the minimum age required for purchasing any annuity, you can purchase the annuity as per your choice.

The entire accumulated pension wealth of the deceased subscriber shall be paid to the nominee(s) or legal heir(s).

Yes, the nominee(s) or legal heir(s) of the deceased subscriber has the option to purchase any of the annuities being offered upon exit.

The accumulated pension wealth shall be paid to the family members on the basis of the legal heir certificate issued by the competent authorities of the State concerned or the succession certificate issued by a court of competent jurisdiction.

You can exit at any point of time, before attaining age of seventy-five years. However, your benefits at exit may vary depending upon the subscribed period (before or after completing three years from the date of joining of NPS).

Annuitization – Minimum of 40% of accumulated pension wealth will be utilized for monthly annuity or pension.

However, subscriber has the option to utilise more than 40% of accumulated pension wealth for purchase of annuity.

Lumpsum – Remaining 60% of accumulated pension wealth shall be paid to the subscriber.

Yes, if your accumulated pension wealth is equal to or less than a sum of five lakh rupees.

No, the right of the subscriber to receive any pension or other amount under the NPS will extinguish.

Annuitization – Minimum of 80% of accumulated pension wealth will be utilized for monthly annuity or pension.

Lumpsum – Remaining 20% of accumulated pension wealth will be paid to the subscriber.

Yes, if your accumulated pension wealth is equal to or less than a sum of two lakh fifty thousand rupees.

No, the right of the subscriber to receive any pension or other amount under the NPS will extinguish.

The entire accumulated pension wealth of the deceased subscriber will be paid to the nominee(s) or legal heir(s).

Upon exit from tier-I of the NPS, the tier-II account of the subscriber will also be simultaneously and automatically closed, even if an application so specified for the purpose has not been received from the subscriber or nominees or legal heirs, and amounts under the said account will be paid to the subscriber or nominees or legal heirs.

Yes, you can continue with Tier - II account as per your requirement, till closure of Tier - I account.

You can withdraw any number of times from Tier – II account.

A subscriber can withdraw the accumulated wealth either in full or part, at any time.

There shall be no limit on such withdrawals till the account has a sufficient amount of accumulated pension wealth to take care of the applicable charges and the withdrawal amount.

Yes.

Up to 25% of own contributions (without considering the appreciation / returns on the amount) as on the date of application of such withdrawal.

You are allowed to partially withdraw maximum of three times during the entire tenure of subscription under the NPS.

You can initiate first partial withdrawal after completing period of three years from the date of your joining the NPS.

No.
However, you will receive 25% of own contribution made between two partial withdrawals.

Partial withdrawal is allowed for the following specific purposes only.

(a) For Higher education of his or her children including a legally adopted child.
(b) For the marriage of his or her children, including a legally adopted child.
(c) For the purchase or construction of a residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse. In case, the subscriber already owns either individually or in the joint name a residential house or flat, other than ancestral property, no withdrawal under these regulations shall be permitted.
(d) For treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the following diseases:

• Cancer
• Kidney Failure (End Stage Renal Failure)
• Primary Pulmonary Arterial Hypertension
• Multiple Sclerosis
• Major Organ Transplant
• Coronary Artery Bypass Graft
• Aorta Graft Surgery
• Heart Valve Surgery
• Stroke
• Myocardial Infarction
• Coma
• Total blindness
• Paralysis
• Accident of serious/ life threatening nature.
• Any other critical illness of a life-threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time.

The request for withdrawal may be submitted through any family member of such subscriber.

Yes.

If a subscriber has a family at the time of making a nomination, the nomination shall be in favour of one or more persons belonging to his/her family.

For the purposes of nomination wherever provided in the regulation.

(i) In relation to a male subscriber, shall mean his legally wedded wife, his children, whether married or unmarried, his dependent parents and his deceased son’s widow and children.

(ii) In relation to a female subscriber, shall mean her legally wedded husband, her children, whether married or unmarried, her dependent parents, her husband’s dependent parents and her deceased son’s widow and children.

(iii) In relation to any subscriber who does not identify themselves as male or female - their legally wedded spouse, their children, whether married or unmarried, their dependent parents and their deceased son’s widow and children.

Explanation – in any of above three, if the child of a subscriber or as the case may be, the child of a deceased son of the subscriber has been adopted by another person and if, under the personal law of the adopter, adoption is legally recognized, such a child shall be considered as excluded from the family of the subscriber.

Any such nomination made in favour of a person not belonging to your family shall be invalid and the you (subscriber) have to submit fresh nomination belonging to your family.

Such Nomination shall become void and the subscriber has to submit nomination again.

Yes, you can nominate more than one nominee and can assign percentage of accumulated pension wealth among them in a way that total of such assignments should be equal to 100%.

Yes, a fresh nomination is required to be made by the subscriber upon his/her marriage.

The nomination made before marriage becomes invalid and you have to submit nomination again.

If you have no family at the time of making a nomination, the nomination may be in favour of any person or persons but if you subsequently acquire a family, such nomination shall forthwith be deemed to be invalid and you shall make a fresh nomination in favour of one or more persons belonging to your family.

Yes - the nomination can be wholly or partly in favour of a minor. Further, the subscriber may appoint a major person of his family, to be the guardian of the minor nominee in the event of the subscriber predeceasing the nominee and the guardian.

Yes – if there is no major person in the family.

You can change the nomination any number of times.

Annuity means series of payments/benefits to the subscriber at specified intervals as per the choice of subscriber paid by annuity service provider (ASP). The main objective of an annuity is to give regular income to the subscriber even after retirement/working age.

Yes, except there are some scenarios where the subscriber/nominees/legal heirs can withdraw the whole accumulated pension wealth as mentioned above.

Annuity shall be purchased from Annuity Service Providers (ASPs) empaneled with the PFRDA. The list of 14 ASPs empaneled is as under:

• Aditya Birla Sun Life Insurance Company Limited
• Bajaj Allianz Life Insurance Company Limited
• Canara HSBC Life Insurance Company Limited
• Edelweiss Tokio Life Insurance Company Limited
• HDFC Life Insurance Company Limited
• ICICI Prudential Life Insurance Company Limited
• ICICI Prudential Life Insurance Company Limited
• Kotak Mahindra Life Insurance Company Limited
• Life Insurance Corporation of India
• Max Life Insurance Company Limited
• PNB MetLife India Insurance Company Limited
• SBI Life Insurance Company Limited
• Star Union Dai-ichi Life Insurance Company Limited
• Tata AIA Life Insurance Company Limited.

* For any update in empaneled Annuity Service Providers (ASPs), you are requested to refer PFRDA’s website.

Annuity starts immediately after the minimum age as required for purchasing any annuity (depending upon choice of ASP and Annuity scheme for e.g. 30, 35, 38) from any of the empaneled annuity service providers. Subscriber/nominees/legal heirs need not wait till the age of 60 years.

The following are the most common variants that are available:

(a) Annuity for life with return of purchase price (amount given to annuity service provider) on death- Subscriber will receive payment of annuity till he/she is alive and payment stops after the death of subscriber. However, purchase price will be returned to nominees / legal heirs.

(b) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter -
On death during the guarantee period – Subscriber will receive payment of annuity till he/she is alive and thereafter during the remaining guaranteed period, annuity will be paid to the nominee till the end of the guaranteed period after which the same ceases/stops. However, return of purchase price will not be returned to nominees / legal heirs.
On death after the guarantee period – Subscriber will receive payment of annuity till he/she is alive even after the guaranteed period is over. Payment of annuity stops after the death of the subscriber. However, return of purchase price will not be returned to nominees / legal heirs.

(c) Annuity payable for life - Subscriber will receive payment of annuity till he/she is alive and payment stops after the death of the subscriber. However, return of purchase price will not be returned to nominees / legal heirs.

(d) Annuity for life increasing at simple rate of 3% p.a. – Subscriber will receive payment of annuity till he/she is alive increasing at simple rate of 3% p.a. and payment stops after the death of the subscriber. However, return of purchase price will not be returned to nominees / legal heirs.

(e) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant/subscriber - Subscriber will receive payment of annuity till he/she is alive and thereafter spouse will receive 50% of payment of annuity till he/she is alive. Payment of annuity stops after the death of spouse. If the spouse predeceases the subscriber, payment of annuity will cease after the death of the annuitant.
It may be noted that this annuity variant may be taken with or without return of purchase price.

(f) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant/subscriber – Subscriber will receive payment of annuity till he/she is alive and thereafter spouse will receive payment of annuity till he/she is alive. Payment of annuity stops after the death of spouse. If the spouse predeceases the subscriber, the annuity ceases after death of the annuitant. It can be with or without return of purchase price. It may be noted that this annuity variant may be taken with or without return of purchase price.

*Subscriber can also add spouse in any of the variants above.
**All ASPs may not provide all the variants. It may vary from ASP to ASP.
***Pricing of annuity also varies from ASP to ASP.

Only in annuity types where there is a provision of return of purchase price.

Details of annuity rates and other details may be checked on CRAs’ website [Computer Age Management Services Limited, KFin Technologies Limited and Protean eGov Technologies Limited] and website of respective empaneled ASPs.

Once an annuity is purchased, the option of cancellation or reinvestment with another Annuity Service Provider or in other annuity scheme shall not be allowed unless the same is within the time limit specified by the Annuity Service Provider, for the free look period as provided in the terms of the annuity contract or specifically provided by the Insurance Regulatory and Development Authority.

Tier – I
Lump sum Withdrawal - In case of exit upon attaining the age of 60 years lump sum withdrawal i.e. 60% of the total accumulated pension wealth is tax exempted.
Annuity - The amount utilized for purchase of annuity at exit upon attaining the age of 60 years is tax exempted. However, the annuity income (pension) received will be taxed in the year of receipt as per the applicable tax slab of the subscriber.
Partial Withdrawal – The amount received by employee under the NPS is tax exempted.

Tier – II – No tax benefits