A subscriber contributes 10% of his Basic Salary +DA into his Tier-I (pension) account on a mandatory basis every month which is invested along with the matching contribution from the employer.
Tier I - contribution amount is deducted from the salary and remitted by the concerned Nodal Office.
In case of Tier I account, Subscriber's associated nodal office will upload his / her monthly pension contribution details to CRA along with transfer of funds to the Trustee bank appointed for this purpose. CRA will match the contribution details uploaded by the Nodal Office and the amount confirmed to be received by Trustee Bank and instruct the Pension Fund Managers to invest the contribution as per your scheme setup preference. The units created will be credited by CRA to your Permanent Retirement account.
Contribution amount in case of Tier I is deducted from the Salary of the Subscriber by the employee i.e. Central / State Government Office.
The Annual Account Statement as of March 31st of every year, will be sent to the registered address. Also if a subscriber wishes to have a transaction statement on an adhoc basis, he/she can log into CRA system using the I-PIN. Subscriber needs to follow below mentioned path Transaction Statement.After entering the data, transaction statement will be displayed on the screen. Subscriber can also access the account details by calling the toll-free number 1800222080. Subscribers can also get in touch with their PAOs for view/copy of the Annual Account Statement.
To contribute in Tier II account, the Subscriber needs to deposit the contribution amount (Minimum Rs. 250/-) along with duly filled NCIS to any POP-SP.
Govt. Employee can voluntary contribute through POP-SP for Tier II and the minimum requirement is given below.
Minimum balance of units worth Rs.2000/- to be maintained at the end of each financial year.
Under Tier II, there should be at least 1 contribution in a financial year.
For Tier II, Subscribers can submit the contribution to any of the POP-SP. List of POP-SPs are available at CRA website www.npscra.nsdl.co.in Subscriber can select a nearest POP-SP.
For Tier II account, there will be a time lag between the time a subscriber deposits Cash/DD/cheque with the POP-SP and the time of credit of units to his / her account, which may range upto 15 working days at the time of initial registration and upto 7 working days for subsequent contribution. Once the contribution is credited to his / her account, an e-mail alert as well as a SMS alert will be sent to the registered e-mail ID and mobile number of the subscriber. This service is currently available to State Government employees and the same will be made available to the Central Government employees shortly.
Under NPS, Subscriber accounts are identified by unique PRAN allotted to them by CRA. The Nodal office can remit for Tier I account, once PRAN is generated and need not wait till receipt of PRAN Kit from CRA. However, in order to activate the Tier II account, subscriber needs to submit a copy of the PRAN Card along with the duly filled UOS-S10 form. (Except in case of Non-IRA compliant Subscriber, wherein Tier II can be activated without PRAN card).