NPS FAQ3. 0

December 2015 Frequently Asked Questions
Version 7 National Pension System
Overview..................................................................................................4
What is National Pension System (NPS)?.................................................................................4
Who can subscribe for NPS?.................................................................................................... 4
Is enrolling into NPS mandatory?............................................................................................ 4
Is enrollment into NPS possible after 60 years?......................................................................4
Who cannot join NPS?............................................................................................................. 4
Can an NRI open an NPS account?.......................................................................................... 4
NPS summary.......................................................................................................................... 5
Is there a calculator to compute corpus based on monthly investment?.................................5
Benefits....................................................................................................5
What are the benefits of joining NPS?.....................................................................................5
What are the tax benefits to employees and employer?.........................................................5
How can I make contributions for a completed financial year when enrolment was delayed? 5
How can I avail additional tax benefit announced in the Union Budget 2015-16?...................6
Policy.......................................................................................................6
Where is the policy available?................................................................................................. 6
Is co-contribution from employer mandatory?........................................................................6
Can company contribution change year on year?...................................................................6
Where can an employee specify contribution amount?...........................................................6
How often can I change my contribution amount and how do I do it?.....................................6
Will adopting NPS dilute / change any statutory requirement?...............................................6
Key Stake Holders.....................................................................................6
Which are the agencies involved in functioning of NPS?.........................................................6
What is the role of RBEI?......................................................................................................... 7
Who is the identified POP at RBEI?.......................................................................................... 7
Contact Information................................................................................................................ 7
How can I contact HSL representative for my location?..........................................................7
What is the process for sharing documents with HSL?............................................................8
Escalation Matrix..................................................................................................................... 8
Can an employee select a POP of their choice?.......................................................................8
Can the associated POP be changed?.....................................................................................8
Types of account.......................................................................................8
What types of account are available under this model?..........................................................8
Is Tier II account mandatory for every employee?..................................................................8
Will company contribute to tier 2 a/c?.....................................................................................8
Comparison Tier 1 & Tier 2 a/c................................................................................................ 9
Can I transfer savings between the two a/c types?.................................................................9
How can I contribute to Tier 2 account?..................................................................................9
Minimum contributions to Tier I and Tier II account?...............................................................9
What happens if contribution is less than the amount specified in a financial year?...............9
What needs to be done to reactive an a/c that has become inactive?....................................9
VA / STVA VN / assignment........................................................................9
Why is it not possible for company to contribute during assignment?..................................10
What happens to my NPS a/c during the assignment?..........................................................10
Why employee contribution has become zero in ESS?..........................................................10
Can contributions be made retrospectively after completion of assignment?.......................10
Sabbatical Leave.....................................................................................10
Page 1 of 28 Revisions are highlighted in “green”

What will be the treatment in this situation?.........................................................................10

Will employee contributions continue?..................................................................................10
Should employee contribution be set to zero?......................................................................11
Resignation............................................................................................11
What will be the treatment if subscriber is changing jobs or not going to work for a while?. 11
Is the employer contribution forfeited under any circumstances?.........................................11
Can a subscriber exit from NPS?...........................................................................................11
Payroll....................................................................................................11
Why NPS contribution is not displayed as part of BOB type wise enquiry?............................11
Why employer contribution is not shown in pay slip?............................................................11
Is there a requirement to declare NPS contribution in ESS to obtain tax benefit?.................11
Registration............................................................................................12
What are the steps to be followed for enrolling into NPS?.....................................................12
What are the forms that need to be provided as part of registration process?.....................12
What are the supporting documents that are required as part of the registration process?. 13
Are any deviations permitted in meeting KYC requirements?...............................................13
What is the process to be followed in case copy of PAN card is not available?.....................13
Is it mandatory to fill in bank information?............................................................................13
Process – Associate at customer location..............................................................................13
PRAN transfer........................................................................................................................ 14
Do I get any receipt on submission of my application?.........................................................14
How much time is required for PRAN to be generated?.........................................................14
PRAN......................................................................................................14
What is PRAN?....................................................................................................................... 14
How can I update my PRAN?................................................................................................. 14
What is PRAN kit?.................................................................................................................. 15
How can I check the status of my PRAN application?............................................................15
Who should be contacted for non-receipt of PRAN Card?......................................................15
Print PRAN Card.................................................................................................................... 15
PRAN kit not received............................................................................................................ 15
Courier related complaints.................................................................................................... 15
What is IPIN and TPIN?.......................................................................................................... 15
What needs to be done if I have not received IPIN / TPIN information?.................................15
How to request for a duplicate PRAN card?...........................................................................16
Can PRAN & Aadhar be linked?.............................................................................................16
PRAN - Modifications...............................................................................16
Is it possible to change contact information at a later point?................................................16
What are the changes that can be made once PRAN is generated?......................................16
What is the process to be followed to reset IPIN / TPIN?........................................................17
What is the process to be followed if there are changes to be made to photo + signature...17
What needs to be done information in PRAN is incorrect?.....................................................17
Nominations...........................................................................................17
Who can be a nominee and how are the details to be filled in the form?..............................17
What are the options available to nominees in case of death of account holder?.................17
Investment.............................................................................................18
When will contributions deducted be transferred to my NPS account?.................................18

Is there a guaranteed / defined return?.................................................................................18

What is Asset class?.............................................................................................................. 18
What is Active choice?.......................................................................................................... 18
What is Auto choice?............................................................................................................. 18
Can I select both investment choices when investing in NPS?..............................................19
When will the units be credited to my NPS account?.............................................................19
Where can I view my Account Statement?............................................................................19
When can I change scheme preference?...............................................................................19
Pension Fund Managers...........................................................................19
How do I select PFM.............................................................................................................. 20
PFM performance.................................................................................................................. 20
How can I change PFM?......................................................................................................... 20
Annuity...................................................................................................20
What is annuity?................................................................................................................... 20
What is the pension I will get from NPS?...............................................................................20
Pension calculator................................................................................................................. 20
Who are the Annuity Service Providers?................................................................................20
Who can select ASP?............................................................................................................. 21
In case of normal retirement, how much time it would take to start Pension?......................21
Loan.......................................................................................................21
Whether employees have facility of Loan /advances under NPS? Whether lien can be marked
on NPS account?................................................................................................................... 21
Fees and charges....................................................................................21
What are the various charges that a subscriber has to pay?.................................................21
Who is expected to pay the fees?......................................................................................... 22
What is the service tax applicable?.......................................................................................22
How are the charges collected by the various intermediaries?.............................................22
Can you illustrate how charges are recovered by way of NAV deduction?............................23
Withdrawal.............................................................................................23
Is withdrawal from Tier 1 a/c permitted before attaining 60 year?........................................23
What is the definition for superannuation age?.....................................................................24
Forms.....................................................................................................24
Important Link........................................................................................24
Change History.......................................................................................25

1. Overview
1.1. What is National Pension System (NPS)?
NPS is a voluntary pension scheme introduced by Government of India. Under the

scheme, any employee (member / associate / subscriber) who opts to be a member
will open an account into which contributions can be made. These contributions will
be invested as per preferences of member and grow as per the market. On
reaching the age of sixty balance in this account will be used for providing member
or nominee with pension. The scheme has been in existence since 2004 for
Government employees and is now being offered to employees working in the
corporate sector as well. Contributions also provide tax advantages. In RBEI,
scheme is being introduced as a employee welfare benefit.
1.2. Who can subscribe for NPS?
A citizen of India, whether resident or non-resident, subject to the following

conditions:
You should be between 18 - 60 years of age as on the date of submission of his/her
application to the POP/ POP-SP. You should comply with the Know Your Customer
(KYC) norms as detailed in the Subscriber Registration Form. The Subscriber
Registration form attached with this Offer Document should be duly filled-in by the
applicant and all terms and conditions mentioned therein should be duly complied
with. All the documents required for KYC compliance need to be mandatory
submitted.
1.3. Is enrolling into NPS mandatory?
Enrolment to NPS is voluntary, hence it is required that associates (or employee or

subscriber) indicate that they would like to contribute to NPS by using option
provided in Employee Self Service (ESS)
1.4. Is enrollment into NPS possible after 60 years?
Fresh enrollment in NPS is not allowed after 60 years of age. However, subscriber
has a choice to contribute further to NPS account till the age of 70
1.5. Who cannot join NPS?
The following applicants cannot join:

 Persons of Indian Origin (PIO)
 Overseas Citizens of India (OCI)
 Pre-existing account holders: The existing NPS account holders can
transfer their account to Bosch corporate NPS structure by submitting relevant
change request form to HDFC Securities and need not open another account.
 Undischarged insolvent: An individual who is bankrupt or unable to settle

debts and who are not granted an 'order of discharge' by a court

 Individuals of unsound mind: An adult who is mentally challenged and is
incapable managing independently and unable to take decision
1.6. Can an NRI open an NPS account?
Yes. An NRI can open an NPS account if the NRI has a bank account with a bank
based in India. Contributions made by NRI are subject to regulatory requirements
as prescribed by RBI and FEMA from time to time.
1.7. NPS summary
NPS At A Glance
1.8. Is there a calculator to compute corpus based on monthly investment?
Yes – Refer to the link HDFC - NPS Calculator

2. Benefits
2.1. What are the benefits of joining NPS?
 Tax Benefits to employee - RBEI contribution to employee account is exempt to

the extent of 10% of Basic Salary + Dearness Allowance, if any.
 Employee’s own contribution into his account is exempt from tax to the extent
as provided under the Income Tax Act (Section 80CCD(1):
 These tax advantages are available to only contributions to Tier I account. Tier II
account does not accrue any tax advantages.
 It is voluntary- NPS is open to every Indian citizen. You can choose the amount
you want to set aside and save every year. Extending old age security coverage
& income to all citizens
 It is flexible-You can choose your own investment option and Pension Fund
Manager and see your money grow.
 It is portable- You can operate your account from anywhere in the country, even
if you change your city, job or your pension fund manager.
 It is regulated- NPS is regulated by PFRDA, with transparent investment norms
and regular monitoring and performance review of fund managers by NPS Trust.
2.2. What are the tax benefits to employees and employer?
 Tax benefits to employer: Contributions made by the employer (up to

10% of Basic) is allowed as a business expense under Section 36 (1) iv (a)
of Income Tax Act 1961
 Tax benefit to employee: Employee’s contribution – Eligible for tax de-
duction up to 10% of Salary (Basic) under sec 80 CCD (1) within the over-
all ceiling of INR 1.50 Lacs under Sec. 80 CCE

 Additional Tax: Benefit up to INR 50,000 under section 80CCD(1B) in in-

dividual capacity over and above limit of INR 1.50 Lacs u/s 80C
 Employer’s contribution: Eligible for tax deduction up to 10% of Salary
(Basic) contributed by employer under sec 80 CCD (2) which shall be ex-
cluded from the limit of INR 1 lac provided under Sec. 80 CCE
2.3. How can I make contributions for a completed financial year when
enrolment was delayed?
 Mar – Apr is considered as financial year
 As an individual subscriber to NPS, you can make good the differential amount
by directly contributing to your NPS-Tier I account and declare this investment
under NPS through the online tax declaration module
 Additional investment fetches you the tax benefit under Section 80C of the
Income tax act
 Contributing in this manner will also ensure that you can contribute up to 10%
of basic salary per annum,
 For information on contributing as an individual refer to - How can I
contribute directly to my NPS a/c as an individual?
2.4. How can I avail additional tax benefit announced in the Union Budget
2015-16?
 This amount of Rs.50000/- is over and above the existing limit of INR 1,50,000/-
under Sec.80C of the Income tax act
 Associates can invest the additional amount in their NPS-Tier I account and
declare this additional NPS contribution through the Online Income tax
declaration module under ESS
 You can make declaration under Section 80 Deductions, under line number 28
Contributions to pension scheme of Central Government
3. Policy
3.1. Where is the policy available?
Policy is published in National Pension System blog in the link NPS Policy
3.2. Is co-contribution from employer mandatory?
There are three variations of contributions from employer and employee:

 Equal contributions by employer and employee
 Unequal contribution by the employer and the employee – model
implemented at RBEI
 Contribution from either the employer or the employee
3.3. Can company contribution change year on year?
NPS has been implemented as an employee welfare measure. A decision on

company contribution amount will be made year on year. In case there are changes,
communication will be released to all associates
3.4. Where can an employee specify contribution amount?
Employee contribution can be entered generally in Jul & January using option
available in ESS Payment Benefits NPS Contribution
3.5. How often can I change my contribution amount and how do I do it?
Employee contribution can generally be changed in Jul & January using option
available in ESS  Personal Information  Personal Profile  Personal ID  NPS
Information (scroll to the bottom of the page)
3.6. Will adopting NPS dilute / change any statutory requirement?
 Adopting NPS will not affect schemes like EPF / EPS / VPF
 Likewise there will be no impact to SAF also
 Investment in NPS is independent of contribution to EPF / VPF / SAF
4. Key Stake Holders
4.1. Which are the agencies involved in functioning of NPS?
4.2. The following organizations come together to implement NPS for you. Each is a
specialist and is appointed by the Government of India through the pension
regulator
Pension Fund Regulatory and Development Authority (PFRDA) - An
autonomous body set up by the Government of India to develop and regulate the
pension market in India.(www.pfrda.org.in)
Points of Presence (POP) - POPs are the first points of interaction for NPS
subscriber. POP will support in creating awareness, assist in enrolment process,
extend a number of customer services and in answering questions related to NPS.
Central Recordkeeping Agency (CRA) - The recordkeeping, administration and
customer service functions for all subscribers of the NPS are being handled by
NSDL e-Governance Infrastructure Limited, which is acting as the Central Record-
keeper for the NPS. https://npscra.nsdl.co.in/
Pension Funds (PFs) / Pension Fund Managers (PFMs) - The Pension Funds
(PFs) appointed by PFRDA would manage your retirement savings under the NPS.
You may choose among them and can switch between them once a year. There are
currently seven fund managers
Annuity Service Providers (ASPs) - ASPs would be responsible for delivering a
regular pension to you after your exit from the NPS. Typically they are Insurance
Companies authorized to provide services by PFRDA.
Custodian - Stock Holding Corporation of India Ltd. (SHCIL), the Custodian is
responsible for custody of underlying securities.
Trustee Bank – Axis Bank Ltd, is appointed as Trustee Bank by PFRDA. The role

of the Trustee Bank is to receive contribution from POPs and allocate the funds to
the respective Pension Fund Managers.
4.3. What is the role of RBEI?
RBEI only facilitates and provides a platform to help associate become member of
NPS if the associate so decides. RBEI is acting as a facilitator, hence it has no
obligation. There are no penalties defined by regulator for non-commencement I
discontinuation of NPS in the organization post corporate registration.
4.4. Who is the identified POP at RBEI?
After evaluation HDFC Securities (HSL) has been identified as POP by RBEI
4.5. Contact Information
When contacting POP please share employee ID + PRAN (where available)

 Dedicated e-mail ID : corporaterelationships@hdfcsec.com
 Dedicated contact number : 022-30753495(9:00 AM – 5:00 PM Mon – Fri)
 24X7 customer care: (prefix local STD code) – 39019400
 Contact number for associates abroad : 022-30753495 (9:00 AM – 5:00 PM Mon
– Fri)
 Live Chat :
https://chat.hdfcsec.com/cosmocall/hdfc-chat.html (9 AM -9 PM, Mon - Sat)
4.6. How can I contact HSL representative for my location?
Details are available in the link Registration & Helpdesk Timings

4.7. What is the process for sharing documents with HSL?
 Specify EID & PRAN (if available) when corresponding

 If copy of a supporting document is sufficient to close, please send the
information via e-mail to npscpuhelp@hdfcsec.com ; Ensure size of attachment
does not exceed 2 MB (split and send the files if required)
 In case hardcopy needs to be sent, address for sending documents: NPSCPU
Operations, HDFC SECURITIES LTD, “Alpha” Office Floor 8, "I THINK" Building,
Jolly Board Campus, Near Kanjurmarg (East) Station, Opp. Crompton Greaves
Factory, Mumbai 400042
 Forms can be despatched taking help of RBEI mail room.
 If you are not in India, please use a reliable courier to send the information
4.8. Escalation Matrix
When reaching out via e-mail, use a meaningful subject, specify EID / PRAN in the
body of the text, state the support that you would like in a clear manner
Name Location Contact E-Mail ID

Number
Mr. Gopi Bangalore 9738054027 Gopi.v@hdfcsec.com
Mr. Sivaraj A Coimbatore 9842906062 a.sivaraj@hdfcsec.com
Mr. Vidit Jain * Mumbai 9898254910 Vidit.jain@hdfcsec.com
Ms. Arpita Ghosh * Mumbai 022 307530014 Arpita.ghosh@hdfcsec.com
Purushothama MP (HRS- Bangalore - Purushothama.mp@in.bosch.c
IN) om
Parthasarathi MK Bangalore - Parthasarathi.mk@in.bosch.co
m
4.9. Can an employee select a POP of their choice?
No, this is not possible as only one POP can be assigned to a corporate
4.10.Can the associated POP be changed?
Yes this is possible by corporate.

5. Types of account
5.1. What types of account are available under this model?
Two types of accounts are available:

a) Tier I account – is a non-withdrawable account where the
subscriber/employer/or both contributes savings for retirement. Tax benefit is
available for both employer and employee contributions.
b) Tier II account – is a voluntary savings account from which subscribers are
free to withdraw his / her savings whenever he/she wishes subject to minimum
contribution & balance.
5.2. Is Tier II account mandatory for every employee?
No, it is optional
5.3. Will company contribute to tier 2 a/c?
No, there will be no contributions from company

5.4. Comparison Tier 1 & Tier 2 a/c
Particulars Tier 1 A/C Tier 2 A/C 1
Type of Account Voluntary Voluntary

Can be mix of
Contribution
- Employee and em- Only employee
ployer

- Only employee
- Only employer
Withdrawal facility Yes (conditions apply) Yes
Tax Benefits Yes No
Minimum contribution for a/c
INR 500 INR 1000
opening 2
Minimum amount for subsequent
INR 6000 INR 2000
contribution 2
Minimum number of contribution 2 1 1
Frequency of contribution Unlimited Unlimited
1
Tier II accumulations can be switched to Tier I account but not vice versa
2
Account not meeting above criteria become dormant and need to be revived by paying
penalty + Min contribution
5.5. Can I transfer savings between the two a/c types?
Yes transfer of amount from Tier II to Tier I is possible but transfer from Tier I to
Tier II is not allowed as per PFRDA guidelines.
5.6. How can I contribute to Tier 2 account?
 Subscribers willing to contribute to Tier 2 account can remit the contribution by

way of cheque to HDFC Securities or by online transfer of amount
 Refer to - How can I contribute directly to my NPS a/c as an individual?
5.7. Minimum contributions to Tier I and Tier II account?
5.8. How can I contribute directly to my NPS a/c as an individual?
 Subscribers having a HDFC bank account with net banking can contribute from
their own bank a/c by using the link HDFC Net Banking
 Subscribers who do not have this facility should follow the process provided in
the link NPS RTGS or NEFT Transfer
5.9. What happens if contribution is less than the amount specified in a
financial year?
NPS account becomes inactive. Subscriber will have to pay a penalty of INR 100/- to
reactivate the account and deposit minimum contribution
5.10.
What needs to be done to reactive an a/c that has become inactive?

 Subscriber needs to submit NPSCRA: Unfreezing of PRAN (Annexure UOS-S10-

A) form to POP and to pay the minimum contribution along with the penalty of
Rs 100/-
6. VA / STVA VN / assignment
6.1. Why is it not possible for company to contribute during assignment?
Clarifications provided from a high ranking PFRDA official is: There are tax benefits
to employee and employer when contributions to Tier I a/c is made. In case of
associates on VA assignment as there is no salary payment in India, employer
cannot make a claim for tax benefit. Due to this IT regulation, contribution from
employer is not possible during VA assignment.
6.2. What happens to my NPS a/c during the assignment?
 As contributions cannot be made during assignment, employee has to take

steps to ensure NPS a/c does not become inactive
 It is suggested that associates enroll into NPS when the scheme is open by at
least making a minimum contribution. NPS a/c can be kept active by making
employee contributions of INR 500/- per month or INR 6000/- per year
 If regular contributions are not made then a/c will become inactive, after return
from VA assignment a/c needs to be activated by paying INR 500/- + INR 100/-
as activation charges to POP
 In order to reactivate(unfreeze) the account, the subscriber needs to submit the
NPSCRA: Unfreezing of PRAN (Annexure UOS-S10-A) form to POP
6.3. Why employee contribution has become zero in ESS?
 Contribution has been reset to zero to ensure that when payroll is processed
(for the purpose of making EPF contribution) NPS contribution is not processed
 After return from assignment contribution amount will be put back to the
amount initially specified
6.4. Can contributions be made retrospectively after completion of
assignment?
No, contributions will be made only from the date associate has returned to RBEI
after completing assignment
7. Sabbatical Leave
7.1. What will be the treatment in this situation?
 As contributions cannot be made during assignment, employee has to take

steps to ensure NPS a/c does not become inactive
 It is suggested that associates enroll into NPS when the scheme is open by at

least making a minimum contribution. NPS a/c can be kept active by making
employee contributions of INR 500/- per month or INR 6000/- per year
 If regular contributions are not made then a/c will become inactive, after return
from VA assignment a/c needs to be activated by paying INR 500/- + INR 100/-
as activation charges to POP
 In order to reactivate(unfreeze) the account, the subscriber needs to submit the
NPSCRA: Unfreezing of PRAN (Annexure UOS-S10-A) form to POP
7.2. Will employee contributions continue?
 Employee contributions will stop as salary is not processed

7.3. Should employee contribution be set to zero?
 Employee contributions need not be set to zero as payroll will not be

processed. Once you are back from sabbatical leave, contributions will be
made as per amount indicated.
8. Resignation
8.1. What will be the treatment if subscriber is changing jobs or not going to
work for a while?
 When a subscriber changes jobs, account (PRAN) remains the same
 Subscriber can continue to make contributions as an individual in case new
employer is not offering NPS
 If new employer is offering NPS then employee can transfer account and
continue to make contribution through new employer
8.2. Is the employer contribution forfeited under any circumstances?
No, there is no such provision under NPS.

8.3. Can a subscriber exit from NPS?
 Subscriber cannot exit from NPS before 10 years after subscribing to it

 For Corporate Subscriber exit is possible at the age of 60 or retirement defined
by the Corporate
 In case of pre-mature exit from NPS, if the fund value is less than or equal to
Rs.1 lac, subscriber can withdraw the entire fund without an obligation to invest
in Annuity
 In case of pre-mature exit, if fund value is more than Rs. 1 lac, subscriber can
withdraw 20% and has to purchase annuity for balance 80%
9. Payroll
9.1. Why NPS contribution is not displayed as part of BOB type wise enquiry?

NPS contribution is outside of your defined CTC components (Basic + BOB + CPRP /
EAV etc.) and hence deductions via BOB cannot be supported and neither can
contributions be displayed as part of BOB type wise enquiry.
9.2. Why employer contribution is not shown in pay slip?
Pay slip is basically a statement of the employee’s earnings and deductions for a
particular period, hence contributions made by the employer for its employees is
only shown.
Separate statements are generated to show employee contribution. Transaction
Statement which displays both employee and employer contribution can be viewed
by accessing the website www.cra-nsdl.co.in and logging in using PRAN + I-PIN
9.3. Is there a requirement to declare NPS contribution in ESS to obtain tax
benefit?
Employee NPS contribution being part of the deduction made by the employer
while calculating salary is automatically considered for the related tax benefits.
There is no need for the associate to declare this separately in ESS.
9.4. Why is that deductions made in payroll not appearing in my transaction
statement?
Deductions made are transferred for investing as part of post-payroll processing,

this transfer is done around 10 – 15 th of the month, after which deduction made will
appear in the transaction statement.
10. Registration
10.1.What are the steps to be followed for enrolling into NPS?
Step 1 – Complete the registration process by meeting person from HSL

 Helpdesk will operate at all locations to support registration
Step 2 – Ensure PRAN is generated
 Responsibility of associate to respond to queries from HSL related to
rejection, incomplete documentation etc.
Step 3 – Enter employee contribution in ESS during the specified window period
 W/o PRAN entering employee contribution will not be possible
10.2.What are the forms that need to be provided as part of registration
process?
Form Type Information
RBEI: Subscriber Mandatory
Registration Form
 IMPORTANT: Read instructions for filling the
subscriber registration form available in page 4
before filling the form

 KYC document provided must match with information

provided under identity details and address details
 In case you do not have KYC document for
correspondence address enter permanent address as
correspondence address
 Helpdesk person will not be in a position to provide
Acknowledgment on page 2 as form needs to be sent to
Mumbai for processing
 Selection of pension fund manager (PFM) & asset class
must be made by associate
 NPS Trust - NAV & Returns has information on PFM
performance
 Corporate Head Office (CHO) number for RBEI is
5515580(do not change this information)
 Corporate Branch Office (CB) number for RBEI is
6515740do not change this information)
 Associate will retire from services of the Company on
the last working day of the month in which he / she
attains age of 60 years as determined by date of birth
recorded in Company’s record
Optional
NPSCRA: Annexure II -
 To be used only when name of parents exceeds 30
Additional Request
characters
Details
 PRAN card in Hindi is required
NPSCRA: Annexure III Optional

- Additional  To be used only when you would like to nominate more
Nomination Details than one person
Optional
NPSCRA: Annexure I -
 To be used only when Tier II a/c needs to be opened
Tier II Details
 Bank details is mandatory
Ensure that requirements indicated in the KYC checklist
RBEI KYC Checklist
are adhered to
10.3.What are the supporting documents that are required as part of the
registration process?
 Recent colour photograph of size 3.5 X 2.5 cm
 PAN card copy (mandatory)
 Proof of address (correspondence / permanent) as specified by PFRDA – Aadhar,
Passport, Voter ID, Driving License, Registered Lease, Sale agreement of residence
 Gas bill / Electricity bill / Landline Telephone bill ( Not more than 3 months old)

 Information in the supporting document and information filled in the form should match
10.4.Are any deviations permitted in meeting KYC requirements?
 KYC requirements are stipulated by PFRDA based on requirements for

Prevention of Money laundering Act (PMLA) and hence deviations are not
possible
 For additional information refer to the link - PFRDA - KYC Requirements
10.5.What is the process to be followed in case copy of PAN card is not
available?
 Providing copy of PAN card is mandatory
 In case PAN card is lost attach copy of request for reissue of PAN card
10.6.Is it mandatory to fill in bank information?
 For Tier I, bank details are optional

 For activation of Tier II, bank details are mandatory
o Please attach a Cancelled cheque (containing Subscriber Name, Bank
Account Number and IFS Code) or Bank Certificate containing Name,
Bank Account Number and IFS code, for direct credit or electronic transfer
o In case if the cheque is not preprinted with name, additionally, a copy of
the bank passbook or bank certificate containing Name, Bank Account
Number and IFS code should be submitted
10.7.Process – Associate at customer location
 Scan the filled in registration form and supporting documents and send an e-
mail to npscpuhelp@hdfcsec.comwith the subject as RBEI NPS Registration
<Employee ID>
 Please ensure that mail size is less than 2Mb. Split the files if required to
meet size restrictions
 Hard copy of documents to be despatched only after receiving confirmation that
documents are in order
 After receiving confirmation duly signed application form and supporting
documents should be sent by courier - <Attention NPS Documents No.123
Industrial Layout Hosur Road Koramangala, Bangalore, 560095, INDIA
>
 Cost of sending documents by courier has to be borne by employee
 Based on experience, please do not use Hauspost facility as tracking of
documents is not possible and also documents need to reach RBEI in the
shortest possible time
 Support of colleague to hand over documents to mail room in Koramangala is also
permitted

 It is not possible to provide a feedback on status of individual documents sent to

Koramangala mail room. However, there is a well-established process for
collecting mail and sending it to Mumbai for further processing
10.8.PRAN transfer
 Ensure PRAN is active and follow the steps indicated in the link - NPSCRA: Inter
Sector Shifting
 If PRAN is not active the subscriber needs to submit NPSCRA: Unfreezing of
PRAN (Annexure UOS-S10-A)form to the POP through whom PRAN was not
generated (not HSL)
 Contact information of HSL helpdesk team is available NPS Helpdesk.docx Please
reach out to the representative responsible for your location to h/o documents
& cheque
10.9.Do I get any receipt on submission of my application?
Yes. HSL representative will provide an acknowledgment after collecting the

documents. An email confirmation will be sent to the e-mail ID indicated in the
registration form on successful acceptance of your application form by HSL in
Mumbai.
10.10.
How much time is required for PRAN to be generated?
 After the registration forms are submitted to HDFC Securities, the same is
forwarded to a CRA - Facilitation Center
 PRAN is generated within 7 to 10 working days once HDFC securities receives
your form
 PRAN card is printed and dispatched within 20 days from the date of
submission of completed registration form to HDFC Securities
11. PRAN
11.1.What is PRAN?
PRAN stands for Permanent Retirement Account Number and will be allotted to the
subscriber on successful registration. It is an account number dedicated to you.
Once the PRAN is generated, an email alert as well as a SMS alert will be sent to
the registered email ID and mobile number of the subscriber.
11.2.How can I update my PRAN?
PRAN information will be updated directly by HR in the system around 25th of

every month. Information can be viewed in the link ESS  Personal Information
 Personal Profile  Personal ID  PRAN (scroll to the bottom of the page)
11.3.What is PRAN kit?

PRAN kit contains PRAN card, subscriber details and an information booklet is sent
to the subscriber's communication address.
11.4.How can I check the status of my PRAN application?
 Subscriber can check the status by accessing CRA website: https://cra-

nsdl.com/CRA/ by using the 17 digit acknowledgement receipt number provided
by HDFC securities (POP) in their email confirmation sent to the subscribers
registered email id
 Write a mail to corporaterelationships@hdfcsec.com or call HSL numbers specified
in Contact information
11.5.Who should be contacted for non-receipt of PRAN Card?
 PRAN Card is dispatched to the registered address within 20 days from the day
of receipt of duly filled registration form at the NSDL CRA office
 During this period, a subscriber can go to NSDL - Central Record Keeping
Agency and check status of PRAN kit using the 17 digit receipt number
provided by HDFC securities
 Subscriber can also contact HDFC securities POP-SP for further details via e-
mail - nps@hdfcsec.com
11.6.Print PRAN Card
 Access the link - NSDL - Subscriber Login

 Login by providing PRAN & Password
 Click on 6th option (i.e. Views) and then on 7 th option (i.e. e-PRAN)
 Subscriber can now view PRAN Cards & print e-PRAN card
11.7.PRAN kit not received
 When person is not available at the address indicated in the registration form,
PRAN kit will be returned to NSDL by courier agency
 In this situation please write to info.cra@nsdl.com
 PRAN information must be shared
11.8.Courier related complaints
 In this situation please write to info.cra@nsdl.com

 PRAN information must be shared
11.9.What is IPIN and TPIN?
 IPIN stands for Internet Personal Identification Number

 TPIN stands for Telephone Personal Identification Number

 IPIN / TPIN is required to access account details in NSDL site

11.10.
What needs to be done if I have not received IPIN / TPIN information?
 We understand that due to various reasons the letter containing IPIN and TPIN
was not delivered to the communication address indicated in the registration
form by the courier agency.
 To find a solution to this challenge NSDL has come out with a new functionality
to generate IPIN & print the PRAN Card online
 For details refer to the link - NPS - Generate IPIN Online
11.11.
How to request for a duplicate PRAN card?
 Request for reissue of PRAN card (loss or damage) can be initiated using the -
NPSCRA: Form for correction or change in Subscribers Master (CS-S2) ; Choose
Option (D)
 PRAN, Full Name must be specified in the form
 Prepare a cheque favouring HDFC Securities LTD NPS A/C for the stipulated
amount needs to be enclosed Refer: Fees and charges
 Enter name, date and affix signature in Page 4
 Completed form with cheque to be sent to address specified in: What is the
process for sharing documents with HSL?
 It is not required to contact either HSL representative or HR as part of this
process
 PRAN card is printed and sent directly to the communication address provided
by subscriber
11.12.
Can PRAN & Aadhar be linked?
 As on date we have not received any communication from NSDL-CRA regarding

mandatory requirement to link PRAN and Aadhar
 A subscriber desirous of doing so needs to communicate in writing and
enclosing a cheque, copy of Aadhar & PRAN card needs to be attached
 Cheque in favour HDFC Securities Limited NPS A/C for the stipulated amount
needs to be enclosed Refer: Fees and charges
 Application form & cheque to be sent to address specified in: What is the
 It is not required to contact either HSL representative or HR as part of this
process
12. PRAN - Modifications
12.1.Is it possible to change contact information at a later point?
It has been noticed that a subscriber is not always able to furnish / update latest
email & mobile number. To resolve this issue PFRDA has devised a procedure

where changes can be made on line without any cost. For details refer to the link -
PFRDA: Guidelines changes to contact information
12.2.What are the changes that can be made once PRAN is generated?
 Changes to personal info (other than DOB)

 Changes to nomination details
 Changes to address
 Changes or correction to date birth (support from HR is required only for this
category)
 Changes can be requested using NPSCRA: Form for correction or change in
Subscribers Master (CS-S2)
 Cheque in favour HDFC Securities Limited NPS A/C for the stipulated amount
needs to be enclosed Refer: Fees and charges
 Application form & cheque to be sent to address specified in: What is the
12.3.What is the process to be followed to reset IPIN / TPIN?
IPIN / TPIN can be reset using the process - NPS - Generate IPIN Online
12.4.What is the process to be followed if there are changes to be made to
photo + signature
 NPS - Changes to Photograph Signature
 Subscriber needs to submit the form for change request along with cheque for
charges (Refer - Fees and charges)
12.5.What needs to be done information in PRAN is incorrect?
 Please write an e-mail to nps@hdfcsec.com

 Share Employee ID and PRAN when communicating
13. Nominations
13.1.Who can be a nominee and how are the details to be filled in the form?
 Only an individual can be a nominee

 Subscriber can nominate a maximum of three nominees; Subscriber cannot fill
the same nominee details more than once
 Percentage share value for all the nominees must be an integer.
Decimals/fractional values are not accepted
 Sum of percentage share across all the nominees must be equal to 100. If sum
of percentage is not equal to 100, entire nomination will be rejected
 If a nominee is a minor, then nominee's date of birth and guardian details shall
be mandatory. The registration of nominee details will not be done unless all

details are duly filled up in the form

 A subscriber may refer the instructions for nominations available in the
registration form –NSDL Annexure III - Additional Nomination Details
13.2.What are the options available to nominees in case of death of account
holder?
 In case of the death of the NPS account holder, the nominee(s) may opt to
receive 100% of the NPS account balance of the subscriber’s NPS account
holder in lump sum or may continue with NPS
 In case the nominee (s) opt to withdraw the balance in the NPS account, the
nominee (s) are required to submit the withdrawal request to CRA directly with
the supporting documents specified in the withdrawal request form
 However, if the nominee wishes to continue with the NPS, he/she will have to
subscribe to NPS individually after following due KYC procedure
14. Investment
14.1.When will contributions deducted be transferred to my NPS account?
Contributions will be transferred to associate's NPS account through the identified

POP as per scheme structure before 15th of every month.
14.2.Is there a guaranteed / defined return?
The return under NPS is market driven. Hence, there is no guaranteed/defined

return. The returns generated through investments are accumulated and are not
distributed as dividend or bonus
14.3.What is Asset class?
The sets of assets considered for investment of NPS funds are segregated based on
their risk / return characteristics
 Asset Class E - Investments in predominantly equity market instruments.
Maximum investment in this class is 50% of total contribution. Considered as
high risk
 Asset Class C- investments in fixed income instruments other than
Government securities. Considered as medium risk.
 Asset Class G - investments in Government securities. Considered as low risk
14.4.What is Active choice?
 You can choose to invest your entire contribution in C or G asset classes and
upto a maximum of 50% in equity (Asset class E)
 You can also distribute your contribution across E, C and G asset classes,
subject to such conditions as may be prescribed by PFRDA
 While exercising an Active Choice, remember that your investment allocation is
one of the most important factors affecting the growth of your contribution. If

you prefer this "hands-on" Approach, keep the following points in mind:
 Consider both risk and return. The E Asset class has higher potential returns
than the G asset class, but it also carries the risk of investment losses.
Investing entirely in the G asset class may not give you high returns but is a
safer option.
 You can reduce your overall risk by diversifying your investment. The three
individual asset classes offer a broad range of investment options; it is good
not to put "all your eggs in one basket."
 The amount of risk you can sustain depends upon your investment time
horizon. The more time you have before you need to withdraw from your
account, the more is the risk you can take. (This is because early losses can be
offset by later gains.)
 Periodically review your investment choices. Check the distribution of your
account balance among the funds to make sure that the mix you chose is still
appropriate for your situation. If not, change your account to get the allocation
you want.
14.5.What is Auto choice?
 NPS offers an easy option for those subscribers who do not have the required
knowledge to manage their NPS investments. In case you are unable/unwilling
to exercise any choice as regards asset allocation, your funds will be invested in
accordance with the Auto Choice option.
 In this option, the investments will be made in a life-cycle fund. Here, a pre-
defined portfolio will determine the fraction of funds invested across three asset
classes. At the lowest age of entry (18 years), the auto choice will entail
investment of 50% of contribution in "E" Class, 30% in "C" Class and 20% in "G"
Class. These ratios of investment will remain fixed for all contributions until the
participant reaches the age of 36. From age 36 onwards, the weight in "E" and
"C" asset class will decrease annually and the weight in "G" class will increase
annually till it reaches 10% in "E", 10% in "C" and 80% in "G" class at age.
 *In case of Auto Choice, reallocation among the asset classes shall take place
on the date of birth of the subscriber. Net Asset Value (NAV) will be released on
a regular basis so that you may be able to take informed decisions.
14.6.Can I select both investment choices when investing in NPS?
No. You have to select either Active Choice or Auto Choice as your option when
making investments under NPS.
14.7.When will the units be credited to my NPS account?
 As part of payroll processing employee and employer contribution will be sent

to POP generally by the 10th of every month
 POP will transfer funds to the trustee bank appointed for this purpose
 CRA will carry out checks and instruct the Pension Fund Managers to invest the
contribution as per scheme preference. The units created will be credited by

CRA to your Permanent Retirement account.

14.8.Where can I view my Account Statement?
 Subscriber can view the Transaction Statement which displays the total value
of funds as on date in his/her account, by accessing the website www.cra-
nsdl.co.in and logging in using PRAN + I-PIN
 A Subscriber can also use the toll free number 1800 22 2080. The Interactive
Voice Response (IVR) will guide the Subscriber through the menu wherein the
Subscriber can get information about the scheme details, NAV, contribution
credit, etc.
14.9.When can I change scheme preference?
 The subscriber shall be allowed to exercise the choice only once, at any time
during the financial year
 Subscriber has to pay the non-financial transaction fees along with the change
request to HDFC Securities
 NPSCRA: Form for Corporate Subscriber Employment and Scheme Preference
Change (CS-S3)
15. Pension Fund Managers
15.1.Who are Pension Fund Managers (PFM) available for NPS?
NPS allows you to choose from any one of the following eight entities to manage
your pension fund currently:
 HDFC Pension Management Co Ltd
 ICICI Prudential Pension Funds Management Company Limited
 LIC Pension Fund Limited
 Kotak Mahindra Pension Fund Limited
 Reliance Capital Pension Fund Limited
 SBI Pension Funds Private Limited
 UTI Retirement Solutions Limited
15.2.How do I select PFM
 You can specify at the time of registration

 You will be required to indicate your preferred PFM out of the 8 PFM identified
by PFRDA
 You can chose your PFM on the basis of the consistency of their performance
 It is not mandatory that you chose HDFC Pension Management Co Ltd as PFM
15.3.PFM performance

NPS Trust - NAV & Returns

15.4.How can I change PFM?
 The subscriber shall be allowed to exercise the choice only once, at any time
during the financial year
 Subscriber has to pay the non-financial transaction fees along with the change
request to HDFC Securities
 NPSCRA: Form for Corporate Subscriber Employment and Scheme Preference
Change (CS-S3)
16. Annuity
16.1.What is annuity?
16.2. Annuity is a contract between you and an insurance company in which you
make a lump sum payment or series of payments and in return obtain regular
disbursements beginning either immediately or at some point in the future
 The goal of annuities is to provide a steady stream of income during retirement
16.3.What is the pension I will get from NPS?
 At the age of 60, subscriber can withdraw up to 60% lump sum amount and
allocate minimum 40% to purchase annuity using the support an annuity
provider.Amount of pension will be determined on the basis of pension rates
prevalent at that time. You will have a choice of types of pension and Annuity
Service Provider.
 Subscriber also has a choice to transfer 100% of corpus to annuity.
16.4.Pension calculator
Yes, this available at the link - NPS Trust - Pension Calculator

16.5.Who are the Annuity Service Providers?
Pension Fund Regulatory and Development Authority (PFRDA) has at present

empaneled the following Seven IRDA approved life insurance companies for
providing annuity services to the subscribers of National Pension System (NPS).
 HDFC Standard Life Insurance Co Ltd
 Life Insurance Corporation of India
 Bajaj Allianz Life Insurance Co. Ltd.SBI Life Insurance Co. Ltd.
 Star Union Dai-ichi Life Insurance Co. Ltd.
 ICICI Prudential Life Insurance Co. Ltd.
 Reliance Life Insurance Co. Ltd.

16.6.Who can select ASP?
The option to select the ASP and the annuity scheme lies with the employee
16.7.In case of normal retirement, how much time it would take to start
Pension?
The pension payment would start from the next month after the subscriber chooses
the Annuity Service Provider, Annuity Scheme and furnishes all the necessary
documents related to it.
17. Loan
17.1.Whether employees have facility of Loan /advances under NPS? Whether

lien can be marked on NPS account?
There is no provision to avail loan in NPS like in case of PF, where employee can
withdraw amount for the purpose of housing or Children’s Marriage etc.
18. Fees and charges
18.1.What are the various charges that a subscriber has to pay?
Subscriber has to pay charges towards registration, investment transactions,

maintenance of their pension account, fund management and for service requests
like fund switch, nomination change, address change, employer change etc.
Charges are prescribed by PFRDA and are subject to change.

18.2.Who is expected to pay the fees?
The charges are to be borne by the employee (subscriber) for both Tier 1 and Tier 2
account
18.3.What is the service tax applicable?
Effective 15th November, service tax has been increased to 14.5% on base of INR
15/- (inclusive of education cess and secondary higher education cess, Swachh
Bharat Cess), so charges work out to INR 17.18
18.4.How are the charges collected by the various intermediaries?
Charges are deducted from contribution

POP Charges Contribution
amount and balance amount is transferred to
processing
NPS account
POP charges for Non-financial Subscriber has to pay the charges by way of
transactions requests cheque along with the service request.

1. Change in subscriber details.

2. Change of investment
scheme/fund manager.
3. Processing of withdrawal
request.
4. Processing of request for
subscriber shifting.
5. Issuance of printed Account
statement.
Any other subscriber services as
may be prescribed by PFRDA.
Deducted from the subscriber’s account on
the last day of the calendar quarter.
CRA charges The billing cycle is 3 months i.e., 26 th of the
last month of the previous quarter to 25 th of
the last month of the current quarter. Refer
illustration below on CRA charges deduction.
Custodian Charges Through NAV deduction
PFM Charges Through NAV deduction
NPS Trust Charges Through NAV deduction
18.5.Can you illustrate how charges are recovered by way of NAV deduction?
Let us assume, for the quarter ending December 2014 (billing cycle is September
26th to December 25th , 2014), for obtaining PRAN, following charges are applicable
Head Rate in INR Charge in INR
Quarterly AMC (190 / 12) * 3 47.50
Account opening charge (one time) 50.00
Charge for one transaction 4.00
Charges excluding taxes 101.50
Service Tax @ 12.36% 12.54
Total charges 114.04
Let us assume that the value of holding of the subscriber as on 25 th December
2014 is Rs. 10000 under different asset classes are E – Rs. 5000 (50% / NAV Rs.
13), C – Rs. 3000 (30% / NAV Rs. 12) and G – Rs. 2000 (20% / NAV Rs. 11); Total
charges of Rs. 114.04 will be recovered in the following ratios
Units redeemed
E - 50% of Rs. 114.04 = 57.02 57.02/13= 4.386
C - 30% of Rs. 114.04 = 34.21 34.21/12= 2.850
G - 20% of Rs. 114.04 = 22.81 22.81/11= 2.073

19. Withdrawal
19.1.Is withdrawal from Tier 1 a/c permitted before attaining 60 year?
Yes based on certain conditions subscriber can withdraw up to 25% of individual

contribution amount and not the returns and contribution thru the corporate
 Subscriber should have enrolled into NPS at least for a period of last ten years
from the date of joining
 For a for specific purpose like children higher education / marriage of
children, purchase / construction of residential property and for
treatment of specified illnesses (self, spouse, child, dependent parents)
 Allowed to withdraw only a maximum of three times during the entire tenure of
subscription
 Five years should have elapsed from the last date of each of such withdrawal
(not applicable in case of treatment for specified illnesses)
Death due to any cause - In such an unfortunate event, option will be available
to nominee to receive 100% of NPS account balance in lump sum. However, if
nominee wishes to continue with the NPS he/she will have to complete the
registration with KYC norms prescribed by NSDL. There is no insurance component
in NPS.
19.2.What is the definition for superannuation age?
Superannuation age, for Corporate Subscriber as defined by the Corporate. That

means, if Corporate has age of retirement / superannuation is defined as 58
years, then subscriber can exit from NPS at that age by withdrawing up to 60%
lump sum or in maximum 10 annual instalment and investing minimum 40% in
annuity
20. Forms
In alphabetical order
 NPS Trust: NAV & Returns
 NPSCRA: Annexure I - Tier II Details
 NPSCRA: Annexure II - Additional Request Details
 NPSCRA: Annexure III - Additional Nomination Details
 NPSCRA: Form for Corporate Subscriber Employment and Scheme Preference Change
(CS-S3)
 NPSCRA: Form for correction or change in Subscribers Master (CS-S2)
 NPSCRA: Inter Sector Shifting
 NPSCRA: Subscriber Registration Form
 NPSCRA: Unfreezing of PRAN (Annexure UOS-S10-A)
21. Important Link

In alphabetical order
 Central Recordkeeping Agency (CRA)
 HDFC: NPS Calculator
 NPS Trust: Pension Calculator
 NPS Trust - NAV & Returns
 NSDL: Central Record Keeping Agency
 NSDL: Circulars
 NSDL Home Page
 NSDL: Scheme Information
 PFRDA: Pension Fund Regulatory and Development Authority
 PFRDA: Guidelines changes to contact information
 PFRDA: Guidelines for unfreezing NPS account
 PFRDA - FAQ
 PFRDA: Pension Bulletin
 RBEI Contract with HDFC Securities
Change History
Version Changed On Key Changes Changed By
1.0 09.09.2015 Initial Document Parthasarathi
7.0 23.09.2015 Changes covering approximately one year of go live Parthasarathi
+ changes to process as advised by PFRDA

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December 2015 Frequently Asked Questions

Version 7 National Pension System

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What will be the treatment in this situation?.........................................................................10

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Is there a guaranteed / defined return?.................................................................................18

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1.1. What is National Pension System (NPS)?

NPS is a voluntary pension scheme introduced by Government of India. Under the

A citizen of India, whether resident or non-resident, subject to the following

Enrolment to NPS is voluntary, hence it is required that associates (or employee or

The following applicants cannot join:

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debts and who are not granted an 'order of discharge' by a court

Yes – Refer to the link HDFC - NPS Calculator

2.1. What are the benefits of joining NPS?

 Tax Benefits to employee - RBEI contribution to employee account is exempt to

 Tax benefits to employer: Contributions made by the employer (up to

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 Additional Tax: Benefit up to INR 50,000 under section 80CCD(1B) in in-

3.1. Where is the policy available?

There are three variations of contributions from employer and employee:

NPS has been implemented as an employee welfare measure. A decision on

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4.1. Which are the agencies involved in functioning of NPS?

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When contacting POP please share employee ID + PRAN (where available)

Details are available in the link Registration & Helpdesk Timings

 Specify EID & PRAN (if available) when corresponding

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Yes this is possible by corporate.

5.1. What types of account are available under this model?

Two types of accounts are available:

No, there will be no contributions from company

Particulars Tier 1 A/C Tier 2 A/C 1

Type of Account Voluntary Voluntary

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 Subscribers willing to contribute to Tier 2 account can remit the contribution by

5.8. How can I contribute directly to my NPS a/c as an individual?

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 Subscriber needs to submit NPSCRA: Unfreezing of PRAN (Annexure UOS-S10-

6.1. Why is it not possible for company to contribute during assignment?

 As contributions cannot be made during assignment, employee has to take

7.1. What will be the treatment in this situation?

 As contributions cannot be made during assignment, employee has to take

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 Employee contributions will stop as salary is not processed

 Employee contributions need not be set to zero as payroll will not be

No, there is no such provision under NPS.

 Subscriber cannot exit from NPS before 10 years after subscribing to it

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Deductions made are transferred for investing as part of post-payroll processing,

10.1.What are the steps to be followed for enrolling into NPS?

Step 1 – Complete the registration process by meeting person from HSL

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 KYC document provided must match with information

NPSCRA: Annexure III Optional

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10.4.Are any deviations permitted in meeting KYC requirements?

 KYC requirements are stipulated by PFRDA based on requirements for