What happens if I relocate to another city?
The PRAN remains the same and you can access a toll-free number (1-800-222080). The details of your PRAN and the statement of transactions will be available on the CRA website (www.npscra.nsdl.co.in).
How can I exit the scheme?
The normal retirement age has been fixed at 60 years. At 60, you will be required to use at least 40 per cent of your accumulated savings to buy a life annuity from an insurance company. A phased withdrawal is also allowed but the lump sum benefit has to be availed of before you turn 70 years.
For those looking to exit before turning 60, there is an option to withdraw 20 per cent of the accumulated savings but buy an annuity with the remaining 80 per cent.
If the subscriber dies before he or she turns 60, the nominee can receive the entire pension corpus. Alternatively, a subscriber can exit if the account value falls to zero or if the citizenship status changes.
The age of exit will be reviewed by PFRDA from time to time. There will also be the option to select an annuity that will pay a survivor pension to your spouse.
|Agency ||Service ||Charge ||Mode|
|CRA ||Account opening ||Rs 50 ||Through cancellation of units|
|Annual maintenance charge ||Rs 350*|
|Per transaction ||Rs 10*|
|Registration ||Rs 40 ||Upfront payment|
|Per transaction ||Rs 20|
|Trustee bank ||Per transaction at RBI location ||NIL ||Through NAV deduction|
|Per transaction at non-RBI location ||Rs 15|
(on asset value)
|Asset servicing ||Electronic segment: 0.0075% a year: |
Physical segment: 0.05% a year
|Through NAV deduction|
|Fund manager ||Investment management ||0.0009% a year ||Through NAV deduction|
|Service tax and other levies as applicable|
* Once there are 1 million CRA accounts the annual maintenance charge will decrease to Rs 280 and per transaction charge to Rs 6. It will go down to Rs 250 and Rs 4 once there are 3 million accounts Source: PFRDA