National Pension System (NPS) FAQs

• Login to www.icicibank.com
• Click on Payments & Transfer > Manage Biller > Register Biller > Electricity, Telecom and other utilities > Register Now
• Enter NPS in the Biller name field and click on ‘Search’
• Click on ‘Register’, below the Available Biller Section
• Enter the PRAN received and DOB as available in ICICI Bank records, click on Next
• Preview the details filled and click on ‘Submit’
• The biller is successfully registered and the payment can be made after 3 working days
• To make the payment, click on Payments & Transfer > Bill Payments > Registered Billers
• Once the first payment is made the customer can make further payments any time

Please do not make the payment before 3 working days or the same will get reversed to your savings account.

To know more about NPS, you may visit our website www.icicibank.com > Products > Accounts & Deposits > Pension Accounts > National Pension System.

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme. The NPS has been designed to enable systematic savings during the subscriber's working life. It is an attempt towards finding a sustainable solution to provide adequate retirement income to every citizen of India.

1. All citizens age from 18 years to 70 years of age, including NRIs.
2. Steps to enroll for NPS online: Please login to your Account/iMobile App > investment and insurance > National Pension System.
• A Service request number will be generated for processing (please save this number for future reference)
• The SR will be processed and your account will be activated in 1 working day
• Details of Permanent Retirement Account Number (PRAN) will be received via SMS from NSDL on your registered mobile number
3. Post confirmation of PRAN generation, please send the below mentioned documents to ICICI Bank NPS Enabled Branch for Account continuation
4. For offline:
• Application form (original + copy)
• 1 set of self-attested KYC documents (PAN card, Address proof, passport size photograph)
• Cancelled ICICI Bank Cheque
• Please note:
• The details in the documents should be the same as filled in the Service Request
• The Address and ID details should be the same as available in the bank records
• Please mention the SR number and PRAN on top of the form

The documents should be received within 2 weeks for successful continuation of account, else the NPS Account will be frozen.

To know the list of NPS Enabled Branches please visit our website www.icicibank.com > Products  > Accounts & Deposits > Pension Accounts  > National Pension System > NPS Enabled Branches.

5. First contribution towards NPS needs to be made online within 45 days of PRAN generation or the account will be frozen
• Login to www.icicibank.com
• Click on Payments & Transfer > Manage Biller > Register Biller > Electricity, Telecom and other utilities > Click on Register Now
• Enter NPS in the Biller name field and click on ‘Search’
• Click on ‘Register’, below the Available Biller Section
• Enter the PRAN received and DOB as available in ICICI Bank records, click on Next
• Preview the details filled and click on ‘Submit’
• The biller is successfully registered and the payment can be made after 3 working days
• To make the payment, click on Payments & Transfer > Bill Payments > Registered Billers
• Once the first payment is made you can make further payments any time

Please do not make the payment before 3 working days or the same will get reversed to your savings account.

To know more about NPS, you may visit our website www.icicibank.com > Products  > Accounts & Deposits > Pension Accounts  > National Pension System.

Minimum Contributions (For Tier-I)

• Minimum contribution at the time of account opening and for all subsequent transactions – Rs.500/-
• Minimum contribution per year – Rs.1,000/- excluding any charges and taxes Minimum number of contributions in a year - 01 Non-compliance of mandatory minimum contributions:
• If the subscriber contributes less than Rs.1000/- in a year, his/her account would be frozen and further transactions will be allowed only after the account is reactivated
• In order to reactivate the account, the subscriber would have to pay the minimum contributions. Minimum Contributions (For Tier-II)
• Minimum number of contributions in a year -01
• Minimum contribution at the time of account opening – Rs.500/- and for all subsequent transactions a minimum amount per contribution of Rs. 250/- Non-compliance of mandatory minimum contributions:
• Under NPS, the manner in which your money is invested will depend upon subscriber’s own choice. NPS offers a number of funds and multiple investment options to choose from. In case subscriber does not want to exercise a choice, his/her money will be invested as per the "Auto Choice" option, where money will be invested in various type of schemes as per subscriber’s age. The NPS offers two approaches to invest subscriber’s money:

A. Upon attainment of the age of 60 years:

• At least 40% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and balance is paid as lump sum payment to the subscriber. However, the subscriber has the option to defer the lump sum withdrawal till the age of 75 years.
• In case of attainment of 60 years, exit before the age of Superannuation/attainment of 60 years, the subscribers can also initiate withdrawal requests in the CRA system, which shall subsequently have to be verified by the Nodal Office (POP/Banks) in CRA system. www.cra-nsdl.com

B. At any time before attaining the age of 60/75 years:

• At least 80% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and the balance is paid as a lump sum payment to the subscriber.

C. Death of the subscriber:

• The entire accumulated pension wealth (100%) would be paid to the nominee/legal heir of the subscriber and there would not be any purchase of annuity/monthly pension.
• Under NPS, PFRDA has entrusted the responsibility of receiving, processing and settlement of all withdrawal claims made to CRA and has created a special NPS Claim Processing Cell (“NPSCPC”) for this purpose for handling all types of withdrawal claims.
• The Withdrawal process is now online.
• NPS offers Indian citizens a low cost option for planning their retirement. Each intermediary is entitled to recover the following prescribed charges from the subscriber towards the services rendered by them:

• He/She should be a resident Indian/NRI/OCI.
• The subscriber should be between 18 and 70 years on the date of application.
• He/she has to provide the KYC documents (Identity AND Address proof as per PFRDA guidelines) for registering to NPS.

Your contributions will not earn any specified rate of return. The PFM will invest your savings in a scheme of your choice. The returns earned by the PFM on the scheme selected by you will be credited to your account.

For detailed scheme details please refer to the offer document available on http://pfrda.org.in/.

No.

Detailed information is available on http://pfrda.org.in/. Click on "NPS Architecture".

(a)Pension Fund Regulatory and Development Authority (PFRDA)
(b) Central Record-keeping Agency (CRA)
(c) Pension Funds (PFs)/Pension Fund Managers
(d) Annuity Service Provider (ASP)
(e) Trust & Trustee Bank (TB)
(f ) Point of Presence (PoP)

Description of the above entities :

(a) Pension Fund Regulatory and Development Authority (PFRDA)

• PFRDA is the regulator for the NPS. PFRDA is responsible for registration of various intermediaries in the system such as Central Record Keeping Agency (CRA), Pension Funds, Custodians, NPS Trustee Bank, etc. PFRDA shall also monitor the performance of the various intermediaries and ensure that all stakeholders comply with the guidelines/regulations issued by PFRDA from time to time.

(b) Central Record-keeping Agency (CRA)

• The record-keeping, administration and customer service functions for all subscribers of the New Pension System will be centralized and performed by the CRA. The CRA shall, on the basis of instructions received from subscribers, transmit such instructions to the appointed Pension Funds on a regular basis. The CRA will also provide periodic, consolidated PRAN statements to each subscriber. National Securities Depository Limited (NSDL) has been appointed as the CRA for NPS by PFRDA.

(c) Pension Funds (PFs)/Pension Fund Managers

• Appointed PFs would manage the retirement savings of subscribers under the NPS. PFs would use their secure access codes to confirm receipt of netted assets and instructions regarding fund allocation, confirm allocation of funds and communicate the NAV of each scheme to CRA on a regular basis. The PFs will be required to invest strictly in accordance with guidelines issued by the PFRDA. The list of Pension Funds under NPS for all citizens other than Government employees is attached as Annexure 3.

(d) Annuity Service Provider (ASP)

• ASPs would be responsible for delivering a regular monthly pension to the subscriber for the rest of his/her life. On receipt of personal and banking information details of subscriber from CRA and of specified sum from the trustee bank the ASP would use its access codes to confirm receipt. ASP would then begin payments of annuities to the subscriber.

(e) Trust & Trustee Bank (TB)

• A Trust would be responsible for taking care of the funds under the NPS. The Trust would be the registered owner of all NPS assets. The trust would hold an account with a bank and this bank has been designated as NPS Trustee Bank. NPS Trustee Bank will facilitate fund transfers across various entities of NPS system viz. PFM, Annuity Service Providers, subscriber, etc. PFRDA has already established NPS Trust under the provisions of the Indian Trusts Act w.e.f. 27th February 2008 and Bank of India is functioning as NPS Trustee Bank. The NPS Trust is being administered by the Board of Trustees, as constituted by the PFRDA.

(f ) Point of Presence (PoP)

• PoP shall be the first point of interaction between the voluntary subscriber and the NPS architecture. PoP shall perform the 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. The complete list of all PoP(s) shortlisted in this phase is attached as Annexure 2. Detailed functions to be performed by the PoP(s) are given under Key Features. PoP(s) and their authorized branches (PoP-SP(s)) shall also be required to comply with the provisions of the Prevention of Money Laundering (PML) Act , 2002 and the rules framed there under, as may be applicable, from time to time.

NationalPension System is India's simplest and perhaps the least cost pension system.

NationalPension System (NPS) has been introduced by the Central Government on 01 January 2004, and is being regulated by Pension Fund Regulatory and Development Authority (PFRDA).

With effect from today (1st May 2009) New Pension System has been extended to all citizens of India on a voluntary basis. NRIs can also apply.

Key features of NPS :

• Unique & Portable Permanent Retirement Account Number (PRAN)
• Pension system is envisaged to be based on two types of sub-accounts created for individual subscribers :
  • Tier-I non-withdrawable pension account, and
  • Tier-II withdrawable savings account.
  • Multiple funds and scheme options.
  • Annuity at retirement

ICICI Bank has been appointed as one of the Point of Presence (PoP(s)) for registering applicants to the NPS. Designated branches of ICICI Bank have been registered as Service Providers (POP-SP(s)).

On registration to the NPS, the subscriber will be issued a Permanent Retirement Account Number (PRAN). After receiving the PRAN, customers can deposit monies in their PRAN on a regular basis.

• He/She should be a resident Indian.
• The subscriber should be between 18 and 65 years on the date of application.
• He/she has to provide the KYC documents (Identity AND Address proof as per PFRDA guidelines) for registering to NPS.
• Subscriber can choose any one Pension Fund Manager (PFM) of the 6 registered (PFM) for managing his deposits.
• The subscriber can either let the PFM decide in which asset classes to deposit his investments (AUTO CHOICE)

OR

• He/She can indicate his investment choices (ACTIVE CHOICE) in the 3 asset classes in percentage

EQUITY (maximum 75 percent in Equities is allowed)
CORPORATE BONDS
GOVERNMENT BONDS

• Initial minimum contribution amount along with the Subscription application is Rs.500/- in cash or cheque. If the same is in cheque, it should be drawn in favour of " ICICI BANK Collection a/c- NPS trust"
• Minimum amount to be deposited in the PRAN annually is Rs.6000/-.
• Subscriber has to make a minimum of 1 transactions (contribution deposits) in the account each year.
• An amount of Rs.40 plus service tax applicable (10.30% currently) will be deducted from the initial contribution towards processing fees.
• Rs.20 plus service tax applicable will be deducted from subsequent contributions deposited by the subscriber.

To know the list of branches that accept the National Pension System (NPS) form, please visit our website www.icicibank.com > Products  > Accounts & Deposits > Pension Accounts  > National Pension System > NPS Enabled Branches.

Post confirmation of PRAN generation, please submit the below mentioned documents to any ICICI Bank National Pension System (NPS) enabled branch for account continuation.

List of Documents:

• Application form (original + copy)
• 1 set of self-attested KYC documents (PAN card, Address proof, passport size photograph)
• Cancelled ICICI Bank Cheque

Please note:

• The details in the documents should be same as filled in the Service Request
• The Address and ID details should be the same as available in the bank records
• Please mention the SR number and PRAN on top of the form

To know the list of NPS Enabled Branches, you may visit our website www.icicibank.com > Products  > Accounts & Deposits > Pension Accounts > National Pension System > NPS Enabled Branches.

We request you to submit the form at any nearest NPS enabled branches.

The documents should be received within 2 weeks for successful continuation of the account, else the NPS Account will be frozen