Shifting NPS account from government to individual account
Permanent retirement account number (PRAN) is a unique number allotted to a National Pension System (NPS) subscriber. PRAN or the account is portable and can be moved even if a government servant moves to the private sector.
Form
One must submit Form ISS-I. It can be downloaded from https:npscra.nsdl.co.in or you can get it from an existing point of presence of the service provider (POP-SP).
Information
Name and address, PRAN details, details of the existing and new POPSP need to be provided in the form.
For all citizens
Subscribers have to choose a pension fund manager. Investment options - active or auto choice--and asset allocation must be indicated.
Shift to government
Subscribers shifting to central state government need to furnish employment details including salary and department involved. The information needs to be attested by employer. Bank details have to be provided with cancelled cheque.
Shift to private sector
Subscribers have to provide employment, bank and PAN details. They also have to choose PFM and investment option.
Process
Form with supporting documents has to be submitted to target POP SP. A stamped acknowledgement is given. Once details are verified, the change is communicated to the subscriber.
Points to note
PRAN should be active. Details such as PRAN number, employer information and salary information must be filled correctly as these are recorded in the NPS system.
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
1. ICICI Prudential Tax Plan
2. Reliance Tax Saver (ELSS) Fund
3. HDFC TaxSaver
4. DSP BlackRock Tax Saver Fund
5. Religare Tax Plan
6. Franklin India TaxShield
7. Canara Robeco Equity Tax Saver
8. IDFC Tax Advantage (ELSS) Fund
9. Axis Tax Saver Fund
10. BNP Paribas Long Term Equity Fund
Invest in Tax Saver Mutual Funds -
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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