NPS account holder will have to deposit the minimum balance in his account before 31 March 2024. If he does not do this then his account will be frozen. Apart from this, all the facilities available in their account will also be stopped.
The National Pension System is a very good option to continue the income even after retirement. In this, the investor has to invest for a certain time. Interest is also given by the government on the investment amount.
When an NPS investor turns 60 years of age, he gets 60 percent of the amount from the NPS fund. They get the remaining 40 percent amount every month as a pension.
Let us tell you that if an NPS investor does not deposit the minimum balance in his NPS account within a financial year, then his account becomes inactive. The investor has to invest at least Rs 500 in a business year.
To reactivate the NPS account, the user will have to pay the penalty. Today we will tell you how to activate your inactive account of NPS.
How to activate the account
Step 1: The user must first visit the NPS website (https://www.indiapost.gov.in/Financial/pages/content/nps.aspx) and log in with the help of the PRAN number and password.
Step 2: After this, go to My account and select the option of Unfreeze account.
Step 3: Now you will have to enter the necessary information shown on the screen and pay the late fee.
Step 4: Your account will be activated as soon as you pay the late fee and minimum balance.
How much penalty has to be paid?
To reactivate an inactive account, the user has to pay a penalty of Rs 50 per year. For example, if the NPS account is closed for 3 years and to reactivate it, the user will have to pay a penalty of Rs 150 at the rate of Rs 50 per year and a minimum amount of Rs 1,500 for 3 years. That means the user will have to pay a total of Rs 1,650.
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