Is it possible to transfer an existing NPS account from KFintech to the new NSDL? In some cases, it is. In that case, it will be necessary to create a new account and setup recurring payments. Once you have created the account, you can set up the recurring payments as standing instructions with your bank for a specified period. Next, you will need to create a NPS Virtual ID by registering on the CRA-NSDL portal. This ID must be verified with your PRAN and Date of Birth and an OTP needs to be input during PRAN verification.
If you are looking for a secure way to move your e-NPS account from KFintech to NSDL, there are a few things you should know. You must first register with your PRAN and password in order to make a transfer. Once you have registered, you must use this PRAN for all your future transactions with the NPS. You can do this by logging into your e-NPS account through several channels.
NSDL is the back-end office for NPS. It processes all PRAN registrations, processes withdrawal requests, issues regular account statements, and issues Permanent Retirement Account Numbers to NPS subscribers. To switch from KFintech to NSDL, you must create an account with the CRA of your choice and receive your PRAN details and password. Once you’ve registered, you can proceed with the e-NPS account transfer.
After you’ve registered, you can begin making your contributions to the NPS fund. The process is relatively simple and painless. You can use your mobile phone to make your contributions on the go, using the NPS mobile apps for iOS and Android. Log in with your PRAN and password to transfer your account. Alternatively, you can download ET Money to create a paperless NPS account, generate PRANs in real time, and make easy payments using EasyPay.
After submitting the required documentation, you must complete the application for e-NPS account transfer from KFC to NSDL. You must select the appropriate CRA from the list of available CRAs. Once you have done this, you will receive a Relieving Letter from your KFintech NPS account. All of this information is stored by the CRA for a reason.
If you wish to switch from KFintech to NSDL, you need to fill the eNPS subscription form. You can update several details on this form. Then, you can request for the reissuance of your IPIN, TPIN, or PRAN card. To do this, you need to submit all required documents. Once you have completed the form, send it to the NSDL CRA address.
You can also use your eNPS virtual account as a beneficiary. The eNPS registration process requires you to follow certain setup steps. Then, you can begin contributing. The future contributions will be automatic and reflect the same NAV. After the setup process, you can continue to make deposits. The minimum deposit amount is Rs ten and the maximum amount is Rs 10,000.
You must be an Indian citizen to open an NPS account. The age range for NPS account subscribers is 18 to 70 years. If you have reached the age of 75, you can continue to make NPS contributions. NPS subscribers are eligible to receive a number of benefits, such as tax-free corpus, premature withdrawal (up to Rs. 1,000,000), and transfer of the account to a beneficiary in the event of your death.
Once you have set up an account, you can easily transfer the money to the new NPS provider. To do this, you must create a Virtual ID. This ID will be different for Tier-1 and Tier-2 accounts. You can also place periodical auto-debit instructions on the eNPS website. After you create an eNPS account, you can login to your account through the portal.
For subscribers, Direct Remit is a convenient way to deposit voluntary contributions directly to the NPS Trustee Bank, Axis Bank. This facility allows subscribers to get their NAVs the same day they make the contribution. It is available free of cost to existing NPS subscribers. To use D-Remit, subscribers should have a virtual ID linked to their PRAN.
To make a voluntary contribution, subscribers can use the CRA system, which generates a Virtual ID that links to their PRAN. To transfer funds via D-Remit, subscribers should add the generated Virtual ID as a beneficiary, and write ‘NPS Contribution for D-Remit’ in the narration. Once the fund transfer has been made, the subscriber can enable periodic auto debit through net banking.
Once you have registered your mobile number in PRAN, all you have to do is complete the online form and submit it. Once you have completed the form, you will receive a one-time-password (OTP) to confirm your identity. You will receive SMS alerts as soon as your virtual ID is created. The D-Remit form should be filled out with the relevant information and submitted to NSDL.
Once you’ve completed the online form, login to your bank’s Net Banking facility. On the form, select the NPS Virtual Account as the beneficiary. Provide your PRAN and Date of Birth to confirm your identity. Then, input the OTP and confirm your account. Once you have verified your account, your NPS Virtual ID will be generated and your funds will be transferred to your new account.
KFintech is an integral part of the NPS and provides the back-office support to the network, including PRAN generation, administration, customer service and reporting. By providing the requisite support, KFintech e-Governance Infrastructure Limited (NSDL) has played a pivotal role in smooth operationalization of Tier II accounts, promoting transparency, and reducing the cost of service delivery. It has also significantly reduced the annual PRA Maintenance cost of NSDL’s CRA from Rs84 to Rs69 per year.
KFintech eNPS portal allows employees to make NPS contributions online. Users need to login to the eNPS portal using their PRAN and password. Then, they need to enter their date of birth and captcha, and fill out information on the account type, the amount of the contribution and declarations. Once they have submitted these details, their contribution will appear in their NPS accounts.
Tax-free withdrawal of corpus
If you are an NPS subscriber, you can withdraw a part of your corpus tax-free up to three times during your tenure. However, you should wait for at least five years between each withdrawal. The only exceptions to the withdrawal rule are specified illnesses and death. You must specify the purpose for withdrawal and bank account details when you withdraw a part of your corpus. In the case of a partial withdrawal, you can withdraw up to 60% of the corpus tax-free and use the remaining 40% to purchase an annuity plan from a PFRDA-approved insurance company.
A substantial part of your NPS corpus may be tax-free when you withdraw it at retirement, but you can only withdraw 40% of it. The other 40% must be invested in a tax-efficient annuity. In addition, your NPS account may be subject to penalties or taxes. However, this is not a major disadvantage for many NPS subscribers. KFintech offers investment services that meet the requirements of the NPS. You can invest in various pension products to meet your needs.
A tax-free withdrawal of corpus from your KFintech NPS account is possible once you reach the age of 60. Your retirement fund can be used to provide monthly income for your family. By withdrawing corpus in your KFintech NPS account, you can also take advantage of an added deduction of up to Rs 50,000 as per the Union Budget. You can also choose from a variety of annuity options: you can choose between lifetime annuities, returns of capital, or payouts to your spouse or legal heirs. Most insurers offer guaranteed annuity rates, which is particularly beneficial in today’s volatile interest rate environment.
The KFintech NPS account offers many benefits, including tax benefits. You can apply online or at a registered POP to open an account. KFintech has tie-ups with thousands of POPs and corporates throughout India. You can also manage your account online. By investing in KFintech NPS, you can build up a retirement corpus and withdraw money tax-free under Section 80CCD.