InvestorQ : Can an individual transfer money from Tier-II NPS account to Tier-I NPS account?
priya Shah made post

Can an individual transfer money from Tier-II NPS account to Tier-I NPS account?

Answer
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Sadaf Khan answered.
1 year ago


Yes, one can transfer money from his/her Tier-II NPS account to Tier-I NPS account.This facility is called ‘one-way switch’.

Under the one-way switch, the subscriber has the option to transfer funds from his/her Tier-II NPS account to Tier-I NPS account. Please note, the vice-versa is not allowed i.e., one cannot transfer funds from Tier-I to Tier-II account is not allowed.

To avail this facility, the subscriber must submit a written request at its parent Points of Presence- Service Providers (POP-SP). The POP/POP-SP will execute the ‘one-way switch request’ in the Central Recordkeeping Agency system for the subscribers associated with them.

If an NPS subscriber is not able to fulfill the minimum contribution requirements of Tier-I NPS account in a particular year, then he/she will be able to use this one-way switch to comply with this requirement.