InvestorQ : What is the procedure of NPS’ one-way switch?
Priyanka Singh made post

What is the procedure of NPS’ one-way switch?

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1 year ago
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An NPS subscriber 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, a 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, you must submit a written request at your 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.

Procedure to transfer money from Tier-II NPS account to Tier-I NPS account:

To make the one-way switch, one must fill the UOS – S13 form. The form can be obtained from the POP-SP or can be downloaded from the NPSCRA website at the following link: https://npscra.nsdl.co.in

Then, one must provide details such as your PRAN number, your name, the amount that is to be switched must be entered on the form. Please ensure all the details entered are accurate and the form is duly signed.

One must, then submit the fully-filled form at the POP-SP with which he/she is currently associated for the Tier-II account. Once you have submitted the form, the POP-SP will give an acknowledgement receipt. One must keep this receipt number safely, in case there’s ever a need to refer to it.

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