The National Pension System (NPS) is a retirement scheme established by the Indian Government on 1 January 2004 for all its citizens aged between 18 and 60. It is a vehicle that offers reasonable market returns over the long-term and to generate regular income during the old-age.
Key Features Of NPS Include:
- Permanent Retirement Account Number (PRAN) for every NPS subscriber
- PRAN used to make NPS transactions
- Access to two personal accounts, Tier-I pension account and Tier-II savings account
- Retirement savings are deposited into Tier-I pension account – non-withdrawable account
- Tier-II savings account – voluntary savings facility that allows withdrawal anytime
If a NPS subscriber has a complaint or grievance related to anything in the process or transaction, he or she can raise concerns in various ways. An NPS grievance could be raised through the below options.
- Dial to call centre and lodge the complaint using T-PIN
- Use I-PIN to post grievance in the CRA website https://cra-nsdl.com/CRA/
- Contact your POP-SP, as the POP takes the behalf of the client to raise the grievance or concern.
- Fill the G1 Form and forward it to CRA to lodged a grievance.
- Send an e-mail, mentioning the grievance, to firstname.lastname@example.org
Approach the nodal office for grievances like non-receipt of PRAN card, re-issue of PRAN or I-PIN or T-PIN, modifications in details, submission for shifting subscriber, PAO not uploading the contribution or delay in uploading, request for transaction statement, etc.
How Is The Grievance Resolved?
A system-generated alert is sent to the concerned entity, after the complaint is lodged. Then, the concerned entity resolves the grievance and posts the details in the CRA system.
Within 3 days of receiving the grievance, the PAO shall resolve it. If not, an e-mail alert would be sent to the PRAO, following with another one if it is pending for next 5 days.
How To Check The Status Of The NPS Complaint?
Upon lodging the complaint in the website, a unique token number would be assigned as acknowledgement. Using this token number, the status of the grievance can be checked either in the CRA web-site or through the call centre.
CRA also sends an email, explaining the resolution, to the PAO/DDO having the resolution details. If you are unsatisfied with the suggested resolution by the concerned entity, write to Grievance Redressal Cell (GRC), PFRDA, seeking appropriate action.
In conclusion, make the best use of the Government-initiated NPS scheme to meet the elevated cost of living and inflation during the golden phase of retired life. Substantiate NPS investments with other investments like mutual funds, after seeking an expert advice. Approach ArthaYantra for holistic financial planning and the best personal finance advice.