At the end of every financial year,if the minimum contribution criteria are not met under Permanent Retirement Account of a subscriber then the account is frozen.
The details of maintaining minimum contributions are given below:
Under Tier I Account
1. Subscriber is required to make at least one contribution transaction in a financial year.
2. Minimum amount per contribution is Rs.500/-. This requirement does not apply to Government/Corporate subscribers.
3. A minimum contribution of Rs.1000/- should be maintained under Tier I account in each financial year.
Under Tier II Account
1. There is no minimum contribution requirement for Tier II account.
2. If a Tier I for a PRAN is frozen, the Tier II account is also kept in “Freeze” status even if it meets the required criteria.
For the detailed process, kindly refer the Account maintenance SOP
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