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01

Know More about National Pension System

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02

Grievance Redressal Policy

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03

Turn Around Time (TAT) for NPS Operational Activities

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About NPS

NPS was introduced by the Central Government to help the individuals have income in the form of pension to take care of their retirement needs.

The Pension Fund Regulatory and development Authority (PFRDA) regulates and administers NPS under the PFRDA Act, 2013.

NPS is a market-linked defined contribution scheme that helps you save for your retirement. The scheme is simple, voluntary, portable and flexible. It is one of the most efficient ways of boosting your retirement income and saving tax. It allows you to plan for a financially secure retirement with systematic savings in a planned way.

National Pension System

About NPS

The Government of India has introduced several social security and financial inclusion initiatives with the objective of safeguarding the long-term interests of its citizens. One such flagship initiative is the National Pension System (NPS), a government-sponsored retirement savings scheme that was launched in 2004. The scheme is designed for Indian citizens between the ages of 18 and 60 years, enabling them to systematically build a retirement corpus during their active working life.

NPS is a structured and disciplined financial planning instrument that encourages individuals to invest small or large amounts regularly towards their retirement goals. The scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and operates under a transparent, market-linked investment framework. Over the long term, NPS aims to provide stable and reasonable returns by investing subscriber contributions across multiple asset classes such as equity, corporate bonds, and government securities.

Samunnati as Point of Presence (PoP) for NPS

Samunnati is an authorized Point of Presence (PoP) for the National Pension System, facilitating NPS account opening and servicing for eligible subscribers through a fully digital process. As a PoP, Samunnati plays a crucial role in enabling individuals to access NPS in a simple, reliable, and compliant manner.

Samunnati supports subscribers across the NPS lifecycle, including online account registration, KYC verification, contribution facilitation, account servicing, grievance handling, and withdrawal-related assistance. Subscriber information and transaction data are securely processed and transmitted to the designated intermediaries, including KFintech, the Central Recordkeeping Agency (CRA), ensuring accuracy, transparency, and regulatory compliance.

What is National Pension System (NPS)

The National Pension System is designed to address the growing need for retirement planning among both salaried and non-salaried individuals. While government employees benefit from structured pension systems, individuals working in the private sector or unorganized segments often lack access to formal retirement benefits. NPS bridges this gap by offering a long-term, regulated pension solution that promotes disciplined savings and financial security after retirement.

Types of NPS Accounts

The National Pension System offers two types of accounts to cater to different investment and liquidity requirements of subscribers.

Tier I Account

The Tier I account is the primary and mandatory retirement account under NPS. It is designed specifically to help individuals accumulate a pension corpus and therefore comes with certain restrictions on withdrawals. This account can be opened under various NPS models such as NPS – Central Government, NPS – State Government, NPS – Corporate, and NPS – All Citizens Model.

The Tier I account matures at the age of 60 years, and subscribers have the option to extend the account up to the age of 70 years if they wish to continue contributing. To keep the account active, a minimum contribution of ₹1,000 per financial year is required. There is no upper limit on the contribution amount, allowing subscribers to invest as per their financial capacity and retirement goals.

Tier II Account

The Tier II account is a voluntary savings-cum-investment account that offers complete flexibility in terms of withdrawals. Unlike the Tier I account, there is no lock-in period, and subscribers are free to withdraw funds at any time based on their financial needs.

A Tier II account can be opened only if the subscriber already has an active Tier I account. To open a Tier II account, an initial contribution of ₹1,000 is required, and subsequent contributions can be made with a minimum amount of ₹250 per transaction. Subscribers are required to maintain a minimum balance of ₹2,000 at the end of each financial year.

Documents Required for NPS Account Opening

To open an NPS account, subscribers are required to submit the necessary documents for Know Your Customer (KYC) compliance through Samunnati’s digital platform. The following documents are required:

  • Proof of Identity and Date of Birth – Aadhaar Card or PAN Card
  • Proof of Address – Aadhaar Card, Driving License, Electricity Bill, Water Bill, Rent Agreement, or other valid address proof
  • Photograph – Recent passport-size photograph
  • Bank Account Details – Cancelled cheque or bank account proof

All documents submitted online are verified as part of the account opening process.

How to Open an NPS Account Online with Samunnati

NPS account opening can be completed entirely online through Samunnati’s NPS website (www.samunnatifinance.com/nps/) using either Aadhaar-based or PAN-based verification. The online process is designed to be simple, secure, and user-friendly.

Subscribers are required to enter their Aadhaar or PAN details, complete OTP-based authentication, and fill in personal information as requested in the digital form. They can then select the type of NPS account, choose the preferred pension fund and investment option, provide nominee details, and upload the required documents such as photograph and signature in the prescribed format.

Upon successful verification and completion of the initial contribution, the Permanent Retirement Account Number (PRAN) is generated and communicated to the subscriber, enabling access to the NPS account.

Features & Benefits of National Pension System (NPS)

Returns / Interest

A portion of the amount invested under NPS is allocated to market-linked instruments such as equities and debt securities. While NPS does not offer guaranteed returns, it has historically delivered competitive long-term returns, generally higher than traditional fixed-income tax-saving instruments such as PPF. Since its inception, NPS has generated annual returns in the range of 8% to 10%, depending on market performance.

Subscribers also have the flexibility to change their pension fund manager if the fund’s performance does not align with their expectations.

Investor Contribution Flexibility

NPS allows subscribers to make contributions without any maximum limit, subject to minimum contribution requirements to keep the account active. In case the minimum specified contribution is not maintained, the account may be frozen and can be reactivated by completing the required contribution through the Point of Presence.

Risk Management

NPS follows a regulated investment structure prescribed by PFRDA, with defined limits on equity exposure to balance risk and returns. This structure helps protect the retirement corpus from excessive market volatility while still offering better growth potential compared to traditional savings schemes.

Tax Benefits Under National Pension Scheme

Tier I Account

Contributions made to the Tier I account are eligible for tax deductions under the Income Tax Act. Subscribers can claim deductions up to ₹1.5 lakh under Section 80C and an additional deduction of ₹50,000 under Section 80CCD(1B). At maturity, the accumulated corpus is utilized as per applicable NPS exit norms and annuity purchase requirements.

Tier II Account

Tier II accounts do not provide tax benefits for private-sector employees or self-employed individuals. Returns earned under Tier II are taxable as per the applicable income tax slab. Government employees may avail tax benefits subject to prevailing rules.

How Much Can You Invest in NPS

Tier I subscribers are required to make contributions subject to the following conditions:

  • Minimum contribution at the time of account opening: ₹500
  • Minimum contribution per transaction: ₹500
  • Minimum contribution per year: ₹1,000

Tier II subscribers must adhere to the following:

  • Minimum contribution at the time of account opening: ₹1,000
  • Minimum contribution per transaction: ₹250
  • Minimum balance at the end of financial year: ₹2,000

Both Tier I and Tier II account holders are required to make at least one contribution in each financial year.

Withdrawal Process Under NPS

Subscribers can initiate withdrawal requests through their NPS account login on Samunnati’s platform. All withdrawal requests are verified and authorized by Samunnati as the Point of Presence, in line with PFRDA guidelines. Subscribers may be required to submit supporting documents digitally as part of the withdrawal process.

Grievance Redressal Policy

(National Pension System – Point of Presence)

Scope

Samunnati Finance Private Limited
(“Samunnati”), being an authorized Point of Presence (PoP) under the National
Pension System (NPS), considers customer satisfaction as a core principle of
its service delivery. This Grievance Redressal Policy (GRP) has been formulated
to ensure a structured, transparent, and time-bound mechanism for addressing
grievances arising out of the services offered by Samunnati in its capacity as
a PoP.

The scope of this policy is restricted to
grievances raised against Samunnati as a PoP. Grievances pertaining to other
intermediaries under NPS, such as Central Recordkeeping Agency (CRA), Pension
Fund Managers (PFMs), Annuity Service Providers (ASPs), or Trustees, shall fall
outside the purview of this policy. In such cases, the concerned intermediary
shall be responsible for resolving the grievance, and the subscriber is advised
to approach the respective intermediary directly, as per applicable regulations.

The term “grievance” or “complaint” shall
have the same meaning as defined under Regulation 2(g) of the applicable PFRDA
regulations, which includes any communication expressing dissatisfaction with
respect to any act of omission, commission, or deficiency in service by an
intermediary, and seeking remedial action. However, the following shall not be
treated as grievances:

  • Complaints that are incomplete or vague in nature
  • Communications in the nature of suggestions or feedback
  • Requests seeking information, guidance, or clarification
  • Matters beyond the powers and jurisdiction of PFRDA
  • Disputes between intermediaries
  • Matters that are sub-judice, except those falling within the
    exclusive jurisdiction of PFRDA

 

Objective

The objective of this Grievance Redressal
Policy is to define the framework, processes, and responsibilities for
receiving, examining, and resolving grievances raised by NPS subscribers
against Samunnati as a PoP. The policy aims to ensure that all grievances are
addressed in a fair, prompt, and transparent manner.

 

The broad objectives of this policy
include:

  • To provide fair, unbiased, and equitable treatment to all
    subscribers
  • To ensure courteous handling and timely resolution of
    grievances
  • To establish a structured internal mechanism for grievance
    redressal
  • To enhance overall customer satisfaction and trust
  • To ensure easy accessibility for subscribers to raise
    grievances
  • To monitor and continuously improve grievance handling
    processes

 

How to Raise a Grievance

Subscribers may raise their grievances
through any of the following channels:

  • By contacting Samunnati’s Customer Service Helpline
  • By submitting grievances in writing to the registered office
  • By sending an email from the registered email ID to the
    designated grievance email address

     

Contact Details – Customer Grievance Redressal

Registered Office: 
Samunnati Finance Private Limited
Baid Hitech Park, 129-B, 7th Floor, ECR, Thiruvanmiyur, Chennai – 600041

Customer Service Helpline: +91 97908 97000

Email: nps@samunnati.com

Office Contact Number: +91-044-66762400

Working Hours: 9:30 AM to 6:30 PM (Monday to Friday)

 

Resolution Mechanism for Grievances

Grievances Received Through Customer
Service Channels

  • Grievances that can be resolved immediately by customer service
    executives are addressed promptly.
  • Grievances requiring additional verification, documentation, or
    escalation are forwarded to the appropriate internal authority for
    resolution.
 

Grievances Received Through Written
Communication

  • Grievances received via email or written correspondence are
    logged into the grievance management system.
  • Each grievance is examined in detail, and necessary action is
    taken as per applicable NPS and PFRDA guidelines.
  • A formal response is communicated to the subscriber upon
    resolution.

 

Turn Around Time (TAT)

Samunnati adheres strictly to the Redressal
of Subscriber Grievance Regulations, 2015, issued by PFRDA. The following
timelines are observed:

  • An acknowledgement is sent to the complainant within three
    working days of receipt of the grievance
  • A unique grievance reference number is provided for tracking
    purposes
  • Every grievance is resolved within thirty (30) days from the
    date of receipt

 

Grievance Redressal Officer (GRO)

Samunnati has appointed a dedicated
Grievance Redressal Officer (GRO) to oversee grievance handling related to NPS
services.

Grievance Redressal Officer – Level 2
Mr. Ramakrishnan CS
Grievance Redressal Officer
Samunnati Finance Private Limited
Baid Hitech Park, 129-B, 7th Floor, ECR,
Thiruvanmiyur, Chennai – 600041

Telephone: +91-044-66762400
Email: gro@samunnati.com

The details of the Grievance Redressal
Officer are available on Samunnati’s official website.

 

Escalation
Matrix

Level 1 – Customer Support

Customer Service Helpline: +91 97908 97000
Email: nps@samunnati.com

Level 2 – Grievance Redressal Officer

Email: gro@samunnati.com

 

Escalation to NPS Trust

If a subscriber is not satisfied with the
resolution provided by Samunnati, or if the grievance is not resolved within
thirty (30) days from the date of submission, the subscriber may escalate the
grievance to the NPS Trust, in accordance with Regulation 10 of the Redressal
of Subscriber Grievance Regulations, 2015.

The NPS Trust shall follow up with
Samunnati for resolution of the grievance and communicate its response to the
subscriber within the prescribed timeframe.

Turn Around Time (TAT) for NPS Operational Activities

Samunnati Finance Private Limited, in its capacity as a Point of Presence (PoP) under the National Pension System (NPS), follows the Turn Around Time (TAT) for various operational activities as prescribed by the Pension Fund Regulatory and Development Authority (PFRDA) and the Central Recordkeeping Agency (CRA) from time to time.

The indicative TATs for key NPS-related operational activities are as follows:

NPS Operational Activity Prescribed Turn Around Time (TAT)
PRAN Generation (on receipt of complete and correct documentation)
within 2 Working Days
Subscriber Master Data Modification
within 2 Working Days
Change in Bank / Address / Contact Details
within 2 Working Days
Upload and Processing of Contributions
T+1 Working Day
Tier II Account Opening
Up to 2 Working Days
Withdrawal / Exit / Claim Processing
As per PFRDA / CRA prescribed timelines
Grievance Acknowledgement
Within 3 Working Days
Grievance Resolution
Within 30 Days

Note:
The above TATs are subject to receipt of complete and accurate information/documents from the subscriber and may vary depending on regulatory requirements and processing by the Central Recordkeeping Agency (CRA) or other NPS intermediaries, as applicable.

Guidelines on Grievance Redressal and Subscriber Rights

Samunnati Finance Private Limited complies with all applicable regulations, circulars, guidelines, directions, and advisories issued by the Pension Fund Regulatory and Development Authority (PFRDA) from time to time in relation to NPS operations.

Rights of NPS Subscribers

NPS subscribers have the right to:

  • Receive services within the prescribed Turn Around Time (TAT)
  • Raise grievances or complaints in case of delay, deficiency in service, or operational lapse
  • Seek redressal through the prescribed grievance redressal mechanism
 

Subscribers may lodge grievances with Samunnati through its designated customer support channels. Where grievances are not resolved satisfactorily or within the prescribed timelines, subscribers have the right to escalate the matter through the Central Grievance ContentManagement System (CGMS) and further to the NPS Trust and Ombudsman, in accordance with applicable PFRDA regulations.

Detailed information regarding grievance handling, escalation matrix, and contact details of the Grievance Redressal Officer (GRO) is available under the Grievance Redressal Policy section of this website.