CS&S PAYROLL, ACCENTURE INDIA

Payroll Information
NPS SNIPPET
NATIONAL PENSION SYSTEM CONTRIBUTE TOWARDS NPS
Corporate Model -
• National Pension System (NPS) is a voluntary retirement savings scheme
initiated by Government of India. NSDL is the CRA for NPS • Employees fixed income >= 3,00,000.
• Types of NPS Account • Must allocate in the compensation plan towards NPS

TIER -1 • Contributions can between 0.01% & 10% and should not be less
than 1000 p.a.
o Individual account, can be used for corporate benefit
o Tax benefit available for this account • Employee can neither reduce the allocation nor opt out.
o Lock in period until the age of 60 • Employee can only increase percentage up to 10%
o Tier 1 includes two NPS modules: • Permanent Account Number (PRAN) is mandatory for NPS
Individual module: Contribute individually. Tax exemption is provided under contribution,
section 80c i.e., 1,50,000 and allows additional of 50,000 u/s 80CCD 1B. • Employee must update active PRAN details on Master Set up page.
Corporate module: Contribution thru employer. Tax exemption is provided • Employee can open New PRAN account with the help of ICIC Bank
over and above section 80C exemption under 80CCD2 aggregate amount of (POP), can also refer the playbook available on Allsec
employer pf and NPS is up to 7,50,000. • Existing PRAN holder, can map the same to Accenture Corporate
with the help of ICICI Bank
TIER – 2 Contributions are not tax exempted. Employee may check /
• Once PRAN is updated NPS contribution will be credited to PRAN.
contribute on their own.

PRAN CONDITIONS
Online PRAN Generation – • Once PRAN number is updated on Payroll Tool (Allsec) it cannot be
modified.
• Employee can open New PRAN account thru NSDL Portal & for ICICI Bank
• Once NPS opted and PRAN generated employees can not optout
account holders thru ICICI bank portal.
from NPS till the tenure with Accenture.
• any new PRAN which is generated online is under All Citizens Model and that
• PRAN must be updated in master setup page to get amount loaded
needs to convert to Accenture Corporate Model.
into PRAN.
• Existing PRAN account holders should also shift their PRAN account to
• Multiple NPS accounts for a single individual are not permissible.
Accenture Corporate Model.
• Employees can check their contribution details by logging into
PRAN Shifting Process –
CRA-NSDL website using the login credentials.
• An email should be sent to ICICI Bank SPOC ([email protected]) to
• In case of loss or damage of PRAN Card, employee need to submit a
complete the process which will be done within 10-12 working days. duly filled S2 form to POC for duplicate PRAN. ₹50 plus applicable
• For Any NPS related query raise request on Service Now using the path Service Tax will be deducted by CRA for issuing a duplicate PRAN
Human Resource & Payroll --> Payroll --> Ask question --> Select category card.
“NPS” • Employee cannot withdraw amount contributed under corporate
PRAN Updation- model before the retirement age.

• Employee must update the active PRAN details on Allsec -> Master set up
page by 17 of the month
CS&S PAYROLL, ACCENTURE INDIA
Payroll Information

ASSET ALLOCATION PENSION FUND MANAGER

Active Choice: Employee can choose Active Choice and specify the
percentage of money to be invested in asset classes.
• At the time of applying for NPS account, employee need to
The maximum percentage against each Asset Class is shared below:
select a PFM and investment option which you would like to
1. Equity (E) - Cannot exceed 75% (age up to 50 years). From 51 years opt for.
and above, maximum permitted Equity Investment will be as per the
equity allocation matrix. • The NPS fund managers are mainly responsible
for generating market linked returns for the investors.
2. Corporate Debts (C) - Maximum up to 100%.
• Fund Manager can be changed once a year by logging in to
3. Government Bonds (G) - Maximum up to 100%. eNPS portal
4. Alternative Funds (A) - Cannot exceed 5%.
Total allocation percentage in the above Asset Classes cannot exceed
100%. You can change the percentage allocation twice in a year.

Auto Choice: If a subscriber opts for Auto Choice, system will automatically
calculate the asset allocation percentages based on the subscriber's age.

WITHDRAWAL WHERE TO REACH

Employee can go for conditional withdrawal under NPS scheme under All • To check their contribution details - CRA-NSDL website using the
Citizen Model login credentials
• ICICI Bank SPOC ([email protected])
You can exit from NPS after 10 years or attainment of superannuation age • Connect us on respective MS Team IDs mentioned below on all
(retirement age) as defined by the corporate, whichever is earlier. working days - 10a.m. to 6p.m.
The primary objective of NPS is to create a corpus which can be used at the Fixed Category (CL 13, 12, 11 & 10) - [email protected]
time of retirement to buy pension for you/your nominee. Hence, there is a Flexi Category (CL 9 & 8) – [email protected]
restriction imposed on the lump sum amount accessible on Exit, as mentioned Executives (CL 7, 6 & 5)- [email protected]
below: • Raise query on Service Now. (Response SLA is 3 working days).
Exit before the age 60 years
• Up to 25 percent of corpus can be withdrawn in lump sum. The balance
amount needs to be invested in annuity.
• If the corpus is less than or equal to ₹ 1 lakh, there is no need to invest into
annuity. The entire amount can be withdrawn in lump sum.