POP
Corporates
State Government
State Autonomous Bodies
Central Government
Central Autonomous Bodies
Subscribers
overview
Eligibility
Registration
subscriber contribution
forms
An investment cum pension scheme initiated by Government of India, NPS aims to provide security post retirement age to Indian Citizens.
Age Criteria: Between 18 to 70 years
Point of Presence (POP) are the entities registered with the PFRDA to act as a customer interface to all citizens of India. They perform functions through their network of branches called POP Service Providers (POP-SP) The operations of these POP-SPs shall be coordinated and controlled by the POP. Subscriber can also enroll through eNPS online model.
National Pension System, or NPS, is a voluntary retirement savings system initiated by the Government of India when it felt the need to provide income to Indian citizens in their old age. The NPS works under the regulation of the Pension Fund Regulatory and Development Authority (PFRDA). This system mainly aims to generate income for people at the time of their retirement to help them sustain themselves in their old age.
Under NPS, the government introduced the National Pension Scheme - All Citizens Model on May 1st, 2009. This model includes all the working-class citizens of the country under its wings and provides NPS benefits to everyone. The NPS has the following objectives:
There are two ways through which a citizen can join the NPS - All Citizens Model.
The first is by visiting the Points of Presence – Service Provider (PoP-SP), the network branches of the NPS. Citizens must be between the ages of 18 and 65 years to join this scheme. The following steps need to be followed to join the NPS:
1.
Avail your PRAN (Permanent Retirement Account Number) application number from your preferred PoP-SP. You can also avail the PRAN application form by visiting the official NPS website.
2.
Fill out the PRAN application form with accurate details regarding scheme preference. You would also be required to provide a photograph, signature, and relevant KYC documentation.
3.
Submit the PRAN application form at the PoP-SP. The CRA (Central Recordkeeping Agency) will send your PRAN card to your registered address.
4.
You can track the status of your application with the receipt number provided by the PoP-SP on submission of the PRAN form.
5.
Pay the amount required for your first contribution and submit your contribution slip to the POP-SP.
The second method of joining the NPS is by visiting the NPS website online. You have to open an NPS account on the website using your PAN and bank details. The following steps will need to be completed:
Create an NPS account and submit your PAN and bank details for verification. You also have to fill in the details online.
Upload all the documents on the online NPS portal.
Make payments for your first contribution through digital transactions such as net banking, etc.
Points of Presence or PoPs are government entities that carry out various functions prescribed by the National Pension Scheme. PoPs help Indian citizens to register and join the NPS transparently. They provide all the services under NPS through several service providers acting like branches of PoP.
There are several different POPs and CRAs to choose from. NPS KFintech is a popular CRA working towards maintaining and administering records. It also provides impeccable customer service.
The PFRDA, or the Pension Fund Regulatory and Development Authority, is a government body set up in 2003. It regulates the proper functioning of the pension sector in India. The NPS was also launched under the regulation of the PFRDA for their All Citizens Model in 2009.
Registration of POP
Registration of POP-SP (after Registration of POP)
Mode of NPS Contribution
The subscriber can contribute the amount through cash, local cheque, demand draft or Electronic Clearing System (ECS) at his/her chosen POP-SP. However, for cash transactions exceeding Rs.50000/- subscriber needs to submit the copy of the PAN card as per the Anti-Money laundering (AML) rules. Also, No outstation cheques shall be accepted.
Minimum Contribution ( For Tier-I )
Minimum contribution at the time of account opening and for all subsequent transactions- Rs 500. Minimum contribution per year- Rs 1,000 excluding charges and taxes.
What is Subscriber Contribution file?
Subscriber Contribution File (SCF) is a file containing the details of the contributions of Subscriber (Own and Co-Contribution if any) towards the pension fund. It is a standard format specified with contribution details of Subscribers which has to be uploaded in CRA system by Nodal Office.
SCF Format
* Subscriber’s tier II Contribution Amount- POP/ POP-SP may provide contribution in Tier I and Tier II
** Receipt Number- Receipt Number has to be generated through MIS upload by POP/ POP-SP
Contribution Model
Fund Transfer
POP / POP’s bank transfers the total funds electronically to Trustee Bank within 12 working days. Information to be provided while transferring the funds i.e. PAOFIN. For example, PAOFIN10000011700000000001z
Registration Form and Covering letter for Nodal Office
Registration Form for Subscriber
Details Change and Request Form for Subscribers
Grievance Form for Subscriber
Withdrawal Form for Subscriber
Also Read