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All citizens

All citizens

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.

Illustration

List of POP and POP-SP

A citizen of India, whether resident or non-resident, subject to the following conditions:

  • Applicant should be between 18 – 70 years of age as on the date of submission of his/her application to the POP/ POP-SP.
  • Applicant should comply with the Know Your Customer (KYC) norms as detailed in the Subscriber Registration Form. All the documents required for KYC compliance need to be mandatorily submitted.
  • These processes shall be carried out through the entities known as Points of Presence (POPs) appointed by the PFRDA. POPs shall provide the services under NPS through their network of branches called POP Service Providers (POP-SP).
Illustration

Registration of POP

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Flow Chart

Registration of POP-SP (after Registration of POP)

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Flow Chart

Mode of NPS Contribution

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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 )

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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?

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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

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Table

* 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

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Table

Fund Transfer

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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

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Registration Form for Subscriber

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Details Change and Request Form for Subscribers

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Grievance Form for Subscriber

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Withdrawal Form for Subscriber

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