All you need to know about NPS SOPs
What is NPS SOP all about?
National Pension System Trust (established for disbursal of the National Pension Scheme) is a regulatory and development autonomous body.
It comes under the jurisdiction of the Ministry of Finance of the Government of India.
Moreover, this National Pension System controls and regulates the PPF and EPF.
The processes of registration and disbursal of funds for NPS are done online through the eNPS.
Moreover, the online NPS website is controlled by aggregators who sift and process registered data
while adhering to the Standard Operating Procedures (SOPs).
These SOPs are provided by the Central Record Keeping Agency (CRA),
which has laid out the NPS SOP in a step-by-step manner that is easy to understand and follow.
Aggregators in service of the NPS-Lite or Swavalamban subscribers in India have to follow these SOPs.
What are the different types of NPS SOP available?
eNPS SOP – This SOP is specifically for those people who are applying through the NPS scheme website.
In this case, subscribers need to follow a prescribed procedure to register themselves electronically through any device,
be it a smartphone or a computer to have their
NPS account open online.
Change Request SOP – This SOP is related to the change of account details in case there are certain modifications in
the details of an NPS account. This can be either a change in address or bank details or other subsequent changes after
the initial National Subscriber Registration.
Subscriber Contribution Upload SOP – SCF of the NPS SOP contains the contribution details, both own and co-contribution.
These details are mandatory to determine the total amount and how it has been submitted.
Grievance Redressal SOP – If a subscriber faces any problems related to the NPS registration,
then there is also a standard operating procedure present for grievance redressal.
A subscriber can get their issues resolved by highlighting the same to the respective NPS officers.
Withdrawal SOP – This NPS SOP comes into action when subscribers intend to withdraw their pension amount after
the termination of their services. Calculations are made based on the contributions by an employee, an employer, or
the respective authority under which a subscriber fall. Then a final financial statement is prepared based on these calculations.
Error rectification SOP – There are times when errors can occur during the processing of documents or calculation of
the contribution. To rectify any such mistakes and take the necessary steps to resolve them as soon as possible
this eNPS SOP has been set up.
Account Maintenance SOP – This particular SOP deals with the maintenance of financial records or respective contributors.
Additionally, every record is constantly updated as per the changes to a subscriber’s account.
User Maintenance SOP – Apart from the account maintenance, any other SOP of the National Pension Scheme falls
under this category. Account-holders can utilise this SOP to update any account detail that he/she wants using this.
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