NPS Architecture

Functions of ASP

• Providing various annuity options, calculators and other information as approved by the Insurance Regulatory and Development Authority (IRDA).
• Providing the infrastructure and technology support for online purchase of annuity products and making available the related literature around available annuities.
• Facilitating the issuance of annuity contracts as per your choice.
• Delivering pension at the frequency elected by you in the annuity contract, i.e., monthly, quarterly or annually. (Note: government employees can get their pension only on a monthly frequency).
• Responsible for sharing information about your annuity purchases with the CRAs and NPS Trust from time to time.
• Managing updates to the basic details entered by you in the annuity contract, such as name change, address change, change in nominees or any other change that is requested by you.
• Providing annuity payments to you at the time of exit from the NPS at the frequency of time intervals selected by you.
• Providing minimum immediate annuity variants / choices or any new variant as required by PFRDA in your interest.
• Receiving and resolving all the grievances that have been raised by you and following up till your ultimate redressal is done as per the guidelines issued by the IRDA.
• Managing funds allocated for buying an annuity

As a subscriber, you must purchase an annuity product from the list of empanelled ASPs at the time of superannuation or premature exit. You must select your ASP the moment you make a exit request.

Types of Annuity Investment Plans

It is important to note that the annuity amount is dependent upon the amount of annuity purchased and the duration of the annuity that you have opted for. It will be paid monthly/quarterly/half yearly/ annually

There are 5 types of annuity investment plans to choose from -

• Annuity for life: annuity or pension payable to you at a consistent rate. On death of the Annuitant, policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant: annuity or pension payable to the subscriber and then to their spouse after their demise. On death of the last survivor, the annuity payments will cease and no further amount will be payable.
• Annuity for life with return of purchase price on death: This option pays annuity for life. On death of the Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant with RoP of annuity : The annuity payable as long as at least one of the two annuitants is alive. On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. On death of the last survivor, 100% of the purchase price is returned to the nominee.
• NPS Family Income: Annuity payments would be made to the annuitant and his/ her spouse throughout their lifetime. On death of annuitant and spouse, the annuity would be paid to the subscriber's mother and after her, to the father. On death of the last survivor, the purchase price would be refunded to the annuitant's child/ nominee.

Once the entire procedure of the withdrawal request is executed and processed, the ASP will start issuing the periodical annuity.

View Exit and Withdrawals under the NPS Regulations List of ASPs Contact Details

FAQs

Functions of Pension Funds

Management of Pension Schemes

The function of a Pension Fund is to manage pension schemes in your best interest as per the regulations, guidelines and circulars issued by PFRDA. The service levels of pension funds are monitored by NPS Trust.

Rendering high standards of services

The Pension Fund is responsible for providing a high standard of service to you. This includes exercising reasonable care, prudence, professional skill, promptness, diligence and vigilance while managing the pension schemes.

Employment of professionals

The Pension Fund employs well-qualified professionals and staff with high integrity and are also responsible for the acts of omissions or commissions of its employees or authorized persons whose services have been availed.

Facilitating and coordinating with other intermediaries

The Pension Fund coordinates with other intermediaries and entities through agreements and technological platforms for undertaking its obligations.

Maintaining books of accounts

The Pension Fund maintains books of accounts, records, registers and documents relating to the operations of the pension schemes. This is important to ensure compliance with the rules and regulations, as well as to facilitate an audit trail of transactions and business continuity at all times. 

Submission of reports

The Pension Fund submits periodical and compliance reports as required by the PFRDA / NPS Trust.

Public disclosure

The Pension Fund undertakes public disclosure of information for the benefit of all subscribers as prescribed by PFRDA.

Best Governance practices

The Pension Fund is required to adopt best governance practices for investment and risk management. This includes constituting an Investment Committee and a Risk Committee and setting out the composition, functions, policy contents and other matters as prescribed by PFRDA. 

Prevention of conflict of interests

The Pension Fund is required to prevent any conflict of interest that may arise while discharging its obligations and report any instances to the NPS Trust. 

Exclusivity and segregation of Pension Fund business

The Pension Fund is required to ensure that its business activities are exclusive and segregated from its sponsors.

Pension Funds registered under NPS

There are several Pension Funds (PFs) available under NPS that you can choose to invest in.

View Pension Fund Regulations

FAQs

Functions of CRAs

• Registration of subscribers and issuance of Permanent Retirement Account Number.
• Issuance of PRAN Card, IPIN/TPIN and Welcome Kit.
• Digitization and maintenance of subscriber record/preferences.
• Updating subscriber record/preferences based on requests made for change/revision.
• Providing operational interface to other intermediaries under NPS Architecture.
• Providing online / electronic access to the subscribers for accessing their NPS account
• Monitor the flow of contributions made by subscribers to their PRAN account.
• Unitization of contribution amount made by subscribers to his/her PRAN account.
• Generation and dispatch of Statement of Transactions to subscribers.
• Providing Call Centre facilities to subscribers.
• Receiving, acknowledging and redressal of subscriber grievances through Central Grievance Management System portal.
• Processing of Exit/Withdrawal request of subscribers.

CRAs registered under NPS

View CRA Regulations

FAQs

Custodian under NPS

FAQs

Functions of PFRDA

• Undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries.
• Providing pension schemes not regulated by any other enactment;
• Protecting the interests of subscribers of NPS and such other schemes as approved by the authority from time to time.
• Approving the schemes, and laying down norms of investment guidelines under such schemes;
• Registering and regulating intermediaries- NPS Trust, Points of Presence, Central Record keeping Agency, Trustee Bank, Pension Funds, Custodian for time bound service to subscribers.
• Ensuring that the intermediation and other operational costs are economical and reasonable;
• Making existing grievance redressal process robust & time bound.
• Adjudication of disputes between intermediaries and between intermediaries and subscribers.

PFRDA Contact Details

Pension Fund Regulatory and Development Authority
E-500, Fifth Floor, Tower E
World Trade Center, Nauroji Nagar
New Delhi – 110029
Website: https://pfrda.org.in
Contact Number: 011-26517501 / 26517503 / 26517097

Functions of PrAO

PrAO is responsible for carrying out the below activities

• Consolidate PAO registration form and forward it to CRA for registration
• Monitor performance of PAO and DDO in discharging their responsibilities in CRA system.
• Monitor the resolution of grievances raised against PAO / DDO.
• Take necessary action to ensure compliance of PAO and DDO with the operational procedures of CRA system

PrAO, in its capacity of a Nodal Office shall register itself with CRA. Further, PrAO will send the registration applications of the PAOs attached to it to CRA.

Functions of Trustee Bank

• Receives contribution funds from Nodal Offices of all sectors pan India and from Subscribers (D-Remit).
• Downloads the incremental PAO id and Transaction id (TID) file from the CRAs system and validate the same with contribution funds received from the nodal offices.
• Refunds unidentified funds or funds, which cannot be processed, to the remitting bank/concerned nodal offices.
• Consolidates all the contribution records and prepares Fund Receipt Confirmation (FRC) file.
• Transfers funds based on the instructions received from CRA(s) during the settlement process to various entities.
• Transfers fund electronically for disbursement from withdrawal account to the concerned account(s) as per the instructions.
• Uploads statement of closing balance of Trustee Bank account to CRA system.
• Daily reconciles the balances in various CRA(s) related accounts of Trustee Bank with the details available in CRA system.
• Maintains books and records about the fund flow and information flow between Trustee Bank, central recordkeeping agency, subscribers and pension funds to ensure compliance with the guidelines and submit regular reports at such intervals and in such manner as may be required or called for by Authority or its authorized representative.
• Provides necessary system and procedure, in order to facilitate fund transfers across various intermediaries of the National Pension System Architecture viz. central recordkeeping agency, nodal offices (Pay and Account Office, Drawing and Disbursing Officer, District Treasury Office, Directorate of Treasuries and Accounts), point of presence, aggregators, pension funds and annuity service providers, and others, as may be specified by PFRDA.

Trustee Bank under NPS

Since January 2021, Axis Bank has been re-appointed as the Trustee Bank under NPS. Axis Bank is expected to serve in this role for 5 years. It is subject to annual review or at any other interval as may be notified by PFRDA.

View Trustee Bank Regulations

FAQs

Functions of PrAO

PrAO is responsible for carrying out the below activities

• Consolidate PAO registration form and forward it to CRA for registration
• Monitor performance of PAO and DDO in discharging their responsibilities in CRA system.
• Monitor the resolution of grievances raised against PAO / DDO.
• Take necessary action to ensure compliance of PAO and DDO with the operational procedures of CRA system

PrAO, in its capacity of a Nodal Office shall register itself with CRA. Further, PrAO will send the registration applications of the PAOs attached to it to CRA.

Functions of DDOs

• Obtaining the duly filled Application for allotment of PRAN from the subscribers, filling and certifying the employment details
• Consolidate Application for allotment of PRAN and forward it to PAO.
• Distribution of PRAN kit, I-Pin, T-Pin to Subscribers.
• Forward the subscriber’s requests such as Sector Switch requests, New Scheme Preference requests, Change in subscriber details request, Withdrawal Requests to the PAO.
• Providing information to PAO about Subscribers’ pension contribution.
• Resolving / Forwarding the grievances of the subscribers to the PAO

DDO shall register itself with CRA before they start providing various services to the Subscribers. For registering itself in CRA system, DDO shall forward the applications for registration to the concerned PAO.

Functions of PAO

• Facilitate registration of Subscribers by consolidating the Application for allotment of PRAN received from the concerned DDO and forward it to the CRA – Facilitation Centre
• Upload Subscriber Contribution File (SCF) to the CRA system. SCF will contain subscriber wise details of pension contribution such as PRAN, Pay month and year, Subscriber Contribution amount and Government Contribution amount etc.
• PAO will deposit the contribution amount in the Trustee Bank as per the SCF uploaded in the CRA system. This contribution amount will be invested in various schemes of PFM, based on the Scheme Preference of Subscribers for which SCF has been uploaded.
• PAO will update through the CRA system, the subscriber’s requests such as the Switch requests, New Scheme Preference requests, Withdrawal Requests, the request for change in subscriber details etc.
• PAO will raise grievance on behalf of DDO and the subscriber.
• PAO will resolve the grievance raised against it by any entities in the CRA system.

However, before performing the above-mentioned functions, PAO shall have to register itself with CRA. For registering itself in CRA system, PAO shall forward the applications for registration to the concerned Pr.AO.

Functions of PFRDA

• Undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries.
• Providing pension schemes not regulated by any other enactment;
• Protecting the interests of subscribers of NPS and such other schemes as approved by the authority from time to time.
• Approving the schemes, and laying down norms of investment guidelines under such schemes;
• Registering and regulating intermediaries- NPS Trust, Points of Presence, Central Record keeping Agency, Trustee Bank, Pension Funds, Custodian for time bound service to subscribers.
• Ensuring that the intermediation and other operational costs are economical and reasonable;
• Making existing grievance redressal process robust & time bound.
• Adjudication of disputes between intermediaries and between intermediaries and subscribers.

PFRDA Contact Details

Pension Fund Regulatory and Development Authority
E-500, Fifth Floor, Tower E
World Trade Center, Nauroji Nagar
New Delhi – 110029
Website: https://pfrda.org.in
Contact Number: 011-26517501 / 26517503 / 26517097

Functions of ASP

• Providing various annuity options, calculators and other information as approved by the Insurance Regulatory and Development Authority (IRDA).
• Providing the infrastructure and technology support for online purchase of annuity products and making available the related literature around available annuities.
• Facilitating the issuance of annuity contracts as per your choice.
• Delivering pension at the frequency elected by you in the annuity contract, i.e., monthly, quarterly or annually. (Note: government employees can get their pension only on a monthly frequency).
• Responsible for sharing information about your annuity purchases with the CRAs and NPS Trust from time to time.
• Managing updates to the basic details entered by you in the annuity contract, such as name change, address change, change in nominees or any other change that is requested by you.
• Providing annuity payments to you at the time of exit from the NPS at the frequency of time intervals selected by you.
• Providing minimum immediate annuity variants / choices or any new variant as required by PFRDA in your interest.
• Receiving and resolving all the grievances that have been raised by you and following up till your ultimate redressal is done as per the guidelines issued by the IRDA.
• Managing funds allocated for buying an annuity

As a subscriber, you must purchase an annuity product from the list of empanelled ASPs at the time of superannuation or premature exit. You must select your ASP the moment you make a exit request.

Types of Annuity Investment Plans

It is important to note that the annuity amount is dependent upon the amount of annuity purchased and the duration of the annuity that you have opted for. It will be paid monthly/quarterly/half yearly/ annually

There are 5 types of annuity investment plans to choose from -

• Annuity for life: annuity or pension payable to you at a consistent rate. On death of the Annuitant, policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant: annuity or pension payable to the subscriber and then to their spouse after their demise. On death of the last survivor, the annuity payments will cease and no further amount will be payable.
• Annuity for life with return of purchase price on death: This option pays annuity for life. On death of the Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant with RoP of annuity : The annuity payable as long as at least one of the two annuitants is alive. On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. On death of the last survivor, 100% of the purchase price is returned to the nominee.
• NPS Family Income: Annuity payments would be made to the annuitant and his/ her spouse throughout their lifetime. On death of annuitant and spouse, the annuity would be paid to the subscriber's mother and after her, to the father. On death of the last survivor, the purchase price would be refunded to the annuitant's child/ nominee.

Once the entire procedure of the withdrawal request is executed and processed, the ASP will start issuing the periodical annuity.

View Exit and Withdrawals under the NPS Regulations List of ASPs Contact Details

FAQs

Functions of Pension Funds

Management of Pension Schemes

The function of a Pension Fund is to manage pension schemes in your best interest as per the regulations, guidelines and circulars issued by PFRDA. The service levels of pension funds are monitored by NPS Trust.

Rendering high standards of services

The Pension Fund is responsible for providing a high standard of service to you. This includes exercising reasonable care, prudence, professional skill, promptness, diligence and vigilance while managing the pension schemes.

Employment of professionals

The Pension Fund employs well-qualified professionals and staff with high integrity and are also responsible for the acts of omissions or commissions of its employees or authorized persons whose services have been availed.

Facilitating and coordinating with other intermediaries

The Pension Fund coordinates with other intermediaries and entities through agreements and technological platforms for undertaking its obligations.

Maintaining books of accounts

The Pension Fund maintains books of accounts, records, registers and documents relating to the operations of the pension schemes. This is important to ensure compliance with the rules and regulations, as well as to facilitate an audit trail of transactions and business continuity at all times. 

Submission of reports

The Pension Fund submits periodical and compliance reports as required by the PFRDA / NPS Trust.

Public disclosure

The Pension Fund undertakes public disclosure of information for the benefit of all subscribers as prescribed by PFRDA.

Best Governance practices

The Pension Fund is required to adopt best governance practices for investment and risk management. This includes constituting an Investment Committee and a Risk Committee and setting out the composition, functions, policy contents and other matters as prescribed by PFRDA. 

Prevention of conflict of interests

The Pension Fund is required to prevent any conflict of interest that may arise while discharging its obligations and report any instances to the NPS Trust. 

Exclusivity and segregation of Pension Fund business

The Pension Fund is required to ensure that its business activities are exclusive and segregated from its sponsors.

Pension Funds registered under NPS

There are several Pension Funds (PFs) available under NPS that you can choose to invest in.

View Pension Fund Regulations

FAQs

Functions of CRAs

• Registration of subscribers and issuance of Permanent Retirement Account Number.
• Issuance of PRAN Card, IPIN/TPIN and Welcome Kit.
• Digitization and maintenance of subscriber record/preferences.
• Updating subscriber record/preferences based on requests made for change/revision.
• Providing operational interface to other intermediaries under NPS Architecture.
• Providing online / electronic access to the subscribers for accessing their NPS account
• Monitor the flow of contributions made by subscribers to their PRAN account.
• Unitization of contribution amount made by subscribers to his/her PRAN account.
• Generation and dispatch of Statement of Transactions to subscribers.
• Providing Call Centre facilities to subscribers.
• Receiving, acknowledging and redressal of subscriber grievances through Central Grievance Management System portal.
• Processing of Exit/Withdrawal request of subscribers.

CRAs registered under NPS

View CRA Regulations

FAQs

Custodian under NPS

FAQs

Functions of Trustee Bank

• Receives contribution funds from Nodal Offices of all sectors pan India and from Subscribers (D-Remit).
• Downloads the incremental PAO id and Transaction id (TID) file from the CRAs system and validate the same with contribution funds received from the nodal offices.
• Refunds unidentified funds or funds, which cannot be processed, to the remitting bank/concerned nodal offices.
• Consolidates all the contribution records and prepares Fund Receipt Confirmation (FRC) file.
• Transfers funds based on the instructions received from CRA(s) during the settlement process to various entities.
• Transfers fund electronically for disbursement from withdrawal account to the concerned account(s) as per the instructions.
• Uploads statement of closing balance of Trustee Bank account to CRA system.
• Daily reconciles the balances in various CRA(s) related accounts of Trustee Bank with the details available in CRA system.
• Maintains books and records about the fund flow and information flow between Trustee Bank, central recordkeeping agency, subscribers and pension funds to ensure compliance with the guidelines and submit regular reports at such intervals and in such manner as may be required or called for by Authority or its authorized representative.
• Provides necessary system and procedure, in order to facilitate fund transfers across various intermediaries of the National Pension System Architecture viz. central recordkeeping agency, nodal offices (Pay and Account Office, Drawing and Disbursing Officer, District Treasury Office, Directorate of Treasuries and Accounts), point of presence, aggregators, pension funds and annuity service providers, and others, as may be specified by PFRDA.

Trustee Bank under NPS

Since January 2021, Axis Bank has been re-appointed as the Trustee Bank under NPS. Axis Bank is expected to serve in this role for 5 years. It is subject to annual review or at any other interval as may be notified by PFRDA.

View Trustee Bank Regulations

FAQs

Functions of PFRDA

• Undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries.
• Providing pension schemes not regulated by any other enactment;
• Protecting the interests of subscribers of NPS and such other schemes as approved by the authority from time to time.
• Approving the schemes, and laying down norms of investment guidelines under such schemes;
• Registering and regulating intermediaries- NPS Trust, Points of Presence, Central Record keeping Agency, Trustee Bank, Pension Funds, Custodian for time bound service to subscribers.
• Ensuring that the intermediation and other operational costs are economical and reasonable;
• Making existing grievance redressal process robust & time bound.
• Adjudication of disputes between intermediaries and between intermediaries and subscribers.

PFRDA Contact Details

Pension Fund Regulatory and Development Authority
E-500, Fifth Floor, Tower E
World Trade Center, Nauroji Nagar
New Delhi – 110029
Website: https://pfrda.org.in
Contact Number: 011-26517501 / 26517503 / 26517097

Functions of ASP

• Providing various annuity options, calculators and other information as approved by the Insurance Regulatory and Development Authority (IRDA).
• Providing the infrastructure and technology support for online purchase of annuity products and making available the related literature around available annuities.
• Facilitating the issuance of annuity contracts as per your choice.
• Delivering pension at the frequency elected by you in the annuity contract, i.e., monthly, quarterly or annually. (Note: government employees can get their pension only on a monthly frequency).
• Responsible for sharing information about your annuity purchases with the CRAs and NPS Trust from time to time.
• Managing updates to the basic details entered by you in the annuity contract, such as name change, address change, change in nominees or any other change that is requested by you.
• Providing annuity payments to you at the time of exit from the NPS at the frequency of time intervals selected by you.
• Providing minimum immediate annuity variants / choices or any new variant as required by PFRDA in your interest.
• Receiving and resolving all the grievances that have been raised by you and following up till your ultimate redressal is done as per the guidelines issued by the IRDA.
• Managing funds allocated for buying an annuity

As a subscriber, you must purchase an annuity product from the list of empanelled ASPs at the time of superannuation or premature exit. You must select your ASP the moment you make a exit request.

Types of Annuity Investment Plans

It is important to note that the annuity amount is dependent upon the amount of annuity purchased and the duration of the annuity that you have opted for. It will be paid monthly/quarterly/half yearly/ annually

There are 5 types of annuity investment plans to choose from -

• Annuity for life: annuity or pension payable to you at a consistent rate. On death of the Annuitant, policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant: annuity or pension payable to the subscriber and then to their spouse after their demise. On death of the last survivor, the annuity payments will cease and no further amount will be payable.
• Annuity for life with return of purchase price on death: This option pays annuity for life. On death of the Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant with RoP of annuity : The annuity payable as long as at least one of the two annuitants is alive. On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. On death of the last survivor, 100% of the purchase price is returned to the nominee.
• NPS Family Income: Annuity payments would be made to the annuitant and his/ her spouse throughout their lifetime. On death of annuitant and spouse, the annuity would be paid to the subscriber's mother and after her, to the father. On death of the last survivor, the purchase price would be refunded to the annuitant's child/ nominee.

Once the entire procedure of the withdrawal request is executed and processed, the ASP will start issuing the periodical annuity.

View Exit and Withdrawals under the NPS Regulations List of ASPs Contact Details

FAQs

Functions of Pension Funds

Management of Pension Schemes

The function of a Pension Fund is to manage pension schemes in your best interest as per the regulations, guidelines and circulars issued by PFRDA. The service levels of pension funds are monitored by NPS Trust.

Rendering high standards of services

The Pension Fund is responsible for providing a high standard of service to you. This includes exercising reasonable care, prudence, professional skill, promptness, diligence and vigilance while managing the pension schemes.

Employment of professionals

The Pension Fund employs well-qualified professionals and staff with high integrity and are also responsible for the acts of omissions or commissions of its employees or authorized persons whose services have been availed.

Facilitating and coordinating with other intermediaries

The Pension Fund coordinates with other intermediaries and entities through agreements and technological platforms for undertaking its obligations.

Maintaining books of accounts

The Pension Fund maintains books of accounts, records, registers and documents relating to the operations of the pension schemes. This is important to ensure compliance with the rules and regulations, as well as to facilitate an audit trail of transactions and business continuity at all times. 

Submission of reports

The Pension Fund submits periodical and compliance reports as required by the PFRDA / NPS Trust.

Public disclosure

The Pension Fund undertakes public disclosure of information for the benefit of all subscribers as prescribed by PFRDA.

Best Governance practices

The Pension Fund is required to adopt best governance practices for investment and risk management. This includes constituting an Investment Committee and a Risk Committee and setting out the composition, functions, policy contents and other matters as prescribed by PFRDA. 

Prevention of conflict of interests

The Pension Fund is required to prevent any conflict of interest that may arise while discharging its obligations and report any instances to the NPS Trust. 

Exclusivity and segregation of Pension Fund business

The Pension Fund is required to ensure that its business activities are exclusive and segregated from its sponsors.

Pension Funds registered under NPS

There are several Pension Funds (PFs) available under NPS that you can choose to invest in.

View Pension Fund Regulations

FAQs

Functions of CRAs

• Registration of subscribers and issuance of Permanent Retirement Account Number.
• Issuance of PRAN Card, IPIN/TPIN and Welcome Kit.
• Digitization and maintenance of subscriber record/preferences.
• Updating subscriber record/preferences based on requests made for change/revision.
• Providing operational interface to other intermediaries under NPS Architecture.
• Providing online / electronic access to the subscribers for accessing their NPS account
• Monitor the flow of contributions made by subscribers to their PRAN account.
• Unitization of contribution amount made by subscribers to his/her PRAN account.
• Generation and dispatch of Statement of Transactions to subscribers.
• Providing Call Centre facilities to subscribers.
• Receiving, acknowledging and redressal of subscriber grievances through Central Grievance Management System portal.
• Processing of Exit/Withdrawal request of subscribers.

CRAs registered under NPS

View CRA Regulations

FAQs

Custodian under NPS

FAQs

Functions of Trustee Bank

• Receives contribution funds from Nodal Offices of all sectors pan India and from Subscribers (D-Remit).
• Downloads the incremental PAO id and Transaction id (TID) file from the CRAs system and validate the same with contribution funds received from the nodal offices.
• Refunds unidentified funds or funds, which cannot be processed, to the remitting bank/concerned nodal offices.
• Consolidates all the contribution records and prepares Fund Receipt Confirmation (FRC) file.
• Transfers funds based on the instructions received from CRA(s) during the settlement process to various entities.
• Transfers fund electronically for disbursement from withdrawal account to the concerned account(s) as per the instructions.
• Uploads statement of closing balance of Trustee Bank account to CRA system.
• Daily reconciles the balances in various CRA(s) related accounts of Trustee Bank with the details available in CRA system.
• Maintains books and records about the fund flow and information flow between Trustee Bank, central recordkeeping agency, subscribers and pension funds to ensure compliance with the guidelines and submit regular reports at such intervals and in such manner as may be required or called for by Authority or its authorized representative.
• Provides necessary system and procedure, in order to facilitate fund transfers across various intermediaries of the National Pension System Architecture viz. central recordkeeping agency, nodal offices (Pay and Account Office, Drawing and Disbursing Officer, District Treasury Office, Directorate of Treasuries and Accounts), point of presence, aggregators, pension funds and annuity service providers, and others, as may be specified by PFRDA.

Trustee Bank under NPS

Since January 2021, Axis Bank has been re-appointed as the Trustee Bank under NPS. Axis Bank is expected to serve in this role for 5 years. It is subject to annual review or at any other interval as may be notified by PFRDA.

View Trustee Bank Regulations

FAQs

Corporate Model is available to any of the entities as below to act as POP - Corporate

• Entities registered under the Companies Act, 2013 or a cooperative society registered under any law relating to Co-operative societies
• Bodies established or incorporated under any act of Parliament or any law enacted by a State legislature or under any order/notification issued by the Central / State Government
• Public Sector Enterprises or any Government company
• Registered Partnership Firms
• Limited Liability Partnerships (LLPs)
• Proprietary Concerns
• Trusts / Society
• Foreign companies having registration u/s 591-608 of Companies Act 1956 in respect of their eligible Indian employee(s)
• Foreign / diplomatic missions operating in India (Embassy/High Commission/Consulate etc.) in respect of their eligible Indian employee(s)
• International Organizations operating in India (UN / WHO / World Bank / ADB / IMF etc.) in respect of their eligible Indian employee(s)

Corporate Model is available to any of the entities as below to act as POP - Corporate

• Entities registered under the Companies Act, 2013 or a cooperative society registered under any law relating to Co-operative societies
• Bodies established or incorporated under any act of Parliament or any law enacted by a State legislature or under any order/notification issued by the Central / State Government
• Public Sector Enterprises or any Government company
• Registered Partnership Firms
• Limited Liability Partnerships (LLPs)
• Proprietary Concerns
• Trusts / Society
• Foreign companies having registration u/s 591-608 of Companies Act 1956 in respect of their eligible Indian employee(s)
• Foreign / diplomatic missions operating in India (Embassy/High Commission/Consulate etc.) in respect of their eligible Indian employee(s)
• International Organizations operating in India (UN / WHO / World Bank / ADB / IMF etc.) in respect of their eligible Indian employee(s)

Functions of PFRDA

• Undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries.
• Providing pension schemes not regulated by any other enactment;
• Protecting the interests of subscribers of NPS and such other schemes as approved by the authority from time to time.
• Approving the schemes, and laying down norms of investment guidelines under such schemes;
• Registering and regulating intermediaries- NPS Trust, Points of Presence, Central Record keeping Agency, Trustee Bank, Pension Funds, Custodian for time bound service to subscribers.
• Ensuring that the intermediation and other operational costs are economical and reasonable;
• Making existing grievance redressal process robust & time bound.
• Adjudication of disputes between intermediaries and between intermediaries and subscribers.

PFRDA Contact Details

Pension Fund Regulatory and Development Authority
E-500, Fifth Floor, Tower E
World Trade Center, Nauroji Nagar
New Delhi – 110029
Website: https://pfrda.org.in
Contact Number: 011-26517501 / 26517503 / 26517097

Functions of ASP

• Providing various annuity options, calculators and other information as approved by the Insurance Regulatory and Development Authority (IRDA).
• Providing the infrastructure and technology support for online purchase of annuity products and making available the related literature around available annuities.
• Facilitating the issuance of annuity contracts as per your choice.
• Delivering pension at the frequency elected by you in the annuity contract, i.e., monthly, quarterly or annually. (Note: government employees can get their pension only on a monthly frequency).
• Responsible for sharing information about your annuity purchases with the CRAs and NPS Trust from time to time.
• Managing updates to the basic details entered by you in the annuity contract, such as name change, address change, change in nominees or any other change that is requested by you.
• Providing annuity payments to you at the time of exit from the NPS at the frequency of time intervals selected by you.
• Providing minimum immediate annuity variants / choices or any new variant as required by PFRDA in your interest.
• Receiving and resolving all the grievances that have been raised by you and following up till your ultimate redressal is done as per the guidelines issued by the IRDA.
• Managing funds allocated for buying an annuity

As a subscriber, you must purchase an annuity product from the list of empanelled ASPs at the time of superannuation or premature exit. You must select your ASP the moment you make a exit request.

Types of Annuity Investment Plans

It is important to note that the annuity amount is dependent upon the amount of annuity purchased and the duration of the annuity that you have opted for. It will be paid monthly/quarterly/half yearly/ annually

There are 5 types of annuity investment plans to choose from -

• Annuity for life: annuity or pension payable to you at a consistent rate. On death of the Annuitant, policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant: annuity or pension payable to the subscriber and then to their spouse after their demise. On death of the last survivor, the annuity payments will cease and no further amount will be payable.
• Annuity for life with return of purchase price on death: This option pays annuity for life. On death of the Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant with RoP of annuity : The annuity payable as long as at least one of the two annuitants is alive. On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. On death of the last survivor, 100% of the purchase price is returned to the nominee.
• NPS Family Income: Annuity payments would be made to the annuitant and his/ her spouse throughout their lifetime. On death of annuitant and spouse, the annuity would be paid to the subscriber's mother and after her, to the father. On death of the last survivor, the purchase price would be refunded to the annuitant's child/ nominee.

Once the entire procedure of the withdrawal request is executed and processed, the ASP will start issuing the periodical annuity.

View Exit and Withdrawals under the NPS Regulations List of ASPs Contact Details

FAQs

Functions of Pension Funds

Management of Pension Schemes

The function of a Pension Fund is to manage pension schemes in your best interest as per the regulations, guidelines and circulars issued by PFRDA. The service levels of pension funds are monitored by NPS Trust.

Rendering high standards of services

The Pension Fund is responsible for providing a high standard of service to you. This includes exercising reasonable care, prudence, professional skill, promptness, diligence and vigilance while managing the pension schemes.

Employment of professionals

The Pension Fund employs well-qualified professionals and staff with high integrity and are also responsible for the acts of omissions or commissions of its employees or authorized persons whose services have been availed.

Facilitating and coordinating with other intermediaries

The Pension Fund coordinates with other intermediaries and entities through agreements and technological platforms for undertaking its obligations.

Maintaining books of accounts

The Pension Fund maintains books of accounts, records, registers and documents relating to the operations of the pension schemes. This is important to ensure compliance with the rules and regulations, as well as to facilitate an audit trail of transactions and business continuity at all times. 

Submission of reports

The Pension Fund submits periodical and compliance reports as required by the PFRDA / NPS Trust.

Public disclosure

The Pension Fund undertakes public disclosure of information for the benefit of all subscribers as prescribed by PFRDA.

Best Governance practices

The Pension Fund is required to adopt best governance practices for investment and risk management. This includes constituting an Investment Committee and a Risk Committee and setting out the composition, functions, policy contents and other matters as prescribed by PFRDA. 

Prevention of conflict of interests

The Pension Fund is required to prevent any conflict of interest that may arise while discharging its obligations and report any instances to the NPS Trust. 

Exclusivity and segregation of Pension Fund business

The Pension Fund is required to ensure that its business activities are exclusive and segregated from its sponsors.

Pension Funds registered under NPS

There are several Pension Funds (PFs) available under NPS that you can choose to invest in.

View Pension Fund Regulations

FAQs

Functions of CRAs

• Registration of subscribers and issuance of Permanent Retirement Account Number.
• Issuance of PRAN Card, IPIN/TPIN and Welcome Kit.
• Digitization and maintenance of subscriber record/preferences.
• Updating subscriber record/preferences based on requests made for change/revision.
• Providing operational interface to other intermediaries under NPS Architecture.
• Providing online / electronic access to the subscribers for accessing their NPS account
• Monitor the flow of contributions made by subscribers to their PRAN account.
• Unitization of contribution amount made by subscribers to his/her PRAN account.
• Generation and dispatch of Statement of Transactions to subscribers.
• Providing Call Centre facilities to subscribers.
• Receiving, acknowledging and redressal of subscriber grievances through Central Grievance Management System portal.
• Processing of Exit/Withdrawal request of subscribers.

CRAs registered under NPS

View CRA Regulations

FAQs

Custodian under NPS

FAQs

Functions of Trustee Bank

• Receives contribution funds from Nodal Offices of all sectors pan India and from Subscribers (D-Remit).
• Downloads the incremental PAO id and Transaction id (TID) file from the CRAs system and validate the same with contribution funds received from the nodal offices.
• Refunds unidentified funds or funds, which cannot be processed, to the remitting bank/concerned nodal offices.
• Consolidates all the contribution records and prepares Fund Receipt Confirmation (FRC) file.
• Transfers funds based on the instructions received from CRA(s) during the settlement process to various entities.
• Transfers fund electronically for disbursement from withdrawal account to the concerned account(s) as per the instructions.
• Uploads statement of closing balance of Trustee Bank account to CRA system.
• Daily reconciles the balances in various CRA(s) related accounts of Trustee Bank with the details available in CRA system.
• Maintains books and records about the fund flow and information flow between Trustee Bank, central recordkeeping agency, subscribers and pension funds to ensure compliance with the guidelines and submit regular reports at such intervals and in such manner as may be required or called for by Authority or its authorized representative.
• Provides necessary system and procedure, in order to facilitate fund transfers across various intermediaries of the National Pension System Architecture viz. central recordkeeping agency, nodal offices (Pay and Account Office, Drawing and Disbursing Officer, District Treasury Office, Directorate of Treasuries and Accounts), point of presence, aggregators, pension funds and annuity service providers, and others, as may be specified by PFRDA.

Trustee Bank under NPS

Since January 2021, Axis Bank has been re-appointed as the Trustee Bank under NPS. Axis Bank is expected to serve in this role for 5 years. It is subject to annual review or at any other interval as may be notified by PFRDA.

View Trustee Bank Regulations

FAQs

Functions of Points of Presence

• Registration of subscribers PoPs help you in registering your Tier I or Tier II account. The following steps are involved in the process:
  • acceptance of forms
  • verification of forms
  • processing of forms
• Processing of initial contribution
  At the time of registration, the PoPs collect duly filled forms from you and make sure that all the details are correctly filled in. They then credit the funds to your respective PRAN account and maintain all your documents.
• Regular subscriber’s contribution
  PoPs performs all due diligence in accepting NPS Contribution Instruction Slip (NCIS) from you, checks the PRAN no., Name, Payment details etc, and uploads your contribution details online into the CRA system, then remits the clear funds to your PRAN after deducting the charges including applicable taxes to the Trustee Bank on T+1 working day basis (T: date of receipt of clear funds)
• Changing subscriber details
  PoPs help you to make changes in your NPS account such as:
  • personal details
  • investment scheme
  • printing account statement
  • re-issue of I-pin, T-pin and PRAN card, etc.
• Handling grievances
  You can raise your grievances to your PoP, which then helps in resolution of the grievances. You can also raise your grievances online directly through the Central Grievance Management System, which is redressed by the respective intermediary.

List of POPs under NPS

FAQs

Functions of Points of Presence

• Registration of subscribers PoPs help you in registering your Tier I or Tier II account. The following steps are involved in the process:
  • acceptance of forms
  • verification of forms
  • processing of forms
• Processing of initial contribution
  At the time of registration, the PoPs collect duly filled forms from you and make sure that all the details are correctly filled in. They then credit the funds to your respective PRAN account and maintain all your documents.
• Regular subscriber’s contribution
  PoPs performs all due diligence in accepting NPS Contribution Instruction Slip (NCIS) from you, checks the PRAN no., Name, Payment details etc, and uploads your contribution details online into the CRA system, then remits the clear funds to your PRAN after deducting the charges including applicable taxes to the Trustee Bank on T+1 working day basis (T: date of receipt of clear funds)
• Changing subscriber details
  PoPs help you to make changes in your NPS account such as:
  • personal details
  • investment scheme
  • printing account statement
  • re-issue of I-pin, T-pin and PRAN card, etc.
• Handling grievances
  You can raise your grievances to your PoP, which then helps in resolution of the grievances. You can also raise your grievances online directly through the Central Grievance Management System, which is redressed by the respective intermediary.

List of POPs under NPS

FAQs

Functions of PFRDA

• Undertaking steps for educating subscribers and the general public on issues relating to pension, retirement savings and related issues and training of intermediaries.
• Providing pension schemes not regulated by any other enactment;
• Protecting the interests of subscribers of NPS and such other schemes as approved by the authority from time to time.
• Approving the schemes, and laying down norms of investment guidelines under such schemes;
• Registering and regulating intermediaries- NPS Trust, Points of Presence, Central Record keeping Agency, Trustee Bank, Pension Funds, Custodian for time bound service to subscribers.
• Ensuring that the intermediation and other operational costs are economical and reasonable;
• Making existing grievance redressal process robust & time bound.
• Adjudication of disputes between intermediaries and between intermediaries and subscribers.

PFRDA Contact Details

Pension Fund Regulatory and Development Authority
E-500, Fifth Floor, Tower E
World Trade Center, Nauroji Nagar
New Delhi – 110029
Website: https://pfrda.org.in
Contact Number: 011-26517501 / 26517503 / 26517097

Functions of ASP

• Providing various annuity options, calculators and other information as approved by the Insurance Regulatory and Development Authority (IRDA).
• Providing the infrastructure and technology support for online purchase of annuity products and making available the related literature around available annuities.
• Facilitating the issuance of annuity contracts as per your choice.
• Delivering pension at the frequency elected by you in the annuity contract, i.e., monthly, quarterly or annually. (Note: government employees can get their pension only on a monthly frequency).
• Responsible for sharing information about your annuity purchases with the CRAs and NPS Trust from time to time.
• Managing updates to the basic details entered by you in the annuity contract, such as name change, address change, change in nominees or any other change that is requested by you.
• Providing annuity payments to you at the time of exit from the NPS at the frequency of time intervals selected by you.
• Providing minimum immediate annuity variants / choices or any new variant as required by PFRDA in your interest.
• Receiving and resolving all the grievances that have been raised by you and following up till your ultimate redressal is done as per the guidelines issued by the IRDA.
• Managing funds allocated for buying an annuity

As a subscriber, you must purchase an annuity product from the list of empanelled ASPs at the time of superannuation or premature exit. You must select your ASP the moment you make a exit request.

Types of Annuity Investment Plans

It is important to note that the annuity amount is dependent upon the amount of annuity purchased and the duration of the annuity that you have opted for. It will be paid monthly/quarterly/half yearly/ annually

There are 5 types of annuity investment plans to choose from -

• Annuity for life: annuity or pension payable to you at a consistent rate. On death of the Annuitant, policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant: annuity or pension payable to the subscriber and then to their spouse after their demise. On death of the last survivor, the annuity payments will cease and no further amount will be payable.
• Annuity for life with return of purchase price on death: This option pays annuity for life. On death of the Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant with RoP of annuity : The annuity payable as long as at least one of the two annuitants is alive. On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. On death of the last survivor, 100% of the purchase price is returned to the nominee.
• NPS Family Income: Annuity payments would be made to the annuitant and his/ her spouse throughout their lifetime. On death of annuitant and spouse, the annuity would be paid to the subscriber's mother and after her, to the father. On death of the last survivor, the purchase price would be refunded to the annuitant's child/ nominee.

Once the entire procedure of the withdrawal request is executed and processed, the ASP will start issuing the periodical annuity.

View Exit and Withdrawals under the NPS Regulations List of ASPs Contact Details

FAQs

Functions of Pension Funds

Management of Pension Schemes

The function of a Pension Fund is to manage pension schemes in your best interest as per the regulations, guidelines and circulars issued by PFRDA. The service levels of pension funds are monitored by NPS Trust.

Rendering high standards of services

The Pension Fund is responsible for providing a high standard of service to you. This includes exercising reasonable care, prudence, professional skill, promptness, diligence and vigilance while managing the pension schemes.

Employment of professionals

The Pension Fund employs well-qualified professionals and staff with high integrity and are also responsible for the acts of omissions or commissions of its employees or authorized persons whose services have been availed.

Facilitating and coordinating with other intermediaries

The Pension Fund coordinates with other intermediaries and entities through agreements and technological platforms for undertaking its obligations.

Maintaining books of accounts

The Pension Fund maintains books of accounts, records, registers and documents relating to the operations of the pension schemes. This is important to ensure compliance with the rules and regulations, as well as to facilitate an audit trail of transactions and business continuity at all times. 

Submission of reports

The Pension Fund submits periodical and compliance reports as required by the PFRDA / NPS Trust.

Public disclosure

The Pension Fund undertakes public disclosure of information for the benefit of all subscribers as prescribed by PFRDA.

Best Governance practices

The Pension Fund is required to adopt best governance practices for investment and risk management. This includes constituting an Investment Committee and a Risk Committee and setting out the composition, functions, policy contents and other matters as prescribed by PFRDA. 

Prevention of conflict of interests

The Pension Fund is required to prevent any conflict of interest that may arise while discharging its obligations and report any instances to the NPS Trust. 

Exclusivity and segregation of Pension Fund business

The Pension Fund is required to ensure that its business activities are exclusive and segregated from its sponsors.

Pension Funds registered under NPS

There are several Pension Funds (PFs) available under NPS that you can choose to invest in.

View Pension Fund Regulations

FAQs

Functions of CRAs

• Registration of subscribers and issuance of Permanent Retirement Account Number.
• Issuance of PRAN Card, IPIN/TPIN and Welcome Kit.
• Digitization and maintenance of subscriber record/preferences.
• Updating subscriber record/preferences based on requests made for change/revision.
• Providing operational interface to other intermediaries under NPS Architecture.
• Providing online / electronic access to the subscribers for accessing their NPS account
• Monitor the flow of contributions made by subscribers to their PRAN account.
• Unitization of contribution amount made by subscribers to his/her PRAN account.
• Generation and dispatch of Statement of Transactions to subscribers.
• Providing Call Centre facilities to subscribers.
• Receiving, acknowledging and redressal of subscriber grievances through Central Grievance Management System portal.
• Processing of Exit/Withdrawal request of subscribers.

CRAs registered under NPS

View CRA Regulations

FAQs

Custodian under NPS

FAQs

Functions of Trustee Bank

• Receives contribution funds from Nodal Offices of all sectors pan India and from Subscribers (D-Remit).
• Downloads the incremental PAO id and Transaction id (TID) file from the CRAs system and validate the same with contribution funds received from the nodal offices.
• Refunds unidentified funds or funds, which cannot be processed, to the remitting bank/concerned nodal offices.
• Consolidates all the contribution records and prepares Fund Receipt Confirmation (FRC) file.
• Transfers funds based on the instructions received from CRA(s) during the settlement process to various entities.
• Transfers fund electronically for disbursement from withdrawal account to the concerned account(s) as per the instructions.
• Uploads statement of closing balance of Trustee Bank account to CRA system.
• Daily reconciles the balances in various CRA(s) related accounts of Trustee Bank with the details available in CRA system.
• Maintains books and records about the fund flow and information flow between Trustee Bank, central recordkeeping agency, subscribers and pension funds to ensure compliance with the guidelines and submit regular reports at such intervals and in such manner as may be required or called for by Authority or its authorized representative.
• Provides necessary system and procedure, in order to facilitate fund transfers across various intermediaries of the National Pension System Architecture viz. central recordkeeping agency, nodal offices (Pay and Account Office, Drawing and Disbursing Officer, District Treasury Office, Directorate of Treasuries and Accounts), point of presence, aggregators, pension funds and annuity service providers, and others, as may be specified by PFRDA.

Trustee Bank under NPS

Since January 2021, Axis Bank has been re-appointed as the Trustee Bank under NPS. Axis Bank is expected to serve in this role for 5 years. It is subject to annual review or at any other interval as may be notified by PFRDA.

View Trustee Bank Regulations

FAQs

Functions of Aggregators

Process of Subscriber Servicing

• If you want to change your details, then you can submit a change request form with the help of aggregators. These changes can include:
  • Name update
  • Address update
  • Phone number / mobile number / email ID update
  • Bank details update
  • Change in the nomination details
  • Switch / scheme preference change request
• Any withdrawal requests
• Re-issuance of PRAN card
• Subscriber Contribution Processing

  There are four stages to processing your contribution with NPS-Swavalamban:

  • The aggregator collects your contribution towards your pension through cash or cheque. Upon collection, the aggregator issues an electronic receipt bearing an appropriate acknowledgement number.
  • The aggregator deposits the contribution received into the collection account on a T+1 day basis. T is the date of collection of money by the aggregator.
  • The aggregator prepares the Subscriber Contribution File (SCF) and uploads it into the CRA system. This is done after receiving clear funds on or before T+2 days.
  • After receiving clear funds, the aggregator remits the funds to the NPS Trust account maintained with Trustee Bank within T+2 days.
• Redressal of grievances:
  • Aggregator constitutes an appropriate Grievance Redressal Mechanism with reference to PFRDA (Redressal of subscriber grievance) Regulations, 2015 internally for redressing complaints about the services rendered to NPS-Lite/Swavalamban subscribers. The name and telephone number of the designated Grievance Redressal officer of the ‘aggregator’ is made available to the subscriber. The designated officer should ensure that grievances of subscribers are redressed properly.
  • If you think that your complaint has not been satisfactorily addressed, you will have the option to approach the Oversight office (NLOO) and Accounting office (NLAO) of the concerned aggregator for redressal of their grievances.
  • Aggregator carries out the following set of activities in respect of receiving, entry of grievances in NPS-Lite, verification and redressal of grievances from the subscribers and other NPS-Lite Intermediaries: a. Receiving of grievances submitted by the subscriber against Aggregator or any other NPS Intermediary in the prescribed format and uploading of all grievances in the Central Grievance Management system (CGMS) of CRA lite on a daily basis. The CGMS system of CRA lite would route the grievances to respective NPS intermediaries.

  You can raise your grievance to the Aggregator directly or raise it in the CGMS portal of the CRA or at the CRA call center.

Functions of Aggregators

Process of Subscriber Servicing

• If you want to change your details, then you can submit a change request form with the help of aggregators. These changes can include:
  • Name update
  • Address update
  • Phone number / mobile number / email ID update
  • Bank details update
  • Change in the nomination details
  • Switch / scheme preference change request
• Any withdrawal requests
• Re-issuance of PRAN card
• Subscriber Contribution Processing

  There are four stages to processing your contribution with NPS-Swavalamban:

  • The aggregator collects your contribution towards your pension through cash or cheque. Upon collection, the aggregator issues an electronic receipt bearing an appropriate acknowledgement number.
  • The aggregator deposits the contribution received into the collection account on a T+1 day basis. T is the date of collection of money by the aggregator.
  • The aggregator prepares the Subscriber Contribution File (SCF) and uploads it into the CRA system. This is done after receiving clear funds on or before T+2 days.
  • After receiving clear funds, the aggregator remits the funds to the NPS Trust account maintained with Trustee Bank within T+2 days.
• Redressal of grievances:
  • Aggregator constitutes an appropriate Grievance Redressal Mechanism with reference to PFRDA (Redressal of subscriber grievance) Regulations, 2015 internally for redressing complaints about the services rendered to NPS-Lite/Swavalamban subscribers. The name and telephone number of the designated Grievance Redressal officer of the ‘aggregator’ is made available to the subscriber. The designated officer should ensure that grievances of subscribers are redressed properly.
  • If you think that your complaint has not been satisfactorily addressed, you will have the option to approach the Oversight office (NLOO) and Accounting office (NLAO) of the concerned aggregator for redressal of their grievances.
  • Aggregator carries out the following set of activities in respect of receiving, entry of grievances in NPS-Lite, verification and redressal of grievances from the subscribers and other NPS-Lite Intermediaries: a. Receiving of grievances submitted by the subscriber against Aggregator or any other NPS Intermediary in the prescribed format and uploading of all grievances in the Central Grievance Management system (CGMS) of CRA lite on a daily basis. The CGMS system of CRA lite would route the grievances to respective NPS intermediaries.

  You can raise your grievance to the Aggregator directly or raise it in the CGMS portal of the CRA or at the CRA call center.