Standard Operating Procedure (SOP) for eNPS NPS.pdf · II are same then applicant will select the checkbox for ZBank details same as Tier I. Figure-13 . KFin Technologies Pvt. Ltd

KFin Technologies Pvt. Ltd.

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KFin Technologies Pvt. Ltd. – Central Recordkeeping Agency

PFRDA

Standard Operating Procedure (SOP) for eNPS

Version 2.1


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Contents

1. Overview ............................................................................................................................................. 3

2. Process Chart – eNPS ........................................................................................................................... 8

3. eNPS – Overview ................................................................................................................................. 9

4. Registration of new Subscribers (PAN based Registration) ................................................................... 9

5. eNPS Additional Services ................................................................................................................... 28


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1. Overview

The National Pension System (NPS) was introduced by the Government of India to enable its citizens (in the

Government/All-citizen/Corporate sector) to effectively plan for their retirement through reasonably safe

and market based returns. Periodic contributions from the subscribers (and their employers – for

Government/Corporate sector), are invested in Pension Funds chosen by the subscriber from the approved

list. On attaining superannuation, part of the accumulated wealth can be withdrawn lump-sum and the

balance can be invested in an “Annuity” with a registered ASP (Annuity Service Provider), so that the

subscriber gets regular monthly pension from the Annuity purchase. There are other regulations regarding

withdrawal, under various circumstances. Each subscriber is registered with the CRA and is allotted a PRAN

(Permanent Retirement Account Number). This ID is used to track all his/her transactions, contributions,

change of details, scheme preferences etc.

NPS is operated through various intermediaries at various stages, as given below:

1. Registration of subscribers – Application is submitted by the Subscriber and routed through NodalOffices –to CRA. Permanent Retirement Account is created in the CRA system and PRAN is allotted tothe subscribers by the CRA.

2. Deposit of contribution is made by Subscribers to the Nodal Offices (Contribution is deducted from the salary by the Nodal Offices, for Government employees). The funds are remitted by Nodal Offices to the Trustee Bank, with details being uploaded in the CRA system by the Nodal Offices.

3. Transfer of funds from Trustee Bank to PFM (as selected) – On reconciliation & as per settlement instructions from CRA

4. Changes in subscriber details (address, scheme preference etc.) - are intimated by Subscribers – routed through Nodal Offices – to CRA system. In case of changes in scheme preference etc., new instructions are accordingly implemented in the daily settlement run by CRA.

5. On Exit/ withdrawal - Application is submitted by Subscribers and routed through Nodal Offices – to CRA. On processing, CRA gives instructions to the PFM to transfer the funds to the Trustee Bank. The Trustee Bank would transfer the lump-sum withdrawal to the Subscriber’s Bank account and the ‘Annuity’ amount to the ASP. The subscriber would thereafter receive monthly payouts from the ASP.

Hence, the various intermediaries in the functioning of the NPS system are:

1. Nodal Offices–They are the main interface for subscribers. Their functions include:

a. Receiving applications for registration / changes in details / withdrawals from subscribers, verification and forwarding of the same to CRA for processing

b. Receiving contributions from subscribers and upload of contribution details in the CRA system

c. Deposit of funds (contributions) with Trustee Bank and reconciliation thereof with the details uploaded


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The Nodal Offices- for various models/sectors – are as given below:

Model/Sector Registration/change Transfer & uploading of Over-seeing

requests/withdrawals contributions Nodal

& receipt of Offices

contributions

For Central DDO, PAO PAO Pr.AO

Government

employees:

For State Government DDO, DTO DTA (Centralised mode) DTA

employees:

DTO (De-centralised mode)

For ‘All Citizen’ model: POP-SP & POP POP (Centralised mode) POP

POP-SP (De-centralised mode)

POP & POP-SP (Quasi

centralized mode)

For ‘Corporate’ model: CHO & CBO POP (CHO – for Direct model) POP


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2. Trustee Bank–Their functions include:

a. Receipt of funds from Nodal Offices for contribution deposit and reconciliation thereof with the details uploaded in the CRA system

b. Transfer of funds to PFMs as per settlement instructions from CRA

c. On withdrawal, transfer of funds to Subscriber’s bank account (lump-sum portion of withdrawal)

d. On withdrawal, transfer of funds to ASP (the annuitized portion)

3. Pension Fund Manager (PFM)–Their functions include:

a. Receipt of funds from Trustee Bank and investment thereof as per subscribers’ preference

b. Updation of NAV etc.

c. On withdrawal, transfer of accumulated wealth to the Trustee Bank, as per instructions from CRA.

4. Annuity Service Provider (ASP)–Their functions include:

a. Receipt of funds from Trustee Bank and instructions from CRA, for investment in annuity for subscribers, on withdrawal

b. Maintaining annuity scheme with the subscribers thereafter (monthly payouts, queries etc.)

5. Central Recordkeeping Agency (CRA)–Their functions include registration and interface with allintermediaries and recording all transactions i.e.:

a. Registration of Nodal Offices

b. Registration of Subscribers

c. Running settlement on upload of contribution details by Nodal Offices and funds receipt confirmation by Trustee Banks.

d. Settlement instructions to Trustee Banks to transfer funds to PFMs Processing change requests withdrawals.

e. Instructions to Trustee Banks/PFMs/ASPs on withdrawal


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f. Providing interface to subscribers for checking status of applications/grievances etc. and providing SoT to the subscribers.

In order to make the facility easily accessible, eNPS has been developed to enable online registration of subscribers and online contributions by subscribers. This document deals with the detailed procedure for registration and contribution under eNPS mode.


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ACRONYMS USED:

Acronym Description

ASP Annuity Service Provider

CBO Corporate Branch Office

CHO Corporate Head Office

CRA Central Record-keeping Agency

DDO Drawing & Disbursing Officer

DTA Directorate of Treasuries & Accounts

DTO District Treasury Office

I-PIN Internet Personal Identification Number

NPS National Pension System

PAO Pay & Accounts Office

PFM Pension Fund Manager

POP Point of Presence

POP-SP POP Service Provider

Pr.AO Principal Accounts Office

PRAN Permanent Retirement Account Number

TB Trustee Bank


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2. Process Chart – eNPS


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3. eNPS – Overview

eNPS is an online platform provided by NPS Trust for enabling individuals to open his/her Individual Pension Account under NPS (Tier-I & Tier-II) and also facilitate the new or existing subscribers to make initial or subsequent contributions respectively to their Individual Pension Account under NPS using net-banking and debit/credit cards. eNPS does not facilitate enrolment of individuals under Atal Pension Yojana / NPS Lite.

An individual having net-banking facilities enabled with his/her bankers can open his/her Individual Pension Account under NPS by choosing any one of the following options:

4. Registration of new Subscribers (PAN based Registration)

Applicant need to visitour web site https://enps.kfintech.com and click on the ‘Join NPS’ to open a new NPS

Account.

Figure-1

https://enps.kfintech.com/


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Applicant need to select the Applicant Type (Individual Subscriber /Corporate Subscriber) and Status of

Applicant (Resident/NRI)from the dropdown.

Figure-2

Pop up will be shown to the applicant. Applicant will click on ok to proceed.

Figure-3

Applicantselect register with as‘PAN’ and select the drop down for bank name


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Figure-4

Applicant to enter the Personal details:

Figure-5


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Figure-6

Applicant after entering all the details and click on ‘Generate Acknowledgement Number’.

Figure-7


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Acknowledgement will be generated. Applicant can save it as pdf, print the acknowledgment or click on

continue button to complete the registration.

Figure-8

Applicant need to enter correspondence address details.


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Figure-9

Applicant need to enter permanent address details. Applicant can click on tick option to save the

correspondence details as permanent address details.

Figure-10

Bank details need to be entered, if User captures IFSC Code then Bank name and address will be auto

populated.

Figure-11


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Applicant is required to upload the scan copy of cancelled cheque as Bank proof.

Figure-12

If applicant has opted for Tier II then Bank details are to be selected for Tier II. If Bank details of Tier I and Tier

II are same then applicant will select the checkbox for ‘Bank details same as Tier I’.

Figure-13


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Applicant will provide the Other details which are optional and then click on ‘SAVE AND PROCEED’ .

Figure-14

Applicant will select provide the Scheme Preference Details. Applicant to first select thePension Fund

Manager (PFM) which have been empanelled by PFRDA.

Figure-15

Applicant will select theinvestment option (Active/Auto) from the dropdown.

Active Choice: The Applicant has to specify the ratio in which the fund are to be invested among the

four asset categories – Equity, Corporate Bonds, Government Securities & Alternate Investment

fund. Upto 50 years of age, the maximum permitted Equity Investment is 75% of the total asset

allocation. From 51 years and above, maximum permitted Equity Investment will be as per the asset

allocation matrix provided by PFRDA. The tapering off of equity allocation will be carried out as per

the matrix on date of birth.


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Auto Choice :The Applicant has to select any one of the Life Cycle Fund – Aggressive, Moderate and

Conservative. Based on the selection and age of the subscriber, the fund will distributed among the

asset classes – Equity, Corporate Bonds, and Government Securities.

Total Percentage allocation across all schemes should be equal to 100.

S

Figure-16

Applicant will enter the Nominee Details. If nominee address is same as applicant address, then user will click

on check box ’Select Address Type’ and select the address option.


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Figure-17

For more than one Nominee, User needs to click on ‘Add Nominee’ button.

Figure-18


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If applicant has opted for Tier II then Pension Fund and Investment optionis to be selected for Tier II.

Figure-19

If Applicant nominee details are same for Tier I and Tier II, then user will click on ‘Nominee same as Tier I’.

Figure-20


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Applicant has to upload a fresh photograph as per the specifications stipulated.

Figure-21

The scanned image of the signature as per the specifications stipulated (given below) needs to be uploaded

mandatorily by the applicant. On upload of photograph and signature, the screen as shown below will be

displayed.

Figure-22


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User need to upload the copy of PAN card by clicking on choose file.

Figure-23

Applicant need to provide the FATCA Details.

Figure-24


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Applicant will provide the FATCA declaration.

Figure-25

Applicant will click on ‘Save & proceed’ button to submit the declaration.

Figure-26


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Applicant will provide the payment Details:

Figure-27

Applicant will click on Declarations and select the payment gateway (BillDesk/SBIePay).

Figure-28


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Below banks are available under Bill Desk:

Figure-29

Below banks are available under SBI ePAY:

Figure-30


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Applicant will select the Payment Gateway and will click on ‘Make payment’ button.

Figure-31

Click on ‘Confirm’ to proceed for payment.

Figure-32


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User has to make the payment through Net banking in case of PAN based registration.On Successful

payment, order number and Amount will be displayed on the screen.

After payment is successful user need to select the option ‘Continue Registration with eSign’ or select

‘Submit Form Physically’.

Figuer-33

If User click on ‘Continue Registration with esign’ then it will ask for Enter Virtual ID and request for OTP

Figure-34


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User need to enter the OTP received on the registered mobile no and click on ‘submit’.

Figure-35

After User clicking on submit button,PRAN details will be shown on the screen.

Figure-36


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After PRAN is generated a message will be sent to the Subscribers Mobile number/Email ID informing the

PRAN details.

5. eNPS Additional Services

The subscribers, who have been registered through eNPS portal, can use the eNPS portal to login and

make the following changes:

1. Change in Scheme Preference 2. Update email ID/mobile number 3. View Account Details/Transaction Statement

4. Reset of I-PIN An email confirmation is sent to the subscriber in his registered email ID, on updation of these changes in the CRA system.

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Documents

Standard Operating Procedure (SOP) for eNPS NPS.pdf · II are same then applicant will select the checkbox for ZBank details same as Tier I. Figure-13 . KFin Technologies Pvt. Ltd