Presentation on theme: "Registration of Administrative Offices and Subscribers 1."— Presentation transcript:
Registration of Administrative Offices and Subscribers 1
22 Presentation Snapshot Features of NPS NPS Architecture Functions of CRA Registration of nodal offices Registration of Subscribers ® NSDL
33 Features of NPS Mandatory for entrants to Government (Central) service (excluding armed forces) who have joined services on or after January 1, Departure from Defined Benefit to Defined Contribution System Registration-Unique & Portable Permanent Retirement Account Number (PRAN) Multiple Funds and Scheme options Default Scheme to begin with Select Withdrawals ® NSDL As per the present guidelines of PFRDA, contribution towards pension will be invested in the default Schemes termed Scheme of various Pension Fund Managers in the proportion of 85% in fixed income instruments and 15% in equity and equity related instruments.
44 Subscriber PAO N P S C A N CRA (NSDL) Custodian (SHCIL) NPS Trust DDO Trustee Bank (BOI) Fund Flow Annuity Service Providers Funds Flow Information Flow Over Internet NPS Architecture PFM (SBI) PFM (UTI) PFM (LIC) NAV PFRDA ® NSDL Oversight Mechanism
55 Registration of nodal offices in the CRA system Issuance of unique PRAN to Subscribers Receipt and Transmission of fund instructions to Trustee Bank and PFM Issuance of annual Transaction Statement Providing MIS on a regular basis to PFRDA and various other entities such as state governments Grievance Resolution Functions of CRA ® NSDL
66 Registration Hierarchy Subscribers will be mapped to DDOs, DDOs will be mapped to PAO and PAO will be mapped to PrAO Nodal offices centrally registered at CRA PrAO Registration PAO Registration Subscriber Registration ® NSDL 6 DDO Registration
77 Role of Oversight Mechanism ® NSDL Monitor the activities related to NPS which are carried out as per the defined procedure can check the subscriber registration status can view pending contribution file details can view missing credits in subscribers accounts Grievance pending against Nodal offices.
88 Role of PAO ® NSDL Submit DDO registration forms/data to CRA for registration. Upload Subscriber Contribution File (SCF) to NPSCAN system Deposit the contribution amount in the Trustee Bank as per the SCF uploaded in NPSCAN Update and process requests for changes in subscribers details Can raise a grievance on behalf of DDO and the Subscriber Resolve the grievance raised against it by any entities in the CRA system
99 Role of DDO ® NSDL Registration of Subscribers Distribution of PRAN kit, I-PIN, T-PIN to Subscribers Providing information to PAO about Subscribers contribution Forwarding Subscribers request to PAO for change in details, switch, new scheme setup, etc. Forwarding subscribers Withdrawal requests to PAO Forwarding Subscribers Grievance requests to PAO Disbursing payment for withdrawal to subscribers
10 Subscriber to submit Form S1 to DDO in duplicate Photograph & Signature/Thumb impression of Subscriber DDO shall mention employment details of the Subscriber and forward to the PAO PAO shall verify the details in the form and forward to CRA facilitation center Upon registration of subscribers, CRA will forward PRAN kit to PAO for onward submission to DDO. DDO will forward the same to subscribers. Subscriber Registration - physical applications ® NSDL PRAN Kit : PRAN Card Subscriber Master Report Subscriber Brochure I-PIN/T-PIN
11 Understanding Subscriber Registration Form Form S1 – Application for allotment of PRAN Form S1 Details of the form Section A – Personal Details (Mandatory- excluding bank details) Section B – Employment Details (Mandatory) Section C– Nomination Details (Optional) Section D– Scheme Details Section E – Declaration for I-Pin, T-Pin Each Section has mandatory and optional fields ® NSDL
12 Subscriber DDOs PAO 1. Submission of Form 2. Verification of details, provide employment details, Consolidation and Submission 7. Generation & dispatch of PRAN card, I – Pin & T - Pin 5. Scanning & digitization of Forms 6. Verification through FVU and Upload 4. Generate PRN and/or Rejection Letter CRA Subscriber Registration – Complete Process Flow DDO 8. DDO packets 9. PRAN kit 3. Submission of forms CRA-FC ® NSDL Once PRN is generated, CRA shall dispatch PRAN Cards within 20 days
All employment details (Section – B) to be filled completely by DDO Submission of physical application forms to CRA-FC, DDO wise in a single lot of not more than 50 forms 13 ® NSDL Subscriber Registration - Control Points
14 Contact at: Central Recordkeeping Agency, NSDL Trade World, A Wing, 4 th Floor Kamala Mills Compound, S. B. Marg Lower Parel, Mumbai Tel. No Fax No id : Website: