PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
PRESS RELEASE
eNPS- Online subscriber registration and contribution facility under NPS
In light of Hon’ble Prime Minister’s “Digital India” campaign on promoting e-
governance for providing last mile connectivity through extensive use of ICT
(Information and Communications Technology) platforms, PFRDA has been
pursuing the development and operationalization of online transaction facilities for
the prospective as well as existing subscribers of NPS. Towards this end, an online
platform for registration of subscribers and receipt of contribution under National
Pension System (eNPS) through NPS Trust at www.npstrust.org.in has been
developed. Through this platform, a prospective subscriber can register for NPS;
contribute to his/her Permanent Retirement Account. Further, the subscribers who
already have an NPS account can make contributions through eNPS directly.
A prospective subscriber can visit NPS Trust website www.npstrust.org.in and select
NPS Online menu to register and contribute to NPS.
While registering, a Subscriber will provide his/her name & Permanent Account
Number (PAN) details which will be validated online with the Income Tax
Department. Subscriber will then select the Bank (through which KYC verification to
be done), fill up the personal details and upload photograph & signature. After filling
up of details, the Subscriber will make contribution through net banking from the
account of the selected Bank. Once payment is made, PRAN will be provided online
to the Subscriber. The details submitted by the subscriber will be sent through CRA
system to the selected Bank for KYC verification. After verification of KYC by the
Bank, the PRAN will become active and operational. Subscriber will be required to
print the form, paste photograph, affix signature and submit the physical form to CRA
within a specified period while continuing contributing online.
Subscriber can make subsequent contribution online through net banking /debit
card/credit card at any time and the same will be credited in the subscriber’s PRAN
account on T+2 basis.
The complete information about eNPS is available in PFRDA website
www.pfrda.org.in and also on NPS Trust website www.npstrust.org.in .
Presently, ten banks viz. Allahabad Bank, Bank of India, Bank of Maharashtra,
Oriental Bank of Commerce, South Indian Bank, State Bank of Travancore, State
Bank of Hyderabad, State Bank of Patiala, Tamilnad Mercantile Bank and United
Bank of India have provided the facility of online KYC verification. PFRDA has
advised all other Bank POPs to join the eNPS platform and provide online
verification of KYC for the customers of their Banks willing to open NPS account
online.
Through this facility, it is expected that the subscriber will have multiple advantages
like seamless onboarding experience where he need not visit a Point of Presence
and can register from anywhere through an internet connection, contribution with
minimum cost of transaction and reduction in errors resulting from various manual
activities.
Currently, NPS has more than 1.13 Crore subscribers with total Asset Under
Management (AUM) of more than Rs. 1.08 lakh crore.
Place: New Delhi
Date: 06.01.2016
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