Karvy Computershare Pvt. Ltd.

Karvy Computershare Pvt. Ltd. – Central

Recordkeeping Agency (CRA)

PFRDA

Standard Operating Procedure (SOP) for eNPS

Version 2.0

Contents
1. Overview ................................................................................................................................................................ 2
2. eNPS – Overview.................................................................................................................................................... 5
3. Registration of new Subscribers (Aadhaar based)................................................................................................. 6
4. Registration of new Subscribers (PAN & Bank for KYC):...................................................................................... 14
5. Complete pending registration ......................................................................................................................... 14
6. Tier II A/C activation: ........................................................................................................................................... 15
7. Processing of subsequent contribution: .............................................................................................................. 18

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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On attaining superannuation, part of the accumulated wealth can be withdrawn lump-sum and the balance can be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 Nodal Offices
– to CRA. Permanent Retirement Account is created in the CRA system and PRAN is allotted to the
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 Offices
contributions
of

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

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 Record-keeping Agency (CRA) – Their functions include registration and interface with all
intermediaries and recording all transactions i.e.:
a. Registration of Nodal Offices

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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
e. Processing change requests / withdrawals
f. Instructions to Trustee Banks/PFMs/ASPs on withdrawal
g. 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.

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

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TB Trustee Bank

Process Chart – eNPS

2. 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:

- Option # 1 by providing Aadhaar details

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- Option # 2 by providing PAN details and KYC details as recorded with the Bank in which he/she maintains his/her
bank account and that Bank is empaneled in eNPS.

3. Registration of new Subscribers (Aadhaar based)

The detailed steps for registration of new subscribers using eNPS portal, are given below:

1. The individual should be a citizen of India aged between 18 – 60 years.

2. The individual should go to the eNPS website: https://enps.karvy.com/ and Click on “Join NPS” button to
initiate the registration process.

Figure 1

3. Then, he has to select from the following options available on the screen:

▪ Applicant Type – Individual

▪ Applicant Status - ‘Resident of India or ‘Non Resident of India (NRI)’

▪ Register With: Aadhaar or Permanent Account Number (PAN)

▪ Account type - ‘Tier I’ or ‘Tier I & Tier II’

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Figure 2

At this stage, the subscriber should choose to proceed with the application for registration by providing either
‘Aadhaar number’ or ‘PAN’. The process to be followed for Aadhaar based registration is provided. The Applicant
will choose the appropriate options and enter Aadhaar Number in the applicable box:

Figure 3

The individual must have an 'Aadhaar number', with a mobile number registered with Aadhaar. A One Time
Password (OTP) will be generated from Aadhaar which will be sent to his/her mobile number registered with
Aadhaar for authentication purposes. On clicking on “Continue” button, the OTP will be generated by Aadhaar KUA
(KYC Subscriber Agency) interface and will be sent to the mobile number of the Subscriber (the mobile number
registered for Aadhaar). The message "OTP has been sent to the registered mobile number" will be displayed to
the Subscriber.

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Figure 4

On receipt of OTP, Subscriber will enter the OTP. On authenticating the OTP received from Aadhaar in the
eNPS portal, the individual’s KYC details (demographic and photograph) as recorded with Aadhaar
database gets auto populated on the online screen.

Figure 5

The screen displayed will contain different sections viz. Personal Details, Contact Details, Bank & Other Details,
Scheme & Nomination Details, Photo & Signature Details and Payment Details. The Subscriber will provide the
registration details under these different sections.

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Personal Details:
Name of the Subscriber, date of birth and Gender will be auto populated from Aadhaar database. The Subscriber
will select the option of the parent’s name to be printed on PRAN card i.e. either Father's Name or Mother's Name.
The Subscriber will enter the mobile number as well as Email ID which are mandatory for registering under eNPS.
If Subscriber is opting for Tier II then, PAN is mandatory. The Subscriber will capture the details as mentioned
below:

Figure 6
After providing the details, Subscriber will enter ‘Captcha’ details and click on "Generate Acknowledgment
Number" option to continue the registration. On selection of this action, the Acknowledgment Number will get
generated as mentioned below:

Figure 7

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Contact Details:
Under this section, the address details will be auto populated from Aadhaar. The Subscriber will capture only the
Landline phone (optional) as mentioned below:

Figure 8

Bank & Other Details:

For bank details, the Subscriber will capture Account type, Bank Account Number, MICR and IFS Code. Once the
IFS Code is entered by the Subscriber, other bank details will get auto populated. Also subscriber can edit the
same if not populated.
The Subscriber will select the other details such as Occupation details, Income range, etc. from the dropdown list
as mentioned below:

Figure 9

Scheme & Nominee Details:

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The Subscriber will select the scheme details and provide the nomination details. The Subscriber will select the
name of the PFM from drop down list as well as select the choice of scheme i.e. whether Active or Auto Choice.
Under Auto choice, three life cycle fund will be available i.e. LC-50: Moderate life cycle fund, LC-75: Aggressive life
cycle fund & LC-25: Conservative life cycle fund.

Figure 10

Figure 10

Photo & Signature Details:

The photograph will be fetched from Aadhaar database automatically. However, if needed, the Subscriber may
upload a fresh photograph as per the specifications stipulated. The scanned image of the signature as per the
specifications stipulated (given below) needs to be uploaded mandatorily by the Subscriber. On upload of
photograph and signature, the screen as shown below will be displayed.

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Figure 11

Payment Details:
Once the complete registration details are provided, the Subscriber will proceed to the ‘Payment Details’ section
to submit the mandatory initial contribution. The Subscriber will also accept the declaration related to NPS and
Prevention of Anti Money Laundering Act.
The minimum amount of contribution to be made using Internet banking or debit/credit card for online opening
of the Individual Pension Account is Rs 500/- (Rupees Five Hundred Only). If the applicant chooses to open Tier II
along with Tier I The minimum amount of contribution is Rs 1000/- (Rupees One Thousand Only)

Figure 12

The Subscriber will select "Make Payment" option and continue to make payment. Once this option is selected,
the Subscriber will be redirected to Payment Gateway Service Provider (PGSP) portal. The screen that will be
displayed at PGSP to Subscriber for making payment will be as mentioned below:

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Figure 13

The Subscriber will confirm the payment by selecting "Confirm Payment" option. On confirmation of payment at
PGSP portal, the PRAN will be allotted to the Subscriber. The confirmation screen for PRAN allotment will be
displayed to the Subscriber as mentioned below:

Figure 14

On allotment of PRAN, an SMS and Email alert will be sent to the Subscriber on mobile number and Email ID
provided at the time of registration intimating that the PRAN has been allotted.
✓ After online account opening process is completed, the PRAN Kit containing a PRAN Card, Subscriber Master
Report, Scheme Information Booklet along with a Welcome Letter will be sent to the subscriber at his/her
registered address.

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✓ The subscriber should take a printout of the auto-populated form, paste his/her photograph (he/she should
not sign across the photograph) & affix his/her signature.

✓ The photograph should not be stapled or clipped to the form and the subscriber should sign on the block
provided for signature.

✓ The form should be sent within 90 days from the date of allotment of PRAN to CRA at the following address
failing which, the PRAN will be ‘frozen’ temporarily.

If the Subscriber opts for Tier II, he/she needs to submit copy of PAN Card and cancelled cheque along with the
Registration Form at Karvy CRA office.

4. Registration of new Subscribers (PAN & Bank for KYC):

Followings are the prerequisite for PAN & Bank based registration under NPS

✓ The individual must have a PAN (Permanent Account Number)

✓ The individual must have enabled net-banking facility from the bank where his/her account is held/
maintained and the concerned Bank selected should also be empaneled on the eNPS platform for
performing the KYC verification.
✓ The name provided in the online application form is validated with the PAN records.
✓ The bank and address details provided in the online application form is authenticated by the
concerned bank selected by the applicant as per the records available with the Bank in respect of the
applicant.
✓ Name and address provided during registration should match with bank records for KYC verification.
If the details do not match, the request is liable for rejection. In case of rejection of KYC by the
selected Bank, applicant has to contact the Bank.
✓ In case of rejection of KYC by the selected Bank, applicant should contact the bank as the PRAN will
be get immediately categorised as ‘temporarily frozen’ and the subscriber will not be allowed to
undertake any further transactions

5. Complete pending registration:

The Subscriber can complete the registration process in a single attempt; however, the information entered
can be saved in between and completed at a later date. In order to access the details at a later date,
subscriber needs to go to “Complete Pending Registration” and enter the “Acknowledgement No” provided
during registration process.

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Figure 15
Details enterd till last time will be shown to Subscriber.

Figure 16

Using this option Subscriber will be able to complete the registration per process mentioned above.

6. Tier II A/C activation:

Tier II is an add-on account which provides the flexibility to invest and withdraw from various schemes available
in NPS without any exit load. There are no restrictions on withdrawal from Tier II account. A Subscriber, who is
already registered for Tier I and has been allotted a PRAN, can opt for Tier II account online using eNPS website,
with the same CRA.

The steps for opening a Tier II account are given below:

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1. The Tier I account should be active (i.e., it should not be in “Freeze” status).

2. A subscriber can register for Tier II account only, if the he/she has already registered for Tier I through
same CRA portal.

3. The subscriber should go to the eNPS website: https://enps.karvy.com and go to the “Tier II Activation”
option and click on the same.

Figure 17

4. The subscriber will provide the input details (PRAN, PAN, DOB) to verify the account and an OTP will be
sent to registered mobile number of the subscriber. If PAN is not available in Tier I details, PAN will be
authenticated with the ITD database.

Figure 18

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Figure 19
5. After authentication, the subscriber will fill all the necessary details to register the Tier II account and
submit the details.

Figure 20

6. After submission, an acknowledgement number will be generated and the same will be sent to
subscriber’s email ID for future reference.

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Figure 21

7. Processing of subsequent contribution:

All existing subscribers (registered through both online and offline mode) can contribute in Tier I & Tier II account
using ‘eNPS’. To contribute online, the following process has to be followed:

1. The account (Tier I / Tier II) should be active (i.e., not in “Freeze” status).

2. The subscriber should go to the ‘contribution’ page and enter the PRAN and DOB details and click on
‘verify PRAN’. On doing so, an OTP is sent to his/her registered mobile number.

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Figure 22

3. He/ she should authenticate the PRAN using the OTP sent to his/her registered mobile number.

Figure 23

Figure 24

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After OTP authentication, Subscriber has to provide the enter the amount for investment.

Figure 25

Figure 26

4. Once PRAN is verified, “Payment details” page will appear on the screen.

5. The subscriber should select the mode of payment (Debit / Credit card or Internet Banking) and provide
Bank details for payment.

6. The Payment will be processed via a SBI ePay payment gateway.

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Figure 27

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7. After successfully payment, an acknowledgement number will be generated for future reference.

Figure 29

8. POP Service Charges will be applicable on the contribution amount. These service charges will not be
applicable for subscribers registered in eNPS through Aadhaar.

9. A subscriber contributing to his PRAN in the eNPS platform will be charged fees by the payment gateway
services provider as permitted by NPS Trust, depending on the mode of payment:

• Credit Card
• Debit Card
• Net banking

10. If any error occurs during the contribution procedure and amount has been deducted but not reflected in
the user account. In this case, amount will be credited back to user’s account in next 5 working days.

11. Minimum contribution amount should be Rs 500 in Tier I. In both Tier I and Tier II accounts, there has to
be at least one contribution in a financial year. In case the minimum contribution requirements are not
met, the subscriber’s account(s) would be “Frozen” and can be re-activated by the subscriber only on
payment of the applicable penalty charges.

12. After successful payment of contribution, the settlement will be run in the CRA for giving instructions and
transfer of funds to the PFMs.

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