Service Standards for PoP-NPS and PoP-NPS-Online

i. PoP shall address the queries of potential subscribers regarding NPS.

ii. PoP shall collect complete SRF along with non-cash instruments for initial contribution as prescribed therein, as applicable.

(Definition: Complete SRF means Subscriber Registration Form along with necessary documents as prescribed therein)

iii. PoP shall carry out customer due diligence procedures in adherence to Prevention of Money Laundering Act, 2002 through effective use of Know Your Customer Verification Processes and comply with all guidelines/ circulars/ directions issued by the Authority from time to time.

iv. In case of any discrepancy found during the collection and verification of SRF along with supporting documents, PoP/PoP- SP/PoP-SE shall:

a. Inform the applicant.

b. Coordinate with the applicant to get further requirements / new application form filled, if required.

c. Refund the contribution amount including processing fees and taxes deducted/collected upfront by maintaining proper audit trail.

v. PoP shall provide acknowledgement slip / receipt for collection of SRF and initial contribution with unique number at time of registration along with receipt date and stamp/signature.

vi. PoP shall process subscriber registration at CRA portal (if applicable).

vii. PoP shall forward complete SRF (including KYC documents) to central recordkeeping agency (CRA) or its representative and/or shall be guided by directions issued by the Authority from time to time in respect of handling of SRFs. PoPs shall maintain complete SRF (including KYC documents) or copy of the same in digital/physical mode.

Category i:

Processing of registration through online mode by both PoP and PoP-SPs/service provider branches/offices

Maximum T+1 day, where T is the date of receipt of complete SRF at PoP.

Category ii:

Processing of registration through offline mode by PoP- SPs/service provider branches/offices and online mode by PoP.

Maximum T+7 days, where T is the date of receipt of complete SRF at PoP-SPs/service provider branches/offices

Category iii:

Processing of registration through offline mode by utilizing CRA/CRA-FC by both PoP-SPs/service provider branches/offices and PoP.

Maximum T+10 days, where T is the date of receipt of complete SRF at PoP- SPs/service provider branches/offices.

For each delayed transaction, PoP shall pay:

Repo rate + 2 % p.a. of initial contribution amount for the period of delay or Rs. 20/- whichever is higher. (This amount should be credited to the subscriber’s PRAN).

i) Initial contribution

PoP shall ensure collection of contributions at the time of registration.

Post receipt of activation status of PRAN from CRA, PoP shall put non-cash instruments for clearance.

ii) Subsequent contribution

i. PoP shall provide acknowledgement slip / receipt with unique number along with receipt date and stamp/signature.

ii. Post verification of PRAN, PoP shall put non-cash instruments for clearance.

Maximum T+1 day, where T is the date of receipt of activation status of PRAN from CRA

(Note: In cases where PoP engages PGSPs, PoP to collect the subscriber’s contribution in maximum T+1 day, where T is the date of contribution made by subscriber).

i. On T day, where T is the date of receipt of non-cash instruments / receipt of contributions through online mode.

ii. Maximum T+1 day, where T is the date of receipt of non-cash instruments.

(Note: In cases where PoP engages PGSPs, PoP to collect the subscriber’s contribution in maximum T+1 day, where T is the date of contribution made by subscriber).

For each delayed transaction, PoP shall pay:

Repo rate + 2 % p.a. of contribution amount for the period of delay or Rs. 20/- whichever is higher. (This amount should be credited to the subscriber’s PRAN)

i. PoPs, which are banks, shall credit the clear funds into the NPS collection account, if the same has been realized into account other than NPS collection account.

ii. PoP shall prepare and upload SCF into CRA system.

iii. PoP shall remit the funds to Trustee Bank post successful upload of SCF at CRA portal.

Maximum T+1 day, where T is the date of receipt of clear funds by PoP.

In case of processing of contributions received from corporates tagged to PoP, maximum T+1, where T is the date of receipt of funds along with subscribers’ details from the corporate, subject to the condition that PoP shall return the funds to the tagged corporate on T+2 on non- receipt of subscriber details, where T is the date of receipt of clear funds by PoP/PoP-SP.

For each delayed transaction, PoP shall pay:

Repo rate + 2 % p.a. of contribution amount for the period of delay or Rs. 20/- whichever is higher*. (This amount should be credited to the subscriber’s PRAN)

*Compensation shall be paid for each underlying subscriber.

i. PoP shall provide acknowledgement slip / receipt with unique number along with receipt date and stamp/signature.

ii. PoP shall upload and process the service request(s) as per the SOP (Standard Operating Procedure) provided by CRAs at their portal.

Category i:

Receipt of change request directly by PoP.

Maximum T+1 day, where T is the date of receipt of complete change request at PoP.

Category ii:

Receipt of change request by PoP through PoP-SPs/service provider branches/offices.

Maximum T+7 days, where T is the date of receipt of complete change request at PoP- SPs/service provider branches/offices.

i) For each delayed transaction including delay due to wrong/in- correct processing, PoP shall pay:

Repo rate + 2 % p.a. of the transacted amount for the period of delay or Rs. 20/- whichever is higher. (This amount should be credited to the subscriber’s PRAN)

ii) In case of loss to subscriber is more than the compensation applicable, then PoP shall make the loss good.

i. PoP shall provide acknowledgement slip / receipt with unique number along with receipt date and stamp/signature.

ii. PoP shall upload and process the service request(s) as per the SOP (Standard Operating Procedure) provided by CRAs on their portal.

Category i:

Receipt of change request directly by PoP

Maximum T+1 day, where T is the date of receipt of complete change request at PoP

Category ii:

Receipt of change request by PoP through PoP-SPs/service provider branches/offices.

Maximum T+7 days, where T is the date of receipt of complete change request at PoP- SPs/service provider branches/offices.

For each delayed transaction including delay due to wrong/in- correct processing, PoP shall pay:

Rs. 10/- per day subject to maximum Rs. 100. (This amount should be credited to the subscriber’s PRAN)

i. PoP shall resolve the grievances received in CGMS in accordance to relevant Regulations.

ii. In case PoP receives the grievance directly from subscribers (modes other than CGMS), it shall ensure to upload the same into CGMS and maintain records of such grievances and resolve the same.

As per the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015 and amendments thereof.

As per the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015 and amendments thereof.

i. PoP shall provide acknowledgement slip / receipt with unique number along with receipt date and stamp/signature.

ii. PoP shall collect the exit request along with requisite documents and perform necessary due diligence in accordance with Regulations / Guidelines / Circulars / Directions / Instructions issued by the Authority from time to time.

iii. PoP shall upload and process the exit and withdrawal requests as per the SOP (Standard Operating Procedure) provided by CRAs at their portal.

Category i:

Receipt of exit request directly by PoP (through CRA portal)

Maximum T+1 day, where T is the receipt of such request at PoP along with complete set of supporting documents as prescribed therein.

Category ii:

Receipt of exit request by PoP through PoP-SPs/service provider branches/offices

Maximum T+7 days, where T is the date of receipt of such request at PoP-SPs/service provider branches/offices along with complete set of supporting documents as prescribed therein.

i) For each delayed transaction including delay due to wrong/in- correct processing, PoP shall pay:

Repo rate + 2 % p.a. of the transacted amount for the period of delay or Rs. 20/- whichever is higher.

ii) In case of loss to subscriber is more than the compensation applicable, then PoP shall make the loss good.

PoP shall submit the exit/withdrawal request form along with supporting documents received offline from subscribers to CRA for storage purpose. PoP shall maintain a copy of the same in physical/digital mode.

Maximum T+30 days, where T is the date of authorization of exit/withdrawal request in CRA system.