Permanent Retirement Account Number: NPS subscribers don’t need to submit physical application for PRAN

To end the challenges faced by the Points of Presence (POPs) and Central Record Keeping Agencies (CRAs) while handling NPS subscribers registration forms, PFRDA has issued new instructions.

Now, for NPS accounts opened digitally in CRA platform including eNPS, the soft copies of NPS subscribers’ applications will continue to be generated by CRAs. A copy of it will be shared with the subscriber. PFRDA said subscribers will have options for authentication either through e-Sign or through OTP before the creation of Permanent Retirement Account Number (PRAN).

No option of submitting physical application form

“Since the Subscribers are provided with the options for e Sign or OTP, the NPS Subscribers will no longer have the option of submitting the physical application to the respective CRAs,” PFRDA said in its circular dated 08-01-2021.

The regulator said that for NPS accounts opened through POP, whether through digital, physical or net-banking mode, the soft copies of NPS applications will be generated by CRAs, capturing all information about the subscribers as may be specified by PFRDA, which shall be furnished electronically by POPs to CRAs. The CRAs will also share the soft copies of the application with subscribers for their information.

Apart from the above, other information such as Subscribers’ Authentication modes (OTP, eSign or physical signature), the mode of onboarding (Physical, Digital or lnternet Banking), KYC related information [existing customer, Video Customer ldentification process(V61P)], Aadhaar details, lnstant Bank Account verification through penny drop etc will also be furnished by POPs to CRAs electronically, PFRDA said.

According to the circular, even though the soft copies of NPS Subscribers’applications are generated by CRAs’on behalf of POPs and shared with Subscribers by CRA, the responsibility of accuracy of information, KYC compliance, due diligence etc. will always be with POPs.

POPs which are accepting physical forms from the prospective subscribers for the opening of NPS Accounts but are not utilizing the services of CRA/ CRA-FC , will preserve those physical forms at their end till the exit of those subscribers from NPS. “For such Accounts, the subscribers’ data along with photo/signature shall be electronically shared by POPs with CRAs along with the information of physical sourcing and its safe-keeping by POPs, for the purpose of generating soft copies of NPS applications at CRAs,” the circular said.