Central Recordkeeping Agency, NSDL

Transcription

1 Central Recordkeeping Agency, NSDL Standard Operating Procedure for Tier- II Activation in New Pension System Version 1.0 Page 1 of 20

2 Table of Contents Serial No. Contents Page No. 1. Introduction Salient Features of Tier-II Account Who (Subscriber) Is Eligible For Tier-II Account Forms For Activation of Tier-II Account 4 2. Subscriber Registration Process Acceptance of Forms Verification of Forms Check-List For Verification of Registration Forms Issuance of Receipt by PoP-SP Processing of Forms Activation of Tier-II Account Additional fields for Non IRA Complaint subscribers Authorisation of the Request Name Mismatch Cases Submission of forms to CRA-FC (Acceptance Centre) 20 Page 2 of 20

3 1. Introduction New Pension System (NPS) which was introduced by Government of India for Central Government employees has been extended to all Citizen of India from 1 st May, The employees of Central Autonomous organizations, State Governments/Union Territories (UTs) and the Autonomous organizations of the respective State Government/UT are also eligible to join the NPS. Under NPS, the subscribers having Permanent Retirement Account (PRA) can contribute for their Tier I account. The Tier I account is non withdrawable and only the accumulated contributions shall be used by the subscribers to procure pension for their retirement. GOI has now rolled out Tier II investment in PRA. This is a facility for the existing PRA holders (also to the prospective subscribers who intend to subscribe for NPS) to undertake investments over and above the investment in the normal pension account i.e. Tier I. Tier-II account has been introduced mainly to have a flexibility to withdraw savings. The subscribers are free to withdraw his savings from this account whenever he/she wishes. This facility is available to any Indian Citizen including all the Central/State government subscribers (mandatorily covered under NPS). PoP will act as act as subscriber interface for activation of Tier-II accounts for all citizens of India and also to all government employees Any subscribers who intend to open both Tier I & II accounts will have facility to register for both Tier-I & Tier-II account simultaneously with a single form with any PoP/PoP-SP. The government employees which are mandatorily covered under NPS and registered with CRA for Tier I can contact any PoP/PoP-SP of their choice for activation of Tier II. In case of any citizen of India, the subscribers who are previously registered with CRA will have to contact their parent POP-SP for activation of Tier II Salient features of Tier-II account: Voluntary savings facilities No restriction on withdrawal Facility to shift funds from Tier II to Tier-I No additional Annual Maintenance Charges (AMC) POP as a Subscriber interface for Tier II 1.2. Who (subscriber) is eligible for Tier-II account: Any Subscriber between the age group of 18 to 60 and who has Tier I Account under NPS Any prospective subscriber (other than govt. employees who are mandatorily covered under NPS) between age group of 18 to 60 years. Page 3 of 20

4 1.3. Forms for activation of Tier-II account: Composite Application Form (CAF) - UOS-S1 The composite form is applicable to the Subscriber who is applying fresh for Tier I and Tier II account under NPS. Tier II application for IRA Compliant Subscribers UOS-S10 This application form is applicable to the Subscriber who has been registered for Tier I and issued a PRAN Card by CRA. Tier II application for Non-IRA Compliant Subscribers UOS-S11 This application form is applicable to the Subscriber who has been registered for Tier I, have a PRAN but yet to be issued a PRAN Card by CRA 2. Subscriber Registration Process Subscriber Registration Process Page 4 of 20

5 2.1. Acceptance of forms As mentioned above PoP/PoP-SP shall accept dully filled Annexure-UOS-S1 (CAF) form from the new subscribers and Annexure-UOS-S10 or UOS-S11 (depending upon whether the Subscriber is IRA complaint or not) form from the existing subscribers. However PoP/PoP-SP shall not accept any registration form from the subscribers belonging to Central Government who have joined on or after 1 st Jan 2004 and are mandatorily covered under NPS for Tier I registration. These subscribers have to approach their Pay & Account Office (PAO) or equivalent offices for the same. All registration forms whether UOS-S1 (CAF), UOS-S10, UOS-S11 should be accompanied with NPS Contribution Instruction Slip (NCIS) (The detailed process to be followed for verification of NCIS and contribution has been provided in SOP for contribution.) 2.2. Verification of forms PoP/PoP-SP shall carry out following checks: a. PoP/PoP-SP shall check that whether the application form is duly signed by the Subscriber. b. All mandatory data fields shall be filled by the applicant. Any incomplete information should be pointed out to and corrected by the applicant before accepting the application form. c. In case of CAF i.e. fresh registration for Tier I and Tier II accounts, PoP/PoP-SP shall follow the following guidelines: 1. The PoP/PoP-SP shall make sure that the applicant has pasted a colour photograph of size 3.5 cm x 2.5 cm on the registration form. Such photograph shall not have any marks/stamps/signatures across/on it. If there is any mark on the photograph such that it hinders the clear visibility of the face of the subscriber, PoP/PoP-SP shall not accept the registration form and inform the applicant. 2. The signature/thumb impression of the applicant should be inside the rectangle provided on the applicant form. (Left hand thumb impression for Male and Right hand thumb impression for Female).The thumb impression must be verified by the designated officer of the PoP/PoP-SP accepting the application form. 3. Minimum and maximum permissible age of applicant should be 18 Yrs and 60 Yrs as on the date of receipt of the application by the PoP/PoP-SP. 4. PoP/PoP-SP should validate date of birth of the applicant with the valid documentary proof submitted by the applicant. Page 5 of 20

6 5. PoP/PoP-SP should ensure that the address provided by the applicant is complete i.e. it captures all data fields including name of the city, state and pin code. Such information should be verified from the address proof submitted by the applicant. 6. In case the subscriber has checked the option that PRAN is required in Hindi, the annexure UOS-SH1 should be properly filled up. Otherwise the PoP/PoP-SP should reject the form. 7. The PoP/PoP-SP shall confirm that the applicant has signed self-declaration that he/she is not a pre existing member of the NPS. Further, the PoP/PoP-SP shall not accept CAF application form from any applicant who already holds NPS membership. d. In case of IRA compliant Subscriber applying for Tier II account, PoP/PoP-SP shall make sure that the Subscriber has provided the copy of PRAN card along with the Tier II application form. e. In case of non IRA compliant Subscribers: 1. PoP/PoP-SP should note that in case of name mismatch of the subscriber i.e, when the name appearing in CRA system has substantial difference mentioned in the application form. PoP/PoP-SP shall reject the application on the counter itself. In case if they ignore and process such request then the same will be kept on hold by CRA and activation of Tier II account will not take place for all these subscribers. 2. PoP/PoP-SP shall collect the KYC documents (proof of identity & proof of address) or certificate issued by the Head of office (of the non IRA compliant subscriber). List of acceptable documents in this regard is printed in form UOS- S PoP/PoP-SP shall verify that the Subscriber name and address provided in application form is as per the KYC documents (proof of identity & proof of address) or certificate issued by the Head of office (of the non IRA compliant subscriber). 4. The PoP/PoP-SP shall not accept any Tier II application in case of mismatch observed in the name provided in the application form and in the KYC documents / Certificate issued by Head of office (of the non IRA compliant subscriber). f. Bank Details: 1. Bank Details are mandatory for Tier II account. PoP/PoP-SP shall ensure that the bank details (mandatory) provided for Tier II account by the Subscriber are complete. 2. PoP/PoP-SP shall collect a cancelled cheque from the Subscriber, the details of which (bank name and bank account number) should match with the bank details provided for Tier II account in the application form. 3. Bank Details are not mandatory for Tier I account. However, if the subscriber intends to provide the same, he/she should submit a cancelled cheque along with the application form. Page 6 of 20

7 g. Nomination Details (For Tier I and Tier II account): If the applicant has provided nomination details, the % distribution among nominee(s) shall be an integer number, and sum total of the distribution shall be equal 100%. If any mistakes are committed by the subscriber in filling this section, such mistake shall not result in rejection of the application. However, the nomination details shall not be registered in such case. As a matter of good practice, the PoP/PoP-SP may check that the nomination details provided by the Subscriber are correct. h. Scheme Details (For Tier I and Tier II): 1. It is mandatory for an applicant to indicate his/her choice of PFM in both Active and Auto Choice options. In case the applicant does not indicate a choice of PFM, his/her application form will be rejected by the PoP/PoP-SP. 2. The applicant can opt for only one PFM. In case, there are multiple PFMs selected by the applicant PoP/PoP-SP shall reject the application form. 3. If the applicant has opted for Auto Choice in the registration form (Tier I/Tier II), and also indicated the asset allocation, such asset allocation shall be ignored and investments shall be made as per Auto Choice under PFM opted by the subscriber. POP will not reject the application form in such cases. However, PoP/PoP-SP shall inform the subscriber about the same. 4. If the applicant has opted for Active Choice in the registration form, then it is mandatory for the subscriber to select % allocation of his/her contribution across three asset classes (E, G and C) totalling 100%. In case the total does not equal 100%, or the asset allocation table is left blank, the PoP-/PoP-SP shall reject the application form. 5. The PoP/PoP-SP must ensure that the percentage allocation to Equity (E) in case of a subscriber opting for Active Choice does not exceed 50%. If the applicant has filled a value of more than 50% in Equity (E), the application shall be summarily rejected. 6. In case both the investment option and asset allocation fields are left blank, the application will be treated as Auto Choice and funds invested accordingly. POP shall not reject the application form in such cases. i. KYC Documents: 1. PoP/PoP-SP should carry out verification of Know Your Customer (KYC) documents as per the norms prescribed. The applicant shall have the option to provide photo copy of the completed application form and get it endorsed by the PoP/PoP-SP. The applicant can use such document as a copy for his/her records. 2. The applicant would be required to provide two copies of the KYC documents, one to be retained by the PoP/PoP-SP and other to be forwarded by PoP/PoP-SP to CRA/CRA-FC. j. PoP/PoP-SP should ensure compliance with the Preventions of Money Laundering (PML), Act, 2002 and the rules framed there under. k. Along with the registration form, the Subscriber shall also submit a New Pension System Contribution Instruction Slip (NCIS) for processing the contributions. POP- Page 7 of 20

8 SP should accept NCIS without PRAN only in case of new registration and should mention - New Application on NCIS. l. PoP/PoP-SP must ensure that PoP/PoP-SP has filled all data fields on NCIS including Receipt Number and its own registration number. m. PoP/PoP-SP shall check that the Subscriber has filled the amount columns correctly i.e. amount to be invested under Tier-I and Tier II and minimum contribution amount (as specified by PFRDA) has provided by the Subscriber. n. PoP/PoP-SP shall fill in details, regarding amount to be invested by calculating total contribution net of PoP related charges and applicable service tax, on NCIS Receipt to the Subscriber. o. POP-SP shall reject the applications in following cases: a. If the application form is not as per the format prescribed by CRA. b. If application form is not filled with all the required mandatory details. c. Scheme preference details not filled as per the guidelines provided. d. In case of new and non-ira complaint applications, KYC documents provided by the Subscriber are not sufficient or adequate. e. In case of IRA compliant subscribers, copy of PRAN card not provided. The check-list for verification of registration for Tier-I and Tier II is given below. However, in case of CAF, PoP/PoP-SP should note that a subscriber may specify that the Bank details, Nomination details and Scheme details is similar to that of Tier-I Check-list for verification of registration forms Sr. No. Particulars Tier I Account Opening Tier II Account Opening IRA compliant Subscribers Non IRA compliant Subscribers/CAF 1. Copy of PRAN Card Not Applicable Not Applicable 2. Subscriber s Full Name 3. Subscriber s Address Not Applicable 4. Proof of Identity and Address (or Certificate issued by Head of office in case of Non IRA Compliant Not Applicable Page 8 of 20

9 Subscribers) 5. Verification of full name with Proof of Identity and Address (or Certificate issued by Head of office) Not Applicable 6. Bank Details Non 7. Cancelled cheque Applicable if Bank Details Provided 8. Nomination Details Optional Optional Optional 9. Scheme Preference 2.4. Issuance of receipt by POP-SP: On successful verification of the forms submitted, POP-SP shall accept the same and shall generate an acknowledgement containing a 17 digit Receipt Number as mentioned below from its back office. POP-SP shall handover the acknowledgment to the Subscriber for the receipt of the application. The POP-SP shall affix the seal as well as authorise the acknowledgment before providing the same to the Subscriber. Receipt No for Subscriber Registration: First 2 digits (from left) 11 for fresh Subscriber registration for Tier-I & II 21 for existing Subscriber who are having PRAN (for Tier-II activation) Next 7 digits - Registration Number of POP-SP e.g., Next 8 digits - Running sequence number eg # The 17 digit subscriber registration number will look like: Receipt No for Subscriber Contribution: As stated above, subscriber shall mandatorily give NCIS towards contribution along with the application form. POP-SP shall also generate the receipt number for contribution accepted from the Subscriber. POP shall mention this receipt number on perforated part of NCIS which will be given to the Subscriber as acknowledgment for receipt of contribution. Page 9 of 20

10 (The detailed process to be followed for verification of NCIS and contribution, logic of receipt number has been provided in SOP for contribution.) 2.5. Processing of forms a. Composite Application From (UOS-S1) (CAF) 1. PoP/PoP-SP shall submit all such accepted application forms (including supporting documents) on a daily basis, to CRA/CRA-Facilitation Centre (FC) for digitization by hand where the PoP-SP and the CRA-FC are co-located. 2. Where the PoP/PoP-SP and CRA-FC are not co-located, the former shall have the option to transmit the documents (original application form along with documents) to the nearest CRA-FC either by hand or through post. 3. CRA, on successful digitization, shall register the subscribers for Tier I as well as for Tier II and inform the PoP-SP of the PRAN numbers allotted to its subscribers. 4. The processes that will be followed for submission of forms to CRA-FC, rejection (if any) by CRA-FC, intimation of rejections, rejection handling by CRA-FC & PoP/PoP-SP will be same as in case of Tier I account as specified in registration SOP of Tier I account. b. Application for Tier II account by IRA/Non IRA compliant Subscribers (UOS- S10/UOS-S11) 1. In case of an existing NPS subscriber with an active Tier I account submits the UOS- S10 (for IRA complaint subscriber) or UOS-S11 (for non-ira complaint subscriber), the PoP/PoP-SP shall capture the details of Tier II online in the CRA system and activate Tier II account. 2. PoP/PoP-SP shall enter/capture the registration data of Tier II account for following fields. The processes of capturing various fields are shown in the next page. IRA compliant Subscribers PRAN Bank Details Nomination Details (if provided) Scheme Details Non IRA compliant Subscribers PRAN Subscriber s Full Name Address details Bank Details Nomination Details (if provided) Scheme Details Page 10 of 20

11 3. After successful activation of Tier II account, PoP/PoP-SP shall forward all such accepted application forms (including supporting documents) on a periodic basis but in no case exceeding 15 days, to CRA/CRA-Facilitation Centre (FC) for storage Activation of Tier II account In case of subscribers having valid PRAN i.e. either IRA compliant or non-ira compliant subscribers, the PoP/PoP-SP shall capture the details of Tier II online in the CRA system and activate the Tier II. The process followed for the same is as mentioned below: Capturing of Details: PoP/PoP-SP shall login to CRA system using DSC base user ids. On the home page, PoP/PoP-SP shall select Transaction menu and option Tier-2 Activation as shown in Figure 1 below: Figure 1 Once the PoP/PoP-SP selects the required option, the screen as shown in Figure 2 below will be displayed. Page 11 of 20

12 Figure 2 In above figure, PoP/PoP-SP user shall enter the PRAN and also choose the Scheme Preference Type (Active/Auto) and then click on the Submit button. The screen as shown in Figure 3 below will be displayed. Page 12 of 20

13 Figure 3 As shown in Figure 3 above, status of the Subscriber i.e. IRA complied (Yes/No) will be displayed. PoP/PoP-SP shall enter the 17 digit receipt number given to the subscriber as an acknowledgment and capture the bank, nomination & scheme details as shown in Figure 4, 5, 6 & 7 below: Bank Details Figure 4 Page 13 of 20

14 Nomination Details Figure 5 Scheme details (In case of Auto Choice): Figure 6 In case, the Subscriber is opting for Auto choice, PoP/POP-SP shall select only the name of the PFM. Scheme details (In case of Active Choice): Figure 7 Page 14 of 20

15 In case of Active choice PoP/PoP-SP shall have to select the given PFM and capture the respective E, C & G scheme percentage. (However percentage in scheme E should not exceed 50% maximum limit and the sum of the percentage of all three schemes should be equal 100%.) After capturing all the details as shown above, PoP/PoP-SP shall click on Submit button. Once all the details are submitted, the screen as shown in Figure 8 below will be displayed: Page 15 of 20

16 Figure 8 In Figure 8 above, PoP/PoP-SP shall confirm the details by clicking the Confirm button. The screen as shown in Figure 9 below will be displayed. Figure 9 The message for successfully captured request as shown in Figure 9 above will be displayed. The request will be pending for authorisation. The PoP/PoP-SP verifier user (other than the capturer) shall verify the request. In the details captured are incomplete for e.g. pin code not provided in bank details, guardian details not provided for minor, etc. system will reject the request and the screen as shown in Figure 10 below will be displayed. Figure 10 Page 16 of 20

17 2.7. Additional fields for Non IRA Complaint subscribers In case of Non-IRA complaint subscribers, the status of the Subscriber i.e. IRA complaint will be NO as shown in Figure 11 below: Figure 11 PoP/PoP-SP shall capture name and address (as given in application form) as an additional details for Non IRA complaint subscribers as shown in Figure 12 below Authorisation of the request: Figure 12 For authorising the request of Tier-II activation, POP/POP-SP verifier user shall login to CRA system with the DSC based User Id. POP-SP user shall select the option Transaction- Authorise Transaction from the main menu. On selecting the required option, the screen as shown in Figure 13 below will be displayed to the user. Page 17 of 20

18 Figure 13 As shown in Figure 13 above, POP/POP-SP user shall select the Transaction Type as Subscriber Tier-2 Registration Request and provide the PRAN or the acknowledgement number (generated at the time of capturing of the request). User also has the option to search the request by providing the required date range. After entering the required details as shown above, POP-SP user shall click on the Search button. The screen as shown in Figure 14 below will be displayed: Figure 14 In order to view the details of the Tier-II activation request, the verifier user shall click on the link provided on Acknowledgement Number. The Subscriber details will be displayed as shown in Figure 15 below with the option to Authorise or Reject the request. Page 18 of 20

19 Figure 15 User shall authorise the request by selecting the Authorise button. The confirmation the screen containing Acknowledge Number as shown in Figure 16 below will be displayed. In Page 19 of 20

20 case of any discrepancy, the verifier user may reject the request. However, in such case user have to specify the reason for rejection Name Mismatch Cases: Figure 16 In case there is a substantial difference between the name captured by the PoP/PoP-SP and the name already existing in the CRA system, such requests will be kept on hold by CRA. On authroisation of such requests, CRA system will give a message that due to mismatch in name, the request is kept on hold. After analyzing such cases separately, either the request will be rejected or Tier II account will be activated subsequently. 3. Submission of forms to CRA-Facilitation Centre (CRA-FC): In case of CAF, the forms have to be submitted to CRA-FCs on the date of receipt of the form (as in case of Tier I account). In case of UOS-S10 and UOS-S11, POP-SP shall submit the application forms to CRA-FC within 15 days from the date of activation of the Tier-II account with covering letter stating the details of PoP/PoP-SP registration number and receipt number issued by the PoP/PoP- SP. ************************************* Page 20 of 20