How To Open NPS Through PoPs: PFRDA Issues Guidelines

The Pension Fund Development and Regulatory Authority (PFRDA) has issued guidelines for registering under the National Pension System (NPS) with the point of presence (PoPs). An NPS applicant can open the account offline or online. PFRDA's latest guidelines issued for the PoPs clarify the process. PoPs include various public sector and private sector banks, financial institutions, and the Department of Posts. As of March 31, 2025, the total number of registered PoPs stood at 367.

Here is the process defined by the PFRDA for the PoPs.

An NPS applicant can open an account both offline by submitting the physical Subscriber Registration Form (SRF) or online through the online platforms with self-assisted or assisted options. Applicants need to submit the KYC, then PoPs verify the details and process further for account opening.

Onboarding With PoPs - Through CKYC

NPS applicants can use Central KYC or CKYC. CKYC is a 14-digit number that identifies one's KYC details stored in a centralised depository. With CKYC, they don't need to submit fresh KYC. PoPs must take the NPS applicant's consent to retrieve personal information from CKYC when opening the account.

Applicants, however, need to provide their consent for the remaining information, such as place and country of birth, annual income, occupation, type and percentage of disability, name of the nominee, and relation with the nominee, as well as email ID. They also need to inform about their preferences for the choice of NPS investment model (all citizens or corporate), central record keeping agency, pension funds, investment options, and provide Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) declaration, among other details.

Once the details are obtained, POPs upload the details to the CKYC registry within 10 days.

Onboarding With PoPs - Through KYC With Banks And Post Offices

Those who don't have a CKYC number can go to their bank or post office, where they have a savings account with an updated KYC. An NPS applicant can open an NPS account with them digitally or through a physical form. Due to the already submitted KYC, an NPS applicant does not need to submit it again, but they need to give their consent to the PoP to retrieve their personal details from the records for account opening.

Similar to the CKYC process, the KYC details will auto-pop-up from the records, and the applicant needs to provide consent for sharing some details and tell their preference for the investment and other options. After receiving the details, PoPs will upload the details within 10 days to the CKYCR for further processing.

pf

What Pops Need To Ensure In Their Services?

Different modes for registering persons with disabilities, such as Video Based Customer Identification Process (VCIP), other checks for liveliness, including Officially Valid Documents (OVD), CKYCR, or digilocker records, along with physical support at branches

Maintenance of subscribers' KYC records, consents, etc., for PFRDA inspection

Using the Securities and Exchange Board of India (Sebi) or third-party KYC to comply with the Prevention of Money Laundering (PML) rules

Verification of employer details and ensuring the accuracy of payroll-linked contributions

Inform subscribers about NPS benefits, different investment options, and KYC requirements, and updated KYC as per the risk-based schedule

These options should appear in the drop-down for digital registration

It is to be noted that 3,68,488 subscribers have registered under the NPS through PoPs, between April 1, 2025, and October 5, 2025.