Since the federal government has made the NPS out there for all residents of the nation, there may be now a necessity to offer everybody with a technique that can be utilized when individuals need to function, change or monitor their NPS accounts. This is the place Points of Presence, or PoPs, come into play.
Ajit Kumar, Chief Strategy Officer, KFintech says, “Points of Presence, or PoPs, are service providers present all across the country to ensure that one is able to operate one’s NPS account smoothly without any hindrance.” PoPs are additionally appointed by the PFRDA, forming a community of branches, that are often known as PoP Service Providers (PoP SP).
Apart from offering you with amenities like opening a Permanent Retirement account, and with the ability to contribute to your NPS fund, specialists level out PoPs additionally serve a plethora of different functions. The main operate of a PoP, or a PoP SP, is to allow you to register a Tier I or a Tier II account, as per your comfort.
Kumar explains, “A PoP is responsible for accepting one’s duly filed Composite Subscriber Registration Form (CSRF) and verifying the form for one’s date of birth, bank, details of the scheme and the nominations. The PoP also serves the purpose of verifying the customer documents as per existing, prescribed norms.”
A PoP can also be liable for accumulating your NPS Contribution Instruction Slip (NCIS) alongside together with your software type, making certain that necessary and related particulars are given by you in your NCIS. “They also remit the funds, after deducting their charges and taxes, to the Trustee Bank within one banking day from the date of one’s application,” says Kumar.
While you submit your NCIS, the PoP performs the due diligence of checking your Permanent Retirement Account Number (PRAN), alongside together with your cost particulars and different paperwork. Your contribution particulars are then uploaded to the Central Recordkeeping Agency system financial institution in correspondence to your PRAN.
How are PoPs helpful to handle your funds and private particulars?
A Point of Presence additionally serves the aim of adjusting your private particulars as per your requirement, inside one banking day of your software. You can even change your funding scheme or your fund supervisor, via your PoP, in case you are not pleased with the efficiency of your fund.
According to Kumar, in case you’re sad with the general efficiency of your NPS account and select to withdraw your account, the PoP will facilitate it on the identical day, offered your software is processed inside banking hours.
In case your software is processed after banking hours, the identical is processed the following banking day. Kumar explains, “Your PoP SP is also responsible for changing your location and issuing prints of your account statement, as and when needed. In case you lose your PRAN card, you can also apply for another one from your PoP.”
He additional provides, “In case you have any grievances pertaining to your National Pension System account, you can submit them to your respective PoP, which would then receive and upload the same on the Central Grievance Management System (CGMS) of the CRA.”
In quick, all providers which can be prescribed by the PFRDA are offered by the PoPs or the PoP SPs.
Source: www.financialexpress.com”