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- New Pension System (NPS)
Govt. of India has introduced the National Pension System (NPS) for Govt. employees w.e.f January 1, 2004, which covers new entrants to Central Government services (excluding Armed Forces) and some State Government services. With the objective of promoting old age income security among all citizens, Govt. of India has now made NPS available to all citizens of India, other than Govt. employees w.e.f May 1, 2009 on a voluntary basis.
Pension Fund Regulatory and Development Authority (PFRDA), the regulator for the NPS, is responsible for registration of various intermediaries in the system such as Central Record Keeping Agency (CRA), Pension Funds, Custodians, NPS Trustee Bank, etc.
- Appointment of OBC as (POP)
PFRDA has authorised 22 entities including Oriental Bank of Commerce to act as Point of Presence (POP)/ Point of Presence - Service Provider (POP-SP) i.e. designated branches of POP, for the purpose of interaction between the voluntary subscriber and the NPS architecture. POP/ POP-SP shall perform the functions relating to providing information on the NPS to citizens, registration of subscribers, undertaking Know Your Customer (KYC) verification, receiving contributions and instructions from subscribers and transmission of the same to designated NPS intermediaries including transfer of contribution money to Trustee Bank.
- Subscription to NPS through OBC
You need to submit the Subscriber Registration Form along with the necessary documents as prescribed by PFRDA and contribution in Cash/ Cheque/ DD/ PO to the designated Oriental Bank of Commerce Branch across 52 locations Based on Subscriber Registration Form submitted at the Branch, PRAN will be allotted to the subscriber by the CRA within 15 days time and a PRAN Card kit will be dispatched to his/ her address.
Once registered, a subscriber can make subsequent payments and submit various requests at any of the POP-SPs across India.
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