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The Government of India established the NPS Lite. It is a pension plan for low-income people. There are 76 entities that are authorized to act as NPS Lite Aggregators. The Government of India established NPS Lite, a low-income pension system, to enhance the welfare of the economically disadvantaged. This scheme provides retirement benefits to millions of people who are not covered by standard retirement schemes and plans. It is suitable for the hardworking worker from the unorganized sector because of its high returns and inexpensive investment alternatives. Subscription to this plan is available through a list of aggregators that cater exclusively to the needs of the low-income segment.

Function of Aggregators

Through their NLOO/NLAO/NLCCs, the Aggregator shall perform the following functions:

A. Compliance: The aggregator shall ensure that all transactions by subscribers are maintained and reported in compliance with the requirements of the Prevention of Money Laundering Act, 2002, including modifications and rules established thereunder from time to time, as applicable.
B. Subscriber Servicing The NPS-Lite system is intended to keep track of subscribers who have enlisted in NPS-Lite/Swavalamban at the time of contribution processing. The following services are available to NPS-Lite members from Aggregator:

1. Aggregator shall carry out changes in subscriber details if the subscriber has made a request by submitting the subscribers details change request form, as prescribed by PFRDA, for all changes as listed below to be implemented in the NPS-Lite system on a T+5 basis, where T is the date of receipt of the request:

Name Change: Prescribed supporting papers must be supplied, as well as a copy of the PRAN card.

Address Update: Appropriate supporting papers and a copy of the PRAN card must be supplied.

No further papers are necessary for the update of phone numbers, mobile phone numbers, and email addresses.

Update of the subscriber’s bank details: All necessary supporting papers must be supplied along with a copy of the PRAN card. In the event of bank details, the Aggregator should check that the Subscriber’s bank data are complete and that the details (bank name and bank account number) match the bank details supplied in the form.

Changes to the nomination’s specifics: a copy of the PRAN card

Switch/Scheme preference change request of the subscriber.

2. The aggregator shall accept withdrawal requests from subscribers and submit them by logging into NPS Lite on a T+5 basis, where T is the date of receipt of the request.

3. The aggregator will respond to the subscriber’s request for PRAN card re-issuance on a T+5 basis, where T is the date of receipt of the request.

C. Subscription contribution processing 1. Acceptance of contribution: Following the collection of contributions, the Aggregator issues a receipt (ideally an electronic receipt) to the NPS-Lite/Swavalamban subscriber with the relevant acknowledgment number.

2. Deposit of contribution amount: On a T+1 basis, the Aggregator should deposit the contribution collected from the subscriber (cash/cheque) by the collecting center into their collection account. (T is the day on which the Aggregator collects money from the subscriber.)

3. Upload of SCF: After receiving clear funds, the Aggregator must create and upload SCF into the CRA system on or before T+2, where T is the date of receipt of clear funds by the Aggregator.

4. Remittance to Trustee Bank: On T+2, the Aggregator shall transfer the money to the NPS Trust account held with Trustee Bank, where T is the date of Aggregator’s receipt of cleared funds.

D. Grievance Redressal: 1. Internally, Aggregator should establish an adequate Grievance Redressal Mechanism in accordance with the PFRDA (Redressal of Subscriber Grievances) Regulations, 2015 for resolving concerns regarding the services provided to NPS-Lite/Swavalamban subscribers. The subscriber shall be given the name and phone number of the aggregator’s authorized Grievance Redressal officer. The appointed officer is responsible for ensuring that subscriber concerns are properly addressed.

2. If a consumer believes that his or her complaint has not been resolved properly, he or she may contact the Oversight office (NLOO) and Accounting office (NLAO) of the relevant aggregator for a redress of his or her grievance.

3. Aggregator should perform the following actions in relation to receiving, entering grievances in NPS-Lite, verifying and resolving grievances from subscribers and other NPS-Lite Intermediaries:

a. Receiving grievances submitted by subscribers against Aggregator or any other NPS Intermediary in a specified manner and daily uploading of all grievances in the CRA light Central Grievance Management System (CGMS). The CRA light CGMS system would send the complaints to the appropriate NPS intermediates.

NPS Contact Number

Individuals who have questions or want more information about the plan should call the scheme’s toll-free number, 1800 110 708. They can also dial 1800 222 080 to reach the CRA phone center.

NPS Lite Aggregators List

A total of 76 entities have been authorized to act as NPS Lite aggregators, the full list of which is provided below.

  1. Union Bank of India
  2. United Bank of India
  3. UTI Infrastructure Technology and Services Ltd
  4. Vijaya Bank
  5. The South Indian Bank Ltd
  6. UCO Bank
  7. State Bank of Patiala
  8. State Bank of Travancore
  9. Swayamshree Micro Credit Services
  10. Syndicate Bank
  11. Sarva Haryana Gramin Bank
  12. Shree Kshetra Dharmasthala Rural Development Project
  13. Shri Mahila Sewa Sahakari Bank Ltd
  14. Society for Elimination of Rural Poverty
  15. State Bank of Bikaner and Jaipur
  16. State Bank of Hyderabad
  17. State Bank of India
  18. State Bank of Mysore
  19. Samhita Community Development Services
  20. Saptagiri Grameena Bank
  21. Saptrishi Consultancy Services Ltd
  22. Oriental Bank of Commerce
  23. Pallavan Gramin Bank
  24. Parvatiya Gramin Bank
  25. Puduvai Bharathiar Grama Bank
  26. Punjab and Sind Bank
  27. Punjab National Bank
  28. Margdarshak Financial Services Ltd
  29. Nainital-Almora Kshetriya Gramin Bank
  30. North Malabar Gramin Bank
  31. Karnataka State Unorganised Workers Social Security Board, Bangalore
  32. Karnataka Vikas Gramin Bank
  33. Krishna Grameen Bank
  34. LIC Housing Finance Ltd
  35. LIC of India
  36. Madhya Bihar Gramin Bank
  37. Janlakshmi Financial Services Pvt Ltd
  38. Jhabua Dhar Kshetriya Gramin Bank
  39. Jharkhand Building and other Construction Workers Welfare Board, Ranchi
  40. India Infoline Finance Ltd
  41. Indian Bank
  42. Indian Overseas Bank
  43. IDBI Bank Limited
  44. Indur Intideepam MACS Federation Limited
  45. Jagaran Microfin Pvt Ltd
  46. Gujarat Infotech Ltd
  47. IFMR Holdings Pvt Ltd
  48. IL&FS Securities Services Ltd
  49. Corporation Bank
  50. CSC E-governance Services India Ltd
  51. Dena Bank
  52. Department of Women and Child Development, Government of Karnataka
  53. ESAF Microfinance and Investments Pvt Ltd
  54. Grameen Financial Services Pvt Ltd
  55. Cashpor Micro Credit
  56. Central Bank of India
  57. Centre for Development Orientation and Training (CDOT)
  58. Bank of Maharashtra
  59. Baroda Gujarat Gramin Bank
  60. Baroda Rajasthan Kshetriya Gramin Bank
  61. Building and other Construction Workers Welfare Board, Rajasthan
  62. BWDA Finance Ltd
  63. Canara Bank
  64. Bandhan Financial Services Pvt Ltd
  65. Bank of Baroda
  66. Bank of India
  67. Allahabad Bank
  68. Allahabad U.P Gramin Bank
  69. Assam Gramin Vikash Bank
  70. Andhra Bank
  71. Axis Bank Ltd
  72. Banaskantha Dist. Co-op Milk Producers Union Limited
  73. Abhipra Capital Ltd
  74. Adhikar Microfinance Private Limited
  75. Alankit Assignments Ltd
  76. A.P Building and other Construction Workers Welfare Board

FAQs on NPS Lite

Q1. Who is an NPS Lite subscriber?

Subscribers between the ages of 18 and 60 can join NPS – Lite through the aggregator and contribute until they reach the age of 60.

Q2. Is there a difference between NPS and NPS lite?

NPS Lite, an offline service, is intended to keep administrative and transactional costs to a minimum for investors. Swavalamban (self-reliance) advantages are provided by both NPS and NPS Lite. NPS-Lite allows subscribers to contribute as little as Rs. 100 per month.

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Q3. Who Introduced NPS?

The Central Government implemented the National Pension System (NPS) on January 1, 2004. (except for armed forces). The Pension Fund Regulatory and Development Authority (PFRDA), the NPS’s regulatory authority, has chosen NSDL as the National Pension System’s Central Recordkeeping Agency (CRA).

Q4. What does a Tier 1 NPS account mean?

Tier 1 NPS accounts are the most basic type of NPS account. Employees in both the public and commercial sectors are able to participate in the NPS. These accounts allow investors to deposit as little as Rs 1,000 each year. Section 80CCD allows investors to claim an extra tax deduction of Rs 50,000. (1B)

Q5. Can money be withdrawn by NPS?

When an NPS member achieves the age of superannuation, i.e., 60, he or she can take 60% of the accrued corpus as a lump payment tax-free. However, if the total cumulative pension corpus is less than or equal to 2 lakh, a subscriber may withdraw the whole lump sum payment.

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