Guidelines on Subscriber Onboarding in National Pension System (NPS) and Revised Subscriber Registration Form (SRF): PFRDA Circular

Guidelines on Subscriber Onboarding in National Pension System (NPS) and Revised Subscriber Registration Form (SRF): PFRDA Circular dated 17.10.2025

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PERDA/2025/18/REG-POP/03

Date: 17th October 2025

To

All Points of Presence (PoPs),

Subject: Guidelines on Subscriber Onboarding in National Pension System (NPS) and Revised Subscriber Registration Form (SRF)

Madam/Sir,

1. In exercise of the powers conferred under Section 14(1) of the Pension Fund Regulatory and Development Authority Act, 2013 (PERDA Act), and in accordance with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, and the Master Circular on KYC/AML/CFT (PFRDA/Master Circular/2024/04/PoP-02 dated September 25, 2025), this circular outlines the subscriber onboarding journey under the National Pension System (NPS). The circular aims to provide a seamless, inclusive, and compliant onboarding for subscribers under the NPS All Citizen/Corporate model, or other schemes regulated or administered by PFRDA.

This circular is issued with the approval of the competent authority and shall take effect immediately. All concerned entities are directed to implement the measures contained herein forthwith.

Yours faithfully,

Digitally signed by
ASHISH KUMAR
Date: 2025.10.17
18:57:39 +05’30’
(Ashish Kumar)
Chief General Manager

Copy to:
All Central Record Keeping Agencies

1. The Subscriber Onboarding Journey in NPS

The subscriber onboarding journey involves selecting either All-Citizen or Corporate Model or any scheme under Multiple Scheme Framework (MSF) under NPS, providing personal details, completing KYC formalities, providing consents etc. In this regard Points of Presence (PoPs) serve as the primary interface, supported by Central Recordkeeping Agencies (CRAs) for facilitation of operational activities and recordkeeping.

1.1 Onboarding Modes

The onboarding process is categorized into Digital (refer illustration-Annexure III) and Physical modes to cater to diverse subscriber needs:

(i) Digital Mode: Facilitated through online platforms, offering self-assisted or assisted options.
(ii) Physical Mode: Performed at PoP branches using the physical Subscriber Registration Form (SRF)-Annexure I

PoPs shall ensure that all modes of onboarding journeys must comply with the Master Circular’s KYC/AML/CFT guidelines and are accessible to persons with disabilities (Master Circular, Section 8.4.1).

2. KYC Verification in the Onboarding Journey

As per the Master Circular (Section 8.2.1), KYC can be performed through Face-to-Face or Non-Face-to-Face methods, integrated into both digital and physical onboarding.

2.1 Face-to-Face KYC Modes

These methods involve direct interaction between the subscriber and a PoP official, ensuring robust identity verification:

(i) Physical/Face-to-Face Verification: The PoP official verifies original Officially Valid Documents (OVDs) (e.g., Passport, Aadhaar, Voter ID) and retains a copy marked “original seen and verified” (Master Circular, Section 8.2.1.2).
(ii) Assisted Video-Based Customer Identification Process (VCIP): A live video call with a PoP official verifies identity and documents in real-time (Master Circular, Section 8.2.1.5(i)).
(iii) Aadhaar-Based Biometric e-KYC: Subject to Section 11A of the PML Act, a PoP official authenticates identity using fingerprint, iris, or face recognition (Master Circular, Section 8.2.1.3(i)).
(iv) Digital KYC with Human Assistance: A PoP official captures a live photograph, digital OVD image, and geo-coordinates, equivalent to in-person verification (Master Circular, Section 8.2.1.4).

2.2 Non-Face-to-Face KYC Modes

These methods enable remote verification, enhancing convenience for digital onboarding:

(i) Aadhaar-Based OTP e-KYC: Subscribers authenticate using an OTP sent to their Aadhaar-registered mobile number, subject to Section 11A of the PML Act (Master Circular, Section 8.2.1.3(i)).
(ii) Aadhaar Offline XML/QR Code: Subscribers provide offline Aadhaar data for verification (Master Circular, Section 8.2.1.3(ii)).
(iii) Unassisted VCIP (Self-Service Video KYC): Subscribers use a secure video platform for automated identity verification (Master Circular, Section 8.2.1.5(j)).
(iv) Hybrid VCIP: Combines automated and human review for complex cases (Master Circular, Section 8.2.1.5(k)).
(v) DigiLocker: Subscribers submit KYC documents via DigiLocker, as per PFRDA Circular No. PFRDA/2021/05/PDES/05 dated February 3, 2021 (Master Circular, Section 8.2.1.6).
(vi) CKYC Identifier: Subscribers provide a 14-digit CKYC identifier with consent to retrieve records from the Central KYC Records Registry (CKYCR) (Master Circular, Section 8.2.1.1).
(vii) Bank Core Banking System (CBS): For existing bank customers (where the bank is a PoP), KYC records from CBS can be used, re-confirmed via OTP, per Master Circular, Section 8.2.1.7.

Note: In the physical face-to-face assisted mode, the PoP official must declare in the Subscriber Registration Form whether the KYC has been conducted in a face-to-face manner. In the digital face-to-face assisted mode, this declaration can be made either by the subscriber or by the PoP.

3. Onboarding with CKYC Identifier

3.1 Subscribers holding a valid 14-digit CKYC identifier can be onboarded seamlessly without the need to submit additional KYC documents. PoPs, with the explicit consent of the subscriber, may retrieve not only the KYC records from CKYCR but also other personal information required for onboarding (refer Master Circular, Section 11.3). Such information can be auto-populated; however, the subscriber will be required to provide consent or indicate preferences for the remaining fields, such as:

• Type of NPS Account: Corporate or All Citizen
• Type of Disability (if any) & percentage of disability
• Place and Country of Birth
• Confirmation: whether a Politically Exposed Person
• Annual Income Range
• Occupation
• Choice of Central Recordkeeping Agency
• Choice of Pension Funds and Investment Pattern under NPS or choice of any other pension scheme, under Multiple Scheme Framework.
• Name of the Nominee.
• Relationship with the Nominee.
• FATCA & CRS Declaration: Compliance with Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), including tax residency details.
• Email ID (if available)
• Further for Corporate Model the subscriber would be required to provide the additional information such as Employee ID, Date of Retirement, CHO Registration No, CBO Registration No.

3.2 PoPs shall upload KYC records to CKYCR within 10 days (Master Circular, Section 11.6).

4. Onboarding with Bank CBS

4.1 Subscribers who do not have a CKYC identifier but maintain a valid and operative savings bank account (with updated KYC as per the PML Act) may be onboarded through digital or physical modes. This facility leverages the existing bank KYC to minimize documentation, as PoPs are permitted, with the explicit consent of the subscriber, to retrieve requisite personal information (refer Master Circular, Section 11.3) for onboarding purposes. While such information may be auto-populated, subscribers shall be required to provide consent and indicate choices for the remaining fields, such as:

• Type of NPS Account: Corporate or All Citizen
• Type of Disability (if any) & percentage of disability
• Place and Country of Birth
• Confirmation: whether a Politically Exposed Person
• Choice of Central Recordkeeping Agency
• Choice of Pension Funds and Investment Pattern under NPS or choice of any other pension scheme, under Multiple Scheme Framework.
• Name of the Nominee.
• Relationship with the Nominee.
• FATCA & CRS Declaration.
• Email ID (if available)
• Further for Corporate Model the subscriber would be required to provide the additional information such as Employee ID, Date of Retirement, CHO Registration No., CBO Registration No.

4.2 PoPs shall capture KYC information per PML Rules and upload to CKYCR within 10 days (Master Circular, Section 11.6).

5. Additional Directions for Onboarding Journey

5.1 PoPs shall ensure all modes of onboarding are accessible to persons with disabilities, offering assisted VCIP, alternative liveliness checks (e.g., document-based OVDs, CKYCR/Digil_ocker records), and physical support at branches (Master Circular, Section 8.4.1).

5.2 Maintain records of KYC declarations, consents, and verification processes for PFRDA inspection (Master Circular, Section 8.2.1).

5.3 Retrieve/update CKYC records within prescribed timelines (Master Circular, Sections 11.4, 11.6). For non-CKYC subscribers, capture and upload KYC data within 10 days.

5.4 PoPs may rely on SEBI KRA or other third-party KYC, verifying compliance with PML Rules (Master Circular, Section 12).

5.5 Verify employer details via CHO/CBO registration numbers, ensuring accuracy for payroll-linked contributions.

5.6 Follow the risk-based schedule for KYC updates, flagging accounts in CRA systems (Master Circular, Section 8.4.2.5).

5.7 PoPs shall guide subscribers on NPS benefits, investment options, and KYC requirements, using multilingual materials and support for rural/low-literacy subscribers.

Note: In Digital Onboarding, the interface may have necessary drop-down option, where ever required.

6. Post Onboarding Guidance:

6.1 After opening of NPS account, the subscriber may add or modify the following details through various modes such as the CRA/PoP mobile application, web portal, or by submitting the physical S2 (Subscriber Details Change) form:

6.1.1 Alternate mobile number and Telephone number with STD may also be added.

6.1.2 The number of nominees may be increased to up to three, and the percentage allocation among them, along with their address and contact details, may be updated. Additionally, nominee identifiers may also be added.

6.1.3 Complete bank account details may be provided or updated. (Note: Complete bank account details are mandatory for partial withdrawal or exit)

6.1.4 The subscriber may also choose different Pension Funds for different asset classes.

6.1.5 Under the MSF (PFRDA circular dated 16th Sep, 2025), applicant can opt for multiple schemes by selecting a Pension Fund (PF) and investment choice.

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