Sets the rules
Regulates and develops the entire NPS system.
About NPS
NPS Intermediaries
NPS runs on an “unbundled” architecture — each job is handled by a separate, regulated institution. Here’s who does what.
How it fits together
From your contribution to your pension
Every rupee moves through the ecosystem under PFRDA oversight.
PFRDARegulator of the system
NPS TrustGuards your interest
Oversight over every intermediary
PoP / eNPSOnboarding, KYC & contributions
CRAPRAN & recordkeeping
Trustee BankReceives & routes funds
Pension FundInvests your corpus (PFM)
CustodianSafe-keeps the securities
ASPPays your monthly pension
You contribute Your monthly pension
Money & process flowPFRDA / NPS Trust oversight
The regulator
PFRDA
Pension Fund Regulatory and Development Authority
Registers players
Licenses every intermediary in the ecosystem.
Protects subscribers
Safeguards subscriber interests and transparency.
Read more — PFRDA’s mandate in detail
The Pension Fund Regulatory and Development Authority was established in 2003 and given statutory status through the PFRDA Act, 2013. It is the apex body for India’s pension sector.
What it does
- Regulates and develops the whole NPS system
- Registers and licenses every intermediary
- Protects subscriber interests and transparency
- Administers the Atal Pension Yojana
- Runs inquiry, penalty and grievance mechanisms
- Acts under Sections 12, 14 and 20 of the Act
Recordkeeping
Central Recordkeeping Agencies (CRAs)
CRAs are the backbone of NPS administration. They issue your Permanent Retirement Account Number (PRAN), maintain your records, process contributions and switches, and give you statements and online access to your account.
Read more — what the CRA does day to day
The Central Recordkeeping Agency is the operational backbone of NPS — the single interface that keeps your account current across every other intermediary.
Its core jobs
- Issues your PRAN
- Maintains records and processes contributions
- Executes switches and choice changes
- Handles partial-withdrawal requests
- Provides statements and online access
- First stop for grievances via CGMS
Investing the money
Pension Fund Managers (PFMs)
PFMs are the PFRDA-registered institutions that actually invest your contributions across equity, corporate bonds, government securities and alternative assets — under regulated, low-cost mandates. You choose which PFM manages your account.
Read more — how PFMs invest and are overseen
Pension Fund Managers are the PFRDA-registered institutions that actually invest your money across the regulated asset classes, under low-cost mandates and continuous oversight.
How they operate
- Invest across E, C, G and A within the caps
- Run standardised, low-cost mandates
- You choose your PFM and can switch
- Compared on long-term performance
Paying your pension
Annuity Service Providers (ASPs)
ASPs are life-insurance companies empanelled under NPS. At exit, the portion of your corpus used for annuity is handed to your chosen ASP, which then pays you a regular pension for life under the annuity option you select.
Read more — ASPs and the annuity options they offer
At exit, the annuity portion of your corpus is handed to a chosen Annuity Service Provider — an IRDAI-regulated life insurer — which converts it into a regular pension for life.
Typical annuity options
- Annuity for life — pension for as long as you live
- Life annuity with return of purchase price — corpus returns to your nominee
- Joint-life annuity — continues to your spouse
- Joint-life with return of purchase price
- Family income options for dependants
The ASP pays monthly, quarterly, half-yearly or annually as you choose; annuity income is taxed at your slab.
Safeguarding assets
Trustee Bank & Custodian
The Trustee Bank handles the day-to-day flow of funds between subscribers, PFMs and ASPs, while the Custodian safe-keeps the securities the funds hold. The NPS Trust holds the assets on behalf of subscribers, keeping the money ring-fenced.
Read more — the NPS Trust, Trustee Bank and Custodian
These three keep your money ring-fenced. The NPS Trust holds all assets on behalf of subscribers, so your corpus is never an asset of the institutions servicing it.
Who does what
- NPS Trust — holds the assets for subscribers
- Trustee Bank — moves funds between parties
- Custodian — safe-keeps the securities held
- All under PFRDA oversight
Your point of contact
Points of Presence (POPs)
POPs are the front line of NPS — banks and authorised agents that onboard subscribers, complete KYC, accept contributions and provide ongoing service. You can also do most of this yourself online through the eNPS platform.
The roles above are set by PFRDA regulations; the specific empanelled entities in each category may change over time.
Read more — Points of Presence and eNPS
POPs are the front line of NPS — banks and authorised agents that onboard you and provide ongoing service — while eNPS lets you do most of it yourself online.
What they handle
- Onboarding and KYC
- Accepting contributions
- Service requests and updates
- eNPS offers the same, self-service online
Good to know
Common questions
Tap a question to read more.
What is the NPS Trust and how does it protect me?
The NPS Trust holds all NPS assets on behalf of subscribers, keeping the money ring-fenced from the institutions that service it. Your corpus is never an asset of a bank, CRA or fund house — it is held in trust for you.
Why is NPS built as an “unbundled” architecture?
Splitting recordkeeping, fund management, custody and payout across separate, independently regulated players lowers cost, increases transparency, and ensures no single entity controls your money from start to finish.
Who are the CRAs and PFMs?
PFRDA appoints several Central Recordkeeping Agencies to maintain records, and registers multiple Pension Fund Managers to invest the money. You choose your PFM, and the specific empanelled firms can change over time under PFRDA’s framework.
How are grievances and complaints handled?
NPS runs a structured grievance-redressal system through the CRA and PFRDA, with defined channels and timelines for raising an issue and escalating it if it isn’t resolved.
Is my money safe?
Your funds are held by the NPS Trust, invested by regulated PFMs, safe-kept by a Custodian and moved by a Trustee Bank — all under PFRDA oversight, with your records maintained independently by a CRA. The separation of roles is the core safeguard.