ReBIT Schema for PFRDA (NPS) FI Types under Account Aggregator Framework

03 Apr 2023

Part 3 of 3 in PFRDA Series

In March 2023, ReBIT along with Pension Fund Regulatory and Development Authority (PFRDA) published the FI types available under Account Aggregator framework. 

PFRDA is the apex institution governing the Pension system in India.  PFRDA regulates the two Pension systems in the country – National Pension Scheme – NPS, and Atal Pension Yojana (APY)

NPS is subscribed by employees of Government of India, State Governments and by employees of private institutions/organisations & unorganised sectors.

Atal Pension Yojana is a low cost savings and investments pension scheme aimed at citizens who are employed in unorganised sectors.

Financial Information under NPS

Pension System in India is based on following types of sub-accounts created for any individual subscribers: 

a. Tier-I non-withdrawable pension account, 

b. Tier-II withdrawable account, 

c. Tier-II (Tax saver) – optional account with benefit under Section 80C of the Income Tax Act, 1961, currently applicable to Central Government subscribers only. 

As per the ReBIT Schema published in March 2023, each Subscriber of NPS will be able to share their balances under each of their accounts above. 

  • To digitally sign the information related to NPS and securely transmit data as consent artefact
  • To provide real time data of NPS Subscriber.
  • To enable the data flow to support the above. 

“Balances under the National Pension System (NPS)” treated as Financial Information and the same shared by CRAs with the consent from the subscriber as per the Consent Architecture and on real time basis.

PFRDA, 30th September 2022

NPS Data available as per ReBIT schema under AA:

For every account following information is made available:

  • Profile: Basic Profile of the account which including the following details:
    • Account Owner information – Name, DOB, Mobile, Nominee, PRAN ID* , landline, address, email, pan, KYC compliance status
    • maskedAccNumber and linkedAccRef numbers, 
    • type of account specific to the FI type and any other generic details as might be pertinent for the specified FI type
  • Summary:The value of the account, term of the deposits if relevant and any other data that summarises the funds in the account
    • Current Value
    • Tier 1 Status, NAV Date,
    • Tier 2 Status, NAV Date,
      • Debt asset value
      • Equity asset value
      • Other asset value
  • Transactions: List of Transaction 

* PRAN ID refers to Unique 12 digit Permanent Retirement Account Number given to every Pension Subscriber

ReBIT schema is available here