Developed by BSE Technologies Private Ltd (BTPL), the platform has been enabled for Points of Presence (PoPs) and their network of pension agents. It will allow PoPs to onboard subscribers digitally while connecting with key entities in the NPS ecosystem, including Central Recordkeeping Agencies (CRAs) and the Trustee Bank.
The StAR NPS platform will enable electronic collection of subscriber details, with KYC verification carried out through CKYC and/or DigiLocker-based processes.
Once onboarding formalities are completed, subscribers can make their first NPS contribution through the platform. The contribution will be transferred directly to the Trustee Bank, after which the Permanent Retirement Account Number (PRAN) will be generated through integration with CRA systems.
PFRDA said the onboarding charge under the framework will be ₹200 plus applicable taxes. The cost of accessing and using the StAR NPS platform will be borne by the respective PoP.
Subscribers will continue to have the flexibility to select their pension fund manager, investment option and asset allocation, the regulator said.
Currently, the platform supports new NPS subscriber onboarding, initial contributions at registration and subsequent contributions after account activation.
PoPs opting to use the StAR NPS platform will have to enter into an End User Agreement with BTPL. PFRDA clarified that PoPs will continue to remain responsible for regulatory compliance, while exit and withdrawal requests will continue to be processed under existing rules.
The platform is currently available for resident Indian individuals aged 18 years and above, up to 85 years.
