About
Trustee Bank is a banking company granted a certificate of registration under Section 27 of the PFRDA Act, 2013 by the Authority.
Trustee Bank facilitates fund transfers across various entities of the CRA(s) system viz. Nodal Offices, Points of Presence, Pension Funds, Annuity Service Providers and subscribers, etc., to carry out their functions through a technology-based platform and fulfils roles and responsibilities prescribed under the provisions of the PFRDA Act, 2013, PFRDA (Trustee Bank) Regulations, 2015, terms and conditions of registration, circulars, and guidelines issued by the Authority from time to time.
Trustee Bank maintains accounts on behalf of the NPS subscribers and in the name of the NPS Trust who is the registered owner of NPS funds, however, individual NPS subscribers remain beneficial owners of these funds.
Functions
The key functions of Trustee Bank are as under:
- Manages the day-to-day banking operations of funds under schemes regulated by the Authority, ensuring secure and timely receipt, transfer, and disbursement of funds.
- Receives contributions from Nodal Offices / intermediaries across India. It verifies the amount of payment made by Nodal Offices / intermediaries against the Subscriber Contribution File (SCF) uploaded by them on the CRA system.
- Transfers funds to Pension Funds (PFs) for investment, adhering to time-bound procedures. It also transfers funds for various settlements, including withdrawals and payments, based on instructions from the CRA.
- Provides web-based access to the Authority, NPS Trust, and other intermediaries and adapts to future changes and functional obligations.
- Maintains books and records about the fund flow and information flow between Trustee Bank, central recordkeeping agency, subscribers and pension funds and ensure compliance with the guidelines and submit regular reports.
Trustee Bank
| Name | Axis Bank Limited |
| Registration No. | TB001 |
| Validity | 08 January 2021 – 07 January 2026 |
| Website | |
| Registered Address | “TRISHUL” 3rd Floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380 006 |
| Contact Person | Principal Officer / Compliance Officer |
| npstrust[at]axisbank[dot]com | |
| Correspondence Address | Axis Bank Limited, Centralised Collection and Payment HUB, 5th Floor, Gigaplex Building no.1, Plot no I.T.5, MIDCI Airoli Knowledge Park I Airoli, Navi Mumbai – 400 708 |