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Now Contribute To NPS Using UPI

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August 26 2022
     

Now Contribute To NPS Using UPI

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You can now use the Unified Payments Interface to make a contribution to the National Pension System (NPS) account (UPI). In order to enable customers to make same-day investments and NAV, the Pension Fund Regulatory and Development Authority (PFRDA) has developed a UPI handle that can be used to deposit contributions using D-Remit. Additionally, users have the option to set up monthly, quarterly, half-yearly, or annual recurring auto debit for their payments to NPS. Additionally, they will have the choice to change the amount, the timing of their auto-debit, and whether it is enabled or paused, depending on their convenience.

Currently, deposits for NPS contributions can be done through internet banking services including IMPS, NEFT, and RTGS. With the launch of the UPI handle PFRDA.15digitVirtualAccount@axisbank, the NPS subscribers' ability to make voluntary contributions via D-Remit should be made simpler.

The D-Remit virtual account's linked Permanent Account Number (PRAN) is distinct and begins with 6001 or 6002, according to the pension regulatory agency. The D-Remit Virtual Account number varies for Tier I and II as well.

  • Here's how to set up a virtual account number and contribute using UPI:
  • Log in to the eNPS website for the CRA System.
  • Enter the necessary data to confirm PRAN.
  • Enter the OTP that was sent to your registered email address or mobile number.
  • Choose the account's tier type—I or II—for which the virtual account is to be created.
  • To send the request to the Trustee bank, click "Generate Virtual Account."
  • An Acknowledgement Number for your request will appear on the screen. Each tier type generates a different number.

 

The Trustee Bank (TB) will examine the contributions received under the D-Remit before 9:30 AM for investment on the same day. Any contribution received after 9:30 AM will be evaluated for investment on the following day.

 

Since the lowest contribution permitted under D-Remit is Rs. 500 or more, the PFRDA made this clarification. The trustee bank must repay any deposits that would be less than that sum.

The National Pension Scheme is an optional retirement savings programme that enables participants to make contributions toward anticipated savings to ensure future benefits in the form of a pension.

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