You can now contribute to your National Pension System (NPS) account via Unified Payments Interface (UPI), the nation’s immediate real-time cost system. The Pension Fund Regulatory and Development Authority (PFRDA) has launched a UPI deal with for depositing contributions via D-Remit for the advantage of subscribers. Currently, the contributions have been carried out utilizing different web banking mediums similar to IMPS, NEFT, and RTGS. With the UPI deal with now in movement, the method for voluntary contributions by subscribers will additional ease, turn into faster and extra versatile.
As per the PFRDA assertion, now, the contributions via UPI are enabled to additional ease the method of depositing contributions.
At current, subscribers deposited their voluntary contributions underneath D-Remit into Tier I/II from their internet banking account of their respective checking account by opting strategies like IMPS, NEFT, and RTGS.
The UPI deal with for the D Remit is — ‘PFRDA.15digitVirtualAccount@axisbank’.
However, PFRDA has additionally notified that D Remit digital
account is totally different from the related Permanent Account Number (PRAN) and it begins from both 6001 or 6002. Also, the D remit Virtual Account quantity is totally different for Tier I & II.
With the UPI characteristic, subscribers will be capable of make the same-day funding underneath their NPS accounts.
PFRDA defined that underneath D-Remit, the contributions obtained by the Trustee Bank (TB) earlier than 09:30 AM shall be thought-about for funding on the identical day. While the deposits obtained after 09:30 AM will likely be thought-about for funding on the subsequent funding day as per the rules.
Apart from same-day investments and NAV, different advantages of the UPI deal with are – the ability of establishing periodical auto debit viz month-to-month, quarterly, half-yearly, and so forth; possibility for one time or common contribution; ease of modifying the quantity/periodicity auto debit, allow/pause Auto debit as per comfort; optimizing the funding profit via Standing Instructions and rupee value averaging; and long run retirement wealth creation and so forth.
Further, the pension regulator highlighted that for the reason that minimal worth of contribution underneath D-Remit is the same as or above ₹500. Thereby these UPI-based deposits that are under ₹500 will likely be returned by the trustee financial institution.
“Those contributions received for PRANs which are frozen/inactive would be returned by TB post receipt of confirmation from the respective Central Record Keeping Agency (CRA),” the assertion mentioned.
NPS is a voluntary retirement financial savings scheme that permits the subscribers to make outlined contributions in direction of deliberate financial savings thereby securing the long run within the type of pensions.
PFRDA is the nodal company for the implementation and monitoring of NPS.
Here’s how a subscriber can create a digital account quantity and remittance via the UPI deal with.
Step 1 – Visit the eNPS web site on CRA System.
Step 2 – Provide particulars to confirm PRAN.
Step 3 – Submit OTP obtained on Mobile Number/electronic mail ID.
Step 4 – Select Account-Tier I or II for which Virtual Account is to be created.
Step 5 – Read and provides your Consent.
Step 6 – Click on ‘Generate Virtual Account’, then the request is forwarded to Trustee Bank, and an Acknowledgement Number is displayed. A separate quantity is generated for every Tier kind.
Step 7 – In the UPI deal with, enter the 15-digit Virtual Account No. within the format, ‘PFRDA.15digitVirtualAccount@axisbank’ for remitting the funds to PRAN.
Step 8 – Same day NAV if funds are obtained on T-day until 9:30 AM on any working day. Contributions obtained put up 9:30 AM will likely be invested on the subsequent working day.
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