NPS voluntary contributions via D Remit can now be made via UPI
Subscribers currently deposit their voluntary contributions through D-Remit from their net banking account into Tier I/II National Pension System (NPS) accounts via IMPS/NEFT/RTGS.
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FollowThe Pension Fund Regulatory And Development Authority (PFRDA) has announced the launch of a UPI handle for depositing contributions through D-Remit for the benefit of subscribers on the occasion of 75 years of Independence.
Subscribers currently deposit their voluntary contributions under D-Remit from their net banking account into Tier I/II National Pension System (NPS) accounts via IMPS/NEFT/RTGS.
The PFRDA has now enabled contributions via UPI to make depositing easier for subscribers.
In a circular dated 11 August 2022, the pension regulator stated that the UPI handle for the D Remit is: PFRDA.15digitVirtualAccount@axisbank. "It is important to note that the D Remit virtual Account is distinct from the associated Permanent Account Number (PRAN), which begins with 6001 or 6002. The Tier I and Tier II D remit Virtual Account numbers are also different," according to the PFRDA.
As per the regulator, under D-Remit, contributions received by the Trustee Bank (TB) before 09:30 AM on the same day will be considered for investment. In accordance with the guidelines, contributions received after 09:30 AM will be considered for investment on the following investment day.
The minimum contribution amount under D-Remit is Rs 500 or more. Trustee Bank will refund UPI contributions of less than Rs 500.
Trustee Bank will return contributions received for PRANs that are frozen/inactive after receiving confirmation from the respective Central Record Keeping Agency (CRA).
Contributions transferred by subscribers who entered an incorrect virtual account number will be returned under RBI banking norms, according to PFRDA.
D remit offers several advantages to investors. "Same Day Investment/NAV, the ability to set up periodic auto-debits such as monthly, quarterly, half-yearly, and so on; there is the option of making a one-time or recurring contribution. PFRDA stated, "Ease of modifying the amount/periodicity auto debit, enable/pause Auto debit as desired, optimising the investment benefit through Standing Instructions and rupee cost averaging, long term retirement wealth creation, and so on."
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