Contributions to the National Pension System (NPS) by investors can be made through a Quick Response (QR) code based on D-remit, as reported by Business Today. Subscribers can utilise any UPI-enabled app to contribute by scanning their QR codes. These personalised QR codes, specific to tier I and II accounts, can be saved offline for convenient future transactions, said the report.
Upon establishing an NPS account, it is essential to understand the procedures for depositing funds. You have the option to deposit money into your NPS account through either offline or online methods.
Aligned with the commitment of the Pension Fund Regulatory and Development Authority (PFRDA) to enhance the journey of NPS subscribers, an additional digital contribution method has been implemented to elevate their overall experience, it said.
According to the PFRDA circular, as cited by BT, “The option of D-remit is widely used by subscribers and till now nearly 10 Lac D-remit IDs have been created across sectors and subscribers from various sectors have collectively deposited approximately ₹2700 crores of contributions since the launch of this feature. It may be noted that contributions received by trustee bank till 9.30 AM in its working day and on settlement days are invested on the same day and eligible for same day NAV.”
“NPS subscribers can now contribute to their NPS accounts using the D-remit-based Quick Response (QR) code. The subscribers can scan the QR code and make contributions using any UPI-enabled application. The QR code is unique to each subscriber, which can be saved offline for making payments, and the QR codes are different for Tier I and Tier II,” per the PFRDA circular.
Presently, subscribers have the choice to make direct contributions from their bank accounts using D-Remit. The D-remit ID, comprising 15 digits, must be added as a beneficiary in internet banking when transferring voluntary contributions from the subscribers’ savings bank accounts.
NPS subscribers should be aware that only those who have activated their D-remit ID can utilise QR code-based contributions for NPS. Subscribers can generate a D-remit ID/Virtual ID on the CRAs’ websites.
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Published: 21 Dec 2023, 07:39 PM IST