National Pension System: There’s good news for National Pension System (NPS) investors. The Pension Fund and Development Authority (PFRDA) has recently introduced a new and convenient way for NPS investors to contribute to their accounts. More specifically, investors can pay to their accounts via a D-remit-based Quick Response (QR) Code. They will have their own QR code for their account, after scanning them the payment will be directly deposited to their accounts. These QR codes are distinct for Tier I and Tier II accounts. Customers can save these Quick Response codes offline for making payments in future.
Pension Fund Regulatory and Development Authority’s new initiative aims to improve and elevate the experience of NPS subscribers. A new and convenient payment method will make their investing experience easy and smooth.
How it Will Work?
Before this new payment method, the subscribers only had the option of making payments from their Bank accounts via D-Remit ID which comprises 15 digits that were needed to be added as beneficiary in Internet Banking while depositing voluntary contributions from the subscriber savings account.
PFRDA Circular
According to the PFRDA circular, “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 Rs 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.
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