The Pension Fund Regulatory and Development Authority (PFRDA) has now allowed National Pension System (NPS) subscribers to deposit their contributions through the Unified Payments Interface (UPI) QR code. This advancement simplifies the contribution process, making it more accessible and efficient for NPS participants.
The D-Remit virtual account is distinct from the Permanent Retirement Account Number (PRAN). Furthermore, the virtual account numbers differ for tier-I and tier-II NPS accounts and so do the QR codes.
The D-Remit process offers several advantages for NPS subscribers like same-day investment, periodical auto debit, one-time or regular contribution and optimised investment
For NPS account holders with a PRAN, the D-Remit process opens up the possibility of starting a Systematic Investment Plan (SIP). This can be done online (D-Remit), allowing subscribers to set up standing instructions for SIP payments to their NPS accounts.
To utilise D-Remit, subscribers must possess a virtual D-Remit ID with the trustee bank. This virtual account can only be used for remitting NPS contributions. Setting up an SIP through net banking involves adding the virtual account as a beneficiary to the subscriber’s net banking account and providing a standing instruction for the SIP amount.
With a fund receipt cut-off time of 9:30 AM, subscribers receive the same-day Net Asset Value (NAV) in their NPS accounts. Contributions received after this time or on non-working days will reflect the NAV of the next working day.
