Presently, the deposits for contribution to NPS could be made through internet banking mediums such as IMPS, NEFT, and RTGS. With the introduction of the UPI handle, PFRDA.15digitVirtualAccount@axisbank, the process of voluntary contributions under D-Remit is set to become easier for the NPS subscribers.
The pension regulatory body has notified that D Remit virtual account is different from the associated Permanent Account Number (PRAN) and starts with 6001 or 6002. The D remit Virtual Account number is also different for Tier I & II.
Here’s how to create a virtual account number and make a contribution through UPI
-Log on to the eNPS website on CRA System
-Enter the required information to verify PRAN
– Submit the OTP received on your registered mobile number or email ID
-Select the tier type, I or II, of the account for which Virtual Account is to be created.
-Click on ‘Generate Virtual Account’, to forward the request to the Trustee bank.
-You will see an Acknowledgement Number for your request on the screen. A different number is generated for each tier type
-In the UPI handle, enter the 15-digit Virtual Account Number in the format, ‘PFRDA.15digitVirtualAccount@axisbank’ for remitting the funds to PRAN.
Under the D-remit, contributions received by the Trustee Bank (TB) before 9:30 AM will be considered for investment on the same day. Any contribution post 9:30 AM shall be considered for investment on the next investment day.
The PFRDA clarified that since the minimum contribution allowed under D-Remit is Rs 500 or more. Any deposits which would be less than that amount shall be returned by the trustee bank.
The National Pension Scheme is a voluntary retirement saving scheme that allows its subscribers to make contributions towards planned savings to secure future earnings in the form of a pension.