National Pension System subscribers currently deposit their voluntary contributions under D-Remit into their NPS Tier I/II accounts from their bank savings account’s net banking channel by using IMPS/NEFT/RTGS. The Pension Fund Regulatory and Development Authority (PFRDA) has now enabled deposit of such contributions through UPI to further ease the deposit process, according to a circular issued on August 12, 2022. The UPI handle for the D Remit is PFRDA.15digitVirtualAccount@axisbank.

Subscribers should note that D Remit virtual Account is different from the associated Permanent Account Number (PRAN) and it starts from either 6001 or 6002. D remit Virtual Account no is also different for Tier I & II NPS accounts.

Under D-Remit, the contributions received by the Trustee Bank (TB) before 09:30 AM shall be considered for investment on the same day. The contributions received after 09:30 AM shall be considered for investment on the next investment day as per the guidelines.

UPI contributions will be refunded into the Source Bank Account number of the subscriber as per NPCI norms.

A. Since the minimum value of contribution under D-Remit is required to be equal to or above Rs.500, those UPI based contributions which are below Rs 500/- shall be returned by the Trustee Bank.

B. Those contributions received for PRANs which are frozen/inactive would be returned by TB post receipt of confirmation from the respective Central Record Keeping Agency (CRA).

C. The contributions transferred by entering any wrong virtual account number by the subscribers shall be returned as per banking norms issued by RBI.

The D Remit contribution process as the following benefits: Same Day Investment/NAV; Facility of setting up periodical auto debit viz monthly, quarterly, half yearly etc; Option for one time or regular contribution; Ease of modifying the amount/periodicity auto debit; Enable/pause Auto debit as per convenience; Optimizing the investment benefit though Standing Instructions and rupee cost averaging; long term retirement wealth creation etc.

Source link

By fintax360

We Fintax360 team simplify finances and taxes for millions of Indian businesses and people. We educate them about finances, taxes and improve their relationship with money.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: