A new digital method of paying contributions to the National Pension System (NPS) has been introduced, aiming to enhance user convenience. According to a statement issued by the Pension Fund Regulatory and Development Authority (PFRDA), subscribers can now make payments to their NPS accounts using a QR code based on D-remit. The new method allows users to scan the QR code and make payments through any UPI-enabled application.
The QR code is unique to each subscriber and can be saved offline for easy access. It is worth noting that QR codes are different for Tier I and Tier II accounts. This new digital payment method simplifies the process of contributing funds to NPS accounts, making it more convenient and hassle-free.
Previously, subscribers had the option to make direct payments from their bank accounts using D-Remit. The 15-digit D-remit ID had to be added as a beneficiary to internet banking to facilitate voluntary contributions from savings accounts. However, the introduction of QR code-based payments provides subscribers with an additional digital option for contributing contributions.
To further streamline the NPS system for subscribers, PFRDA has implemented this new digital payment method. Since the introduction of this system, nearly 1 million D-remit IDs have been created across all sectors, and subscribers have collectively contributed around ₹27 billion in contributions. Contributions received by the trustee bank before 9:30 am on a working day and on settlement days are invested on the same day and eligible for the same NAV.
To avail of this new payment method, NPS subscribers need to activate their D-remit IDs. They can generate the D-remit/Virtual ID on the CRAs’ websites. This innovative method of digital payments aims to streamline the process of contributing funds to NPS accounts, providing subscribers with a convenient and efficient way to manage their retirement funds.
The source of the article is from the blog revistatenerife.com