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NPS subscribers can now deposit their contributions under D-Remit via IMPS

NPS which is regulated by the Pension Fund Regulatory and Development Authority, is a retiral benefit. (Photo: iStock)Premium
NPS which is regulated by the Pension Fund Regulatory and Development Authority, is a retiral benefit. (Photo: iStock)

  • With the help of Direct Remittance, existing NPS subscribers under the government, non-government or all citizens model can deposit their voluntary contributions by creating a virtual ID linked to their Permanent Retirement Account Number

NPS subscribers can now deposit their contributions under Direct Remittance (D Remit) through the Immediate Payment System (IMPS). Currently, National Pension System (NPS) subscribers can deposit their contributions under D-Remit only by using NEFT and RTGS.

IMPS is the instant payment facility offered by the National Payment Corporation of India (NPCI).

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The Pension Fund Regulatory and Development Authority (PFRDA) circular issued on 10 March said, “The functionality of accepting IMPS has been released from 1 March 2021. However, unlike the contributions received through NEFT/RTGS which are returned on the same day in case of a return, the IMPS contributions in case of a return shall be effected on T + 1 through the 'credit adjustment process' as per the guidelines of NPCI and based on D Remit process guidelines issued by the PFRDA."

Till date, 1.48 lakh D-Remit IDs have been created by subscribers across various sectors of NPS and 180 crore contributions deposited using D-Remit since the launch of the new feature on 1 October 2020, said the PFRDA circular.

D-Remit not only eases contribution deposit but also optimizes retirement wealth creation with the same day investment. With the help of Direct Remittance, existing NPS subscribers under the government, non-government or all citizens model can deposit their voluntary contributions by creating a virtual ID linked to their Permanent Retirement Account Number (PRAN).

The CRA links that assist you to generate the virtual IDs are:

https://cra-nsdl.com/CRAOnlineNirtualldCreation.html

https://enps.kfintech.com/dremit/prelogindremit/

D-Remit helps NPS subscribers contribute directly from the subscribers' savings bank account. It also gives them the benefit of the same day investment, provided the contributions are received at trustee bank before 9.30am on any bank working day other than Saturdays/holidays.

D-Remit also enables subscribers to automate their recurring contributions as per their convenience by way of standing instruction to reap the benefit of rupee cost averaging. The minimum value of D-Remit is 500 per transaction in both tier I and tier II accounts. The virtual IDs are unique for tier I and tier II.

Besides, there is no additional cost to NPS subscribers to avail the facility of D- Remit by creating a Virtual ID.

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