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Convenience of NPS Contribution through Personalized QR Code of D- Remit- (Pension Fund Regulatory and Development Authority) (06 Dec 2023)

MANU/NMIC/0577/2023

Service

1. As part of PFRDA's commitment to provide the NPS subscribers with an enhanced experience during their NPS journey, another digital mode of contribution has been enabled.

2. Currently, the subscribers are provided with the option of contributing directly from their Bank Account using D-Remit. The D-remit Id contains 15 digits which has to be added as a beneficiary in Internet banking while transferring voluntary contribution from the subscribers' Savings Bank Account. The facility of D-remit and its benefits was launched vide Circular dated 12th May 2020 & 1st Oct 2020. The option of D-remit is widely used by subscribers and till now nearly 10 Lac D-remit IDs have been created across sectors and subscribers from various sectors have collectively deposited approx. Rs 2700 crores of contributions since the launch of this feature. It may be noted that contributions received by Trustee Bank till 9.30 AM in its working day and on settlement days are invested on the same day and eligible for same day NAV.

3. NPS subscribers can now contribute to their NPS accounts using the D-remit- based Quick Response (QR) code. The subscribers can scan the QR code and make contributions using any UPI-enabled application. The QR code is unique to each subscriber which can be saved offline for making payments and the QR codes are different for Tier I and Tier II.

4. Only subscribers who have enabled D-remit Id can make the QR code-based contributions into NPS. The subscribers can create the D-remit Id/Virtual Id on the websites of CRAs. The process flow to deposit contribution through QR code is placed at Annexure for ready reference.

5. This circular is issued under Section 14 (1) of PFRDA Act, 2013 read with Regulation 18 and 19 of the PFRDA (CRA) Regulations, 2015.

Tags : CONVENIENCE   NPS CONTRIBUTION   D- REMIT  

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