Home Business UPI Payment for Pension Contribution on NPS, Atal Pension Yojana Possible Now: How to Do It

UPI Payment for Pension Contribution on NPS, Atal Pension Yojana Possible Now: How to Do It

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UPI Payment for Pension Contribution on NPS, Atal Pension Yojana Possible Now: How to Do It

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Contribution to the National Pension System (NPS) account can now be made through Unified Payments Interface (UPI). The Pension Fund Regulatory and Development Authority (PFRDA) has launched its UPI handle that can be used for depositing contributions through D-Remit, allowing users to make same-day investments/ NAV. Users can also choose to set up periodical auto debit – monthly, quarterly, half-yearly and yearly, for their contributions to NPS. They will also have the option to modify the amount, and auto-debit timeline as well as enable/ pause their auto-debit according to their convenience.

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.

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