NPS subscribers can now deposit their contributions under Direct Remittance (D Remit) by way of the Immediate Payment System (IMPS). Currently, National Pension System (NPS) subscribers can deposit their contributions under D-Remit solely by utilizing NEFT and RTGS.
IMPS is the moment fee facility provided by the National Payment Corporation of India (NPCI).
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The Pension Fund Regulatory and Development Authority (PFRDA) round issued on 10 March stated, “The performance of accepting IMPS has been launched from 1 March 2021. However, in contrast to the contributions obtained by way of NEFT/RTGS that are returned on the identical day in case of a return, the IMPS contributions in case of a return shall be effected on T + 1 by way of the ‘credit score adjustment course of’ as per the rules of NPCI and primarily based on D Remit course of pointers issued by the PFRDA.”
Till date, 1.48 lakh D-Remit IDs have been created by subscribers throughout numerous sectors of NPS and 180 crore contributions deposited utilizing D-Remit for the reason that launch of the brand new characteristic on 1 October 2020, stated the PFRDA round.
D-Remit not solely eases contribution deposit but additionally optimizes retirement wealth creation with the identical day funding. With the assistance of Direct Remittance, present NPS subscribers under the federal government, non-government or all residents mannequin can deposit their voluntary contributions by making a digital ID linked to their Permanent Retirement Account Number (PRAN).
The CRA hyperlinks that help you to generate the digital IDs are:
D-Remit helps NPS subscribers contribute straight from the subscribers’ financial savings checking account. It additionally provides them the advantage of the identical day funding, offered the contributions are obtained at trustee financial institution earlier than 9.30am on any financial institution working day apart from Saturdays/holidays.
D-Remit additionally permits subscribers to automate their recurring contributions as per their comfort by means of standing instruction to reap the advantage of rupee price averaging. The minimal worth of D-Remit is ₹500 per transaction in each tier I and tier II accounts. The digital IDs are distinctive for tier I and tier II.
Besides, there isn’t a extra price to NPS subscribers to avail the ability of D- Remit by making a Virtual ID.