NPS: How To Make Contributions Under D-Remit Via UPI?

As per the PFRDA circular dated August 11, 2022, PFRDA has come up with the UPI handle for depositing contributions towards NPS account via D-Remit. Currently, NPS subscribers deposit their voluntary contributions under D-Remit into Tier I/II from the net banking account of the Subscribers Bank Account by using IMPS/NEFT/RTGS. “Now, the contributions through UPI is enabled to further ease the process of depositing contributions. The UPI handle for the D- Remit is PFRDA.15digitVirtualAccount@axisbank. It is important to note that D Remit virtual Account is different from the associated Permanent Account Number (PRAN) and it starts from either 6001 or 6002. D remit Virtual Account no is also different for Tier I & II”, says the circular.

Under D-Remit, the contributions received by the Trustee Bank (TB) before 09:30 AM shall be considered for investment on the same day. The contributions received after 09:30 AM shall be considered for investment on the next investment day as per the guidelines.

Benefits of D-Remit

The same circular has further highlighted the benefits of D-Remit including Same Day Investment/NAV, Facility of setting up periodical auto debit viz monthly, quarterly, half yearly etc, Option for one time or regular contribution, Ease of modifying the amount/periodicity auto debit, enable/pause Auto debit as per convenience, Optimizing the investment benefit though Standing Instructions and rupee cost averaging, long term retirement wealth creation et

How to create Virtual account number and Remit NPS contribution via UPI?

Step 1: NPS subscriber needs to visit eNPS site on CRA system

https://cra-nsdl.com/CRAOnline/VirtualIdCreation.html

or

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

Step 2: Provide details for verification of PRAN

Step 3: Submit OTP received on mobile number or email ID

Step 4: Select the account i.e. NPS Tier I or Tier II for which the virtual account is to be established

Step 5: Read and give your Consent: I hereby declare that the contribution paid by me has been derived from my legally declared and assessed sources of income. I understand that NPS trust has the right to peruse my financial profile or share the information with other government authorities. I further agree that NPS trust has the right to close my PRAN in case I am found violating the provision of any law relating to prevention of money laundering.

Step 6. Click on Generate Virtual account, request is then passed on to the TB, and an acknowledgment number is generated. Separate number is created for each type of NPS account.

Step 7:In the UPI handle, enter the 15-digit Virtual Account No. in the format, ‘PFRDA.15digitVirtualAccount@axisbank’ for remitting the funds to PRAN

Step 8: Same day NAV if funds received on T-day till 9:30AM on any working day. Contributions received post 9:30AM will be invested on the next working day