Those who have signed up for the National Pension System (NPS) or the Atal Pension Yojana (APY) may now do so using a new online payment system.
The Pension Fund Regulatory and Development Authority (PFRDA) has announced that it would accept UPI donations from subscribers of its two pension plans.
Direct Remit (D-Remit) allows NPS and APY members to transfer funds from a netbanking account via IMPS, NEFT, or RTGS to make voluntary contributions to Tier I or Tier II.”Making deposits is already a breeze, and now it’s even simpler since UPI donations are supported.
There is also a distinction between Tier I and II with regards to the D remit Virtual Account number.
All UPI payments will be refunded to the Subscriber’s original bank account as per NPCI regulations.
Those who have signed up for the National Pension System (NPS) or the Atal Pension Yojana (APY) may now do so using a new online payment system. The Pension Fund Regulatory and Development Authority (PFRDA) has announced that it would accept UPI donations from subscribers of its two pension plans. Direct Remit (D-Remit) allows NPS and APY members to transfer funds from a netbanking account via IMPS, NEFT, or RTGS to make voluntary contributions to Tier I or Tier II.
“Making deposits is already a breeze, and now it’s even simpler since UPI donations are supported. For the D Remit, the UPI address is PFRDA.15digitVirtualAccount@axisbank “According to a press statement from the Pension Fund Regulatory and Development Authority (PFRDA). It further reminded users that the Permanent Account Number (PRAN) connected with their D Remit virtual account begins with 6001 or 6002. There is also a distinction between Tier I and II with regards to the D remit Virtual Account number.
Funding on the same day it’s received
According to the PFRDA, if a contribution is made before 9:30 AM, it will be credited for the day’s investment if it is received before the end of the day.
All UPI payments will be refunded to the Subscriber’s original bank account as per NPCI regulations. If a donation made through UPI is less than Rs500, TB will refund it since that’s the minimal amount required for a contribution under D-Remit. After receiving confirmation from the relevant Central Record Keeping Agency, TB will repay any donations made on behalf of frozen or inactive PRANs (CRA).
Two programmes run by the PFRDA Organized and unorganised workers in the economy get NPS and APY, respectively.
Employees of the central government (other than the armed forces) who began their careers on or after January 1, 2004 are required by law to enrol in the NPS, which was implemented in December 2003. Its voluntary reach was extended in May 2009 to include the private and unorganised sector. Employers in the corporate world often provide their workers with NPS, either as a requirement or an option.
