Contribution can also be deposited in National Pension System (NPS) account through IMPS (IMPS).
New Delhi. Now you can also make contribution through IMPS (IMPS) in National Pension System (NPS) account. This facility has come into effect from 1 March 2021.
The Pension Fund Regulatory and Development Authority (PFRDA) introduced the Direct Remittance (D-Remit) facility for NPS account holders to make payments last year. In this, the account holders could deposit their contribution to the NPS account through NEFT and RTGS. Now the intermediate payment system i.e. IMPS has also been added. The online payment of NPS contribution is free of charge in D-Remit mode.
There is also an option for systematic investment
Subscriber can also set up systematic investment through auto debit. That is, as the EMI of the home loan, the SIP of the mutual fund is automatically cut on the fixed date, similarly the setting of accessing money in the NPS account can be done under D-Remit. Automatic contribution can be set on a daily, monthly, quarterly basis. Subscriber can automate NPS contributions at his convenience. D-Remit mode is for all subscribers of NPS. Under this, the minimum value per transaction for both Tier 1 and Tier 2 NPS accounts is Rs 500.
Here’s how to create a virtual ID for D-Remit
To take advantage of the D-Remit facility, a virtual ID has to be created, which is linked to the Permanent Remittance Account Number (PRAN). For this go to https://enps.nsdl.com/eNPS/NationalPensionSystem.html. Click on National Pension System option. Now select D-Remit VID generation in the pop up window that appears. After this a pop up message will come in which there will be information on the D-Remit account. Click on Continue and proceed. Now in the newly opened screen, the subscriber will have to complete the process of virtual account registration by entering Permanent Retirement Account Number (PRAN), Date of Birth, OTP Receipt and Captcha. Now click on Verify PRAN. After this, OTP will come on the subscriber’s mobile number or email id. After entering the OTP, the subscriber has to select the type of virtual account registration. Tier 1 / Tier 2 / both will be in the option. Then you have to click on the generated virtual account. In this, the subscriber will get an agreement. On clicking OK, the subscriber will be able to see the virtual account registration details. Confirmation of the account takes place till one day after the creation of the account by the NPS Trust. The email confirming the account activation request will also come to the subscriber. Once the account is active, another confirmation email will come.
Take advantage of D-Remit facility in this way
To avail the D-Remit facility, the current account will have to be selected on the type of account asked. After creating the virtual ID, the subscriber has to log in to his net banking account and associate the virtual ID IFSC UTIB0CCH274 as the beneficiary.
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