The pension fund regulator PFRDA has launched a D-Remit facility for subscribers to the NPS or the National Pension Scheme, which will not only facilitate the process of depositing contributions by subscribers, but would also optimize investment returns by providing them with the net asset value on the date of deposit. contribution, if the contribution is paid before the deadline.
In addition, D-Remit allows NPS subscribers to set up a systematic investment plan or SIP (through automatic debit instructions in net banking) whereby periodic and regular contributions will be deposited into their accounts.
NPS subscribers who wish to make their voluntary contributions through D-Remit would be required to access the ARC system and generate a virtual ID linked to their PRAN.
The minimum value of D Remit is Rs. 500 per transaction in Level I and Level II accounts. Virtual IDs are unique for NPS Level I and Level II accounts.
“D-Remit not only facilitates the mode of deposit of voluntary contributions by the subscribers, but would also optimize the returns on investment by providing the same day the net asset value on the investments, if the contribution is received at the Trustee Bank before 8:30 am on n any bank operating day except Saturdays, Sundays and public holidays. In addition, D-Remit allows a subscriber to set up a systematic investment through automatic / permanent debit instructions in net banking by which periodic and regular contributions can be made, namely daily, monthly, quarterly, etc., ”PFRDA said in a circular.
There is no additional cost for NPS subscribers to take advantage of the D-Remit feature by creating a virtual ID.
How to activate D-Remit Facility on your NPS account:
1) NPS subscribers can access the CRA system and generate virtual credentials per account. Virtual IDs are unique for Level I and Level II accounts. Only active NPS subscribers who are also net banking customers of banks can benefit from the R-Remit function.
2) The NPS client can access these two links to create virtual identifiers.
3) When generating a virtual identifier, the subscriber will receive an OTP for authentication. The mobile number must be registered in the PRAN or the permanent retirement account number in the CRA system.
4) The generation of the Virtual ID is a one-time activity and these IDs are permanently attached to the PRAN for the purposes of D-Remit.
5) After logging into Net Banking, the subscriber should add the virtual ID as a beneficiary with the unique IFSC details of the trust bank to transfer funds or set up direct debit from their bank accounts.
6) It is suggested that the fund transfer made using D-Remit have the narration “NPS Contribution for D-Remit”.
7) Funds received on day T up to 8:30 a.m. on any bank business day (other than Saturdays, Sundays and public holidays) by the fiduciary bank will be considered an investment on the same day.
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