Subscribers of National Pension System (NPS) and Atal Pension Yojana (APY) now have a new mode of online payment. Subscribers of the two pension schemes of the Pension Fund Regulatory and Development Authority (PFRDA) will be able to make contributions through UPI as well, the authority said. So far, subscribers of NPS and APY are allowed to deposit their voluntary contributions under Direct Remit (D-Remit) into Tier I/II through a netbanking account by using IMPS/NEFT/RTGS.
“Now, the contributions through UPI are enabled to further ease the process of depositing contributions. The UPI handle for the D Remit is PFRDA.15digitVirtualAccount@axisbank,” the Pension Fund Regulatory and Development Authority (PFRDA) said in a release. It further asked subscribers 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.
Same day contributions
The PFRDA said that all contributions received before 9:30 AM will be considered for investment on the same day, while those after that will be counted for next day investment.
Return of UPI contributions into Source Bank Account no. of the Subscriber as per NPCI norms:
* Since the minimum value of contribution under D-Remit is equal to or above Rs500, those UPI based contributions which are below Rs 500 shall be returned by TB.
* Those contributions received for PRANs which are frozen/inactive would be returned by TB post receipt of confirmation from the respective Central Record Keeping Agency (CRA).
The PFRDA-administered two schemes NPS and APY are targeted towards organised and unorganised sector employees, respectively.
Introduced in December 2003, it is mandatory for central government employees (except armed forces) who joined service from January 1, 2004, to subscribe to NPS. In May 2009, it was extended to the private and unorganised sector on a voluntary basis. Corporate sector offers NPS to their employees on a mandatory or voluntary basis.