Now, use UPI for NPS, Atal Pension Yojana contribution too, details here

Now, use UPI for NPS, Atal Pension Yojana contribution too, details here

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 contributi .The UPI handle for the D Remit is PFRDA.15digitVirtualAccount@axisbank," the Pension Fund Regulatory and Development Aut .hority (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 s aid that all contributions received before 9:30 AM will be c ounted for next day investment.

Return of UPI contributi s into Source Bank Account no. of theSubscriber as per NPCI norms:

* Since the minimu .m value of contribution under D-Remit is equal to or above R s500, 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 sche mes NPS and APY are targeted towards organised and unorganissed sector employees, respectively.

Introduced in December 2003, it is mandatory for central government 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 unorganized on a voluntary basis. Corporate sector offers NPS totheir employees on a mandatory or voluntary basis.