From now on, the NPS contribution can be deposited via UPI. Here are the steps to do it

From now on, the NPS contribution can be deposited via UPI. Here are the steps to do it

Photo: BCCL

Good news for National Pension System (NPS) subscribers! Now, NPS contributions can be made via UPI. Until now, contributions to the pension plan account were available through net banking.
NPS subscribers currently deposit their voluntary D-Remit contributions into their NPS Tier I/II accounts from the net banking channel of their bank savings account using IMPS/NEFT/RTGS. According to a circular issued on August 12, 2022, the Pension Funds Regulatory and Development Authority (PFRDA) has now allowed these contributions to be deposited through UPI to further facilitate the deposit process.
Subscribers should note that the Virtual D Remit Account number is different from the associated Permanent Account Number (PRAN) and it starts from 6001 or 6002. The Virtual D Remit Account Number is also different for Level I NPS Accounts and II.

Under D-Remit, contributions received by Trustee Bank (TB) before 09:30 will be considered for investment on the same day. Contributions received after 9:30 a.m. will be considered for investment on the following investment day, in accordance with the guidelines.

Here are the steps to follow to create a virtual account number and pay through the UPI handle.

1. Log in to the eNPS website on the Central Record Keeping Agency (CRA) system.

2. You must provide details to verify your Permanent Retirement Account Number (PRAN).

3. You will get an OTP on your mobile number or email id.

4. Select account level 1 or II for which a virtual account should be created.

5. Read and consent.

6. Select the ‘generate a virtual account’ option. A request will be sent to the fiduciary bank. An acknowledgment number will be displayed.

7. In the UPI handle, enter the 15-digit NPV in the format. Then type ‘[email protected]’ to remit the funds.

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