PFRDA Introduces QR Code Contribution for NPS Subscribers

Case Name:

Convenience of NPS Contribution through Personalized QR Code of D-Remit - Circular No: PFRDA/2023/35/Sup-CRA/11

Key Takeaways:

1. Introduction of a new digital mode of contribution through personalized QR codes of D-Remit for NPS subscribers.
2. NPS subscribers can now contribute through D-remit-based Quick Response (QR) codes, enabling seamless contributions through any UPI-enabled application.
3. Only subscribers with an active D-remit ID can utilize QR code-based contributions, and the process involves creating the D-remit ID/Virtual ID on CRAs’ websites.
4. The circular provides the process flow for different CRAs (Central Recordkeeping Agencies) for NPS contributions through QR codes, including CAMS CRA, KFin-CRA, and Protean CRA.
5. The initiative aligns with PFRDA’s commitment to providing an enhanced digital experience for NPS subscribers, making their NPS journey even more seamless and user-friendly.

Case Synopsis:

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced a new digital mode of contribution through personalized QR codes of D-Remit in Circular No: PFRDA/2023/35/Sup-CRA/11 dated 6th Dec 2023. This initiative aims to enhance the National Pension System (NPS) experience for subscribers by providing a more convenient and efficient contribution process.

1. Background on D-Remit

D-Remit is a facility that allows NPS subscribers to contribute directly from their bank accounts. It involves a 15-digit D-remit ID, which is added as a beneficiary in internet banking to facilitate voluntary contributions. Since its launch in May and October 2020, D-Remit has gained significant traction, with approximately 10 Lac D-remit IDs created and around Rs 2700 crores deposited.

2. Introduction of QR Code Contribution

The new initiative allows NPS subscribers to contribute through D-remit-based Quick Response (QR) codes. These unique codes, different for Tier I and Tier II accounts, enable seamless contributions through any UPI-enabled application.

3. Eligibility Criteria

Only subscribers with an active D-remit ID can utilize QR code-based contributions. The process involves creating the D-remit ID/Virtual ID on CRAs’ websites. The circular outlines the step-by-step process for depositing contributions through QR codes.

4. Digital Signature

The circular is issued under Section 14(1) of the PFRDA Act, 2013, read with Regulation 18 and 19 of the PFRDA (CRA) Regulations. It bears the digital signature of K. Mohan Gandhi, Chief General Manager.

5. Process Flow for Different CRAs

The circular provides the process flow for different CRAs (Central Recordkeeping Agencies) for NPS contributions through QR codes. Here’s a summary of the process flow for each CRA:

6. Conclusion

With the introduction of QR codes for contributions, PFRDA aims to ensure a more convenient and efficient contribution process for NPS subscribers. This aligns with the authority’s commitment to providing an enhanced digital experience for subscribers, making their NPS journey even more seamless and user-friendly.

This information is based on the Circular No: PFRDA/2023/35/Sup-CRA/11 dated 6th Dec 2023.

FAQ

Q1: Who can utilize the QR code-based contributions?

A1: Only subscribers with an active D-remit ID can utilize QR code-based contributions.

Q2: How can subscribers create the D-remit ID/Virtual ID for QR code-based contributions?

A2: Subscribers can create the D-remit ID/Virtual ID on the websites of CRAs.

Q3: Which CRAs are involved in the process of NPS contributions through QR codes?

A3: The circular provides the process flow for different CRAs, including CAMS CRA, KFin-CRA, and Protean CRA.

Q4: What is the purpose of introducing QR codes for NPS contributions?

A4: The introduction of QR codes aims to ensure a more convenient and efficient contribution process for NPS subscribers, aligning with PFRDA’s commitment to providing an enhanced digital experience.