PFRDA Introduces UPI-Enabled QR Code for NPS Contributions

Key Takeaways:

1. NPS subscribers can now use UPI-enabled QR codes to make contributions to their accounts, providing simplicity, speed, and versatility to the process.

2. The QR code is unique to each subscriber and may be kept offline for payments, with different QR codes for Tier I and Tier II accounts.

3. Only subscribers with enabled D-remit ID can make QR code-based contributions into NPS, and they can create the D-remit ID/Virtual ID on the websites of Central Recordkeeping Agencies (CRAs).

4. The introduction of QR codes may attract younger subscribers who are pro-technology and seek technology-based conveniences.

5. The D-remit option enables same-day NAV on investments, and nearly 10 Lac D-remit IDs have been created, collectively depositing approximately Rs 2700 crores of contributions since its launch.

To make NPS contributions using UPI-enabled QR code, subscribers can follow the steps provided by the Pension Fund Regulatory and Development Authority (PFRDA) and the respective Central Recordkeeping Agencies (CRAs) such as CAMS, KFin, and Protean. The introduction of QR codes for NPS contributions using UPI-enabled apps is a step towards providing a digital and convenient mode of contribution to the National Pension System.

Here are the steps to make NPS contributions through QR code for subscribers of different CRAs:

For CAMS CRA Customers:

Step 1: Login to NPS account and click on the contribution.

Step 2: Initiate contribution and select virtual account status. The QR code will be displayed.

Step 3: Scan the QR code through any payment UPI App.

For KFin-CRA Customers:

Step 1: Visit the eNPS login page.

Step 2: Click on the transaction menu and select “Subsequent Contribution”.

Step 3: Upon selecting Payment Mode as “UPI”, QR code as per Account type will be displayed.

Step 4: Scan the QR code through any payment UPI App.

For Protean CRA Customers:

Step 1: Subscribers can visit the e-NPS contributions page and authenticate themselves or login to their NPS account.

Step 2: Choose “Contribute Online” under the “Transact Online” tab.

Step 3: Choose the same day investment option. Unique QR codes will be displayed to the subscriber.

Step 4: Scan the QR code through any payment UPI App.

Additionally, the PFRDA circular dated December 6, 2023, mentions that only subscribers who have enabled D-remit ID can make QR code-based contributions into NPS. The D-remit ID/Virtual ID can be created on the websites of CRAs.

The D-Remit option enables subscribers to acquire the same-day NAV on their investments by enrolling for a Virtual Account Number and making smooth deposits directly through their bank account. The D-remit ID contains 15 digits and has to be added as a beneficiary in Internet banking while transferring voluntary contributions from the subscribers’ Savings Bank Account.

To activate NPS D-Remit account, subscribers can follow these steps:

Step 1: Choose your CRA to activate/contribute through D-Remit and enter the required credentials.

Step 2: Create a virtual account.

Step 3: Add the virtual account as a beneficiary in your bank’s internet banking service.

Step 4: Enter the IFSC code of the Trustee Bank and enter the account type as ‘Current’, if required.

It’s important to note that contributions received by the Trustee Bank till 9:30 AM on its working day and on settlement days are invested on the same day and are eligible for the same day NAV.

These steps provide a comprehensive guide for NPS subscribers to make contributions using UPI-enabled QR codes and activate their D-Remit accounts for same-day NAV on their investments.

FAQ

Q1: Who can make QR code-based contributions into NPS?

A1: Only subscribers with enabled D-remit ID can make QR code-based contributions into NPS.

Q2: How can subscribers create the D-remit ID/Virtual ID?

A2: Subscribers can create the D-remit ID/Virtual ID on the websites of Central Recordkeeping Agencies (CRAs).

Q3: What are the benefits of using QR codes for NPS contributions?

A3: Using QR codes offers several conveniences like simplicity, speed, and versatility of the process, ultimately enhancing the overall experience for NPS subscribers.